Subsquid, a blockchain-based query node framework, announced Thursday that it has completed an initial $ 3.8 million round led by Hypersphere Ventures.

The company said it expects to use this seed capital to develop the first blockchain indexing solution. According to the announcement, the new data query technology will use a network of indexers and allow anyone to join the data and contribute to users of Subsquid data.

Commenting on the successful closure of the seed, Dmitry Zhelezov, the technical founder of Subsquid, stated:

“We look forward to expanding the functionality in the coming weeks so that blockchain developers can take advantage of next-generation Subsquid technology and take DApps to the next level of speed and functionality.”
She led an opening tour of Hypersphere Ventures, which brought together notable members such as Zeeprime, Illusionist Group, Zeitgeist, Chainflip, Astar Network, Dia Data, DFG, 0x Ventures, Faculty Group and more.

Subsquid plans to launch its new blockchain indexing technology in February 2022. To make it more efficient and balanced for users of blockchain data, the network will disconnect indexing from the data recovery process.

The company believes that this decentralization and distributed indexing process will make it faster and more efficient for users of blockchain data. Commenting on the new development, Hypersphere Ventures co-founder Jack Platts said the company “is pleased to support Subsquid as a key component of Parachine’s ecosystem infrastructure.”

Indexing is a very important process for blockchains. All data, transactions and smart contracts are indexed for easy access. Current blockchain indexing technology mainly uses a centralized model, which often suffers from a number of issues such as security, privacy and scalability.

Source: CoinTelegraph