Decentralized storage platform CESS raises $8M from 13 VC funds.
Decentralized storage platform Cumulus Encrypted Storage System (CESS) has raised nearly $8 million in funding from more than 13 venture capital firms, in a Dec. 28 announcement. The funds will be used to advance technological developments, expand international operations and strengthen the decentralized infrastructure sector of CSS, a CESS representative told Cointelegraph.
According to the documents, CESS is both a blockchain network and a decentralized storage system. Allows files to be stored on multiple nodes and identified by hashes. It contains four components or “layers” – blockchain, data storage, content distribution and application layer. It uses a variety of encryption protocols to ensure data integrity, including replication and recovery and multi-format data authentication. CESS is intended for use in large commercial applications.
Related: What is decentralized storage, and how does it work?
According to the announcement, HTX Ventures, Infinity Ventures Crypto, DWF Labs, Mentha Partners, Vespertine Capital, Web3 Foundation, Singchain Investment, 7 O'Clock Capital, SolrDAO, FishDAO, OneBlock+, Winkrypto and Polkadot Ecology Research Institute participated in the raising.
Nicholas Zaldastany, founder and chairman of CESS, said the funding will be used to further develop the protocol:
“This funding will enable us to continue our mission to deliver next-gen, global decentralized data services for Web3, including high-level security, performance, storage, CDN, large-scale business use cases that require high-frequency, business transactions and millisecond data retrieval.”
The demand for decentralized storage space will grow rapidly in the course of 2023. Filecoin's usage reached more than 7% in the second quarter and Arweave's transaction volume increased by more than 717% during the year, according to data from blockchain analytics platform ViewBlock. CESS said the protocol could be used in a variety of future applications, including “Metaverse, NFT, DeFi, streaming media, social media, gaming, and real-world assets.”
