26/04/2021
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Filebase, a blockchain-based object storage company built on the Sia network, announced that it has closed its first round of startups by raising $2 million from investors. Interest in decentralized storage networks has surged in recent months, and Filebase predicts that global data growth will exceed 175 zettabytes by 2025. The project is currently working with three distributed storage projects and plans to expand to Arweave and Filecoin by the end of 2021.
Record base increases by $2 million
Blockchain proponents believe that distributed ledger networks will help support decentralized storage in the future, rather than the centralized cloud and API services used today. A number of blockchain projects are looking at storage solutions in 2021, and Filebase uses some of the most widely used decentralized storage systems.
In essence, Filebase is a multi-user S3 compatible API service built with the Sia network. However, Filebase has decided to take a different path, and the project also supports Skynet and Storj networks. Later this month, the project announced that the team had raised $2 million in a startup round from leading blockchain investors.
The $2 million round was led by Kyle Samani of Multicoin Capital, Boris Wertz of Version One Ventures and Messari.io founder Ryan Selkis. Filebase says the protocol has gone through three network integrations and processed 150 million objects since the project began in early 2018.
These numbers represent an important and growing part of the Web3 ecosystem, according to the Filebase team. After working with the Sia network, Filebase standardized the API to the S3 API, the de facto reference for storing cloud objects.
The project team also noted:
We can do this for many networks, not just Sia.
Project plans for integration with phylecoin and arviv
The round announcement states that the group plans to use the funds to speed up the integration process and hire more employees. The blog entry, published by Filebase, also cites a study showing that data storage will exceed 175 zettabytes within five years. Filebase believes it is only a matter of time before distributed book storage systems become commonplace.
The team adds that Filebase plans to integrate with two other popular decentralized storage projects in 2021. By the end of the year, the expansion will connect Filebase to the Filecoin and Arweave networks.
From the beginning, the Filebase platform has been able to scale horizontally to multiple underlying networks, Filebase said in a statement. We have deliberately chosen to make our platform modular, so that we can add more networks over time.
What do you think about Filebase raising $2 million and integrating the project with the Filecoin and Arweave networks? Let us know what you think in the comments below.
Tags in this story
Amazon Storage, service API, Arweave, blockchain, blockchain storage, blockchain data storage, cloud, decentralized storage, filebase, file economy, object storage, S3 API, Sia, Storj, technology
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