Filebase is a blockchain-based object storage company built on the Sia network. The company revealed that the business has completed an initial seed round of financing and raised $2 million from investors. In recent months, people’s interest in decentralized storage networks has become increasingly strong. Filebase predicts that by 2025, global data growth will exceed 175 ZB. The project is currently working with three distributed storage projects and plans to expand to Arweave and Filecoin by the end of 2021.

Filebase raised $2 million

In the future, blockchain advocates believe that distributed ledger networks will help strengthen decentralized storage, instead of leveraging the centralized cloud and API services used today. In 2021, there are many blockchain projects dedicated to data storage solutions, and a company called Filebase utilizes many of the most commonly used decentralized storage systems.

In essence, Filebase is built using the Sia network, multi-tenant, compatible with S3 API services. However, Filebase decided to branch, and the project also supports Skynet and Storj networks. The project further announced this month that the team has received $2 million in seed round financing from well-known blockchain investors.

The $2 million funding round was led by the founders of Multicoin Capital’s Kyle Samani, Version One Ventures’ Boris Wertz, and Ryan Selkis. Filebase detailed that since the project was launched in early 2018, the protocol has achieved three network integrations and processed 150 million objects.

The Filebase team explained: “These numbers represent an important and growing part of the Web3 ecosystem.” After working with the Sia network, Filebase realized that “The API interface should be in the S3 API (the de facto gold standard for cloud-native object storage). Standardize on

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The project team further pointed out:

We can do this for many networks (not just Sia).

Project integration plan with Filecoin and Arweave

The seed round announcement detailed the team’s plan to use the funds to accelerate customer onboarding and hire more employees. The blog post published by Filebase also cited a study that showed that data storage will exceed 175 ZB within five years. Filebase believes that the adoption of a distributed ledger storage system is only a matter of time.

The team added that Filebase plans to integrate with two other popular decentralized storage projects in 2021. By the end of this year, the extension will tie Filebase to the Filecoin and Arweave networks.

Filebase said: “The Filebase platform has been able to scale horizontally between multiple basic networks from the early days.” “We deliberately decided to build our platform in a modular way so that over time, we can add more networks. .”

What do you think of the $2 million raised by Filebase and the project integrated with Filecoin and the Arweave network? Let us know your thoughts on this topic in the comments section below.

Tags in this story

Amazon storage, API service, Arweave, blockchain, blockchain storage, Blockhain data storage, cloud, decentralized storage, file vault, Filecoin, object storage, S3 API, Sia, Storj, technology

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