Place/Date: - August 31st, 2022 at 4:00 am UTC · 3 min read
Source: W3 Storage Lab
Recently, W3 Storage Lab, an application partner in the Datamall Coin (DMC) ecosystem, announced that it closed a pre-seed financing round of $3M. Proceeds from the round will be used to grow its global team and fund operations.
The round was co-led by Draper Dragon and OKX Blockdream Ventures with major participation from Lingfeng Capital and participation from other investors. The participation of well-known investors not only affirm W3 Storage Lab’s prospects, but also support W3 Storage Lab’s technology development and participation in the Datamall Coin ecosystem.
W3 Storage Lab has co-developed a next generation distributed storage ecosystem that is based on the public blockchain and CYFS. W3 Storage Lab is developing a series of killer applications for both consumers and enterprises that will make heavy use of decentralized storage. These applications will leverage the unique capabilities of CYFS.
DMC is compatible with CYFS. As a next-generation protocol, CYFS includes address-based decentralized storage that is much faster than DHT-based decentralized storage systems and is infinitely scalable. Currently CYFS is open source and available for public use.
DMC is committed to building a safe, compliant, and extensive data storage and transaction ecosystem, as well as playing an important supporting role in building applications with the partners of DMC ecology. Effective and efficient decentralized storage systems are the core infrastructure that will sustain Web3’s next phase of growth and will be the choice of users. Based on a mutual vision to promote a more efficient decentralized storage market for web3, the DMC Foundation has entered into a close collaboration with W3 Storage Lab, which will serve as the major developer of Datamall Coin to fuel the future evolution of the DMC ecosystem. DMC is currently in testnet phase and will release the main network in the near future. The partnership will unlock a real technical breakthrough for Web3 and find a better solution for the next generation Internet.
DMC Foundation is the entity from Singapore that created the Datamall Coin ecosystem. The Datamall Coin (DMC), the governance token of Datamall Chain, has been issued by DMC foundation and has been carefully designed to accurately reflect the true value of decentralized storage. The Datamall public blockchain is an open-source public blockchain that is open to users worldwide. The decentralized storage market created by this project provides users with a safe and efficient storage service that is not controlled or exploited by any single entity.
The core improvement of “matchmaking list” of DMC is to provide appropriate incentives for suppliers, stimulate demand for decentralized storage of real data, and create an efficient decentralized storage marketplace for storage consumers and providers.
W3 Storage Lab is a Web3 decentralized application company headquartered in Sunnyvale, CA with operations around the world. Its mission is to leverage the power of Web3 to help people manage, protect, and control their own data. W3 Storage Lab is led by an executive team with a highly unique blend of P2P networking experience, blockchain expertise, and entrepreneurship. It is funded by Draper Dragon Fund, OKX Blockdream Ventures, Lingfeng Capital, and other investors.
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