W3 Storage Lab, a software partner in the Datamall Coin (DMC) ecosystem, recently declared the closing of a $3M pre-seed financing round. The round’s proceeds will expand the company’s international team and finance operations.
Lingfeng Capital played a significant role in the round, in which Draper Dragon and OKX Blockdream Ventures co-led. Other investors also participated. The involvement of well-known investors supports W3 Storage Lab’s involvement in the Datamall Coin ecosystem and technology development and affirms the company’s prospects.
Building a Better Web3
The public blockchain and CYFS are the foundation of the next-generation distributed storage ecosystem that W3 Storage Lab has co-developed. For consumers and businesses, W3 Storage Lab is creating several game-changing applications that heavily rely on decentralised storage. These programmes will make use of CYFS’s distinctive abilities.
DMC and CYFS work well together. The address-based decentralised storage in CYFS, a next-generation protocol, is infinitely scalable and much faster than DHT-based decentralised storage systems. CYFS is currently open-source and accessible to the general public.
In addition to playing a crucial role in developing applications with the partners of the DMC ecology, DMC is committed to developing a secure, compliant, and extensive data storage and transaction ecosystem. Decentralized storage systems that are effective and efficient will be the users’ preferred option and form the backbone of Web3’s future expansion. The DMC Foundation and W3 Storage Lab have established a close working relationship based on a shared vision to advance a more effective decentralised storage market for web3. This partnership will serve to fuel the DMC ecosystem’s continued development. DMC is presently in the testnet phase and will soon release the main network. The collaboration will lead to a significant technical advance for Web3 and a better answer for the coming Internet.
The Singaporean DMC Foundation is responsible for developing the Datamall Coin ecosystem. The Datamall Coin (DMC), the governance token of the Datamall Chain, was created with great care to reflect the true worth of decentralised storage accurately. The DMC foundation issued it. An open-source, public blockchain that is accessible to users everywhere is the Datamall public blockchain. Thanks to the decentralised storage market this project creates, users can benefit from a secure and practical storage service not managed or exploited by a single entity.
The primary goals of the DMC’s “matchmaking list” are to increase demand for decentralised storage of actual data, encourage suppliers to meet market demands, and establish a productive decentralised storage market for both storage buyers and sellers.
W3 Storage Lab’s profile
Web3 Storage Lab is a global decentralised application company with a Sunnyvale, California, headquarters. Its goal is to use Web3’s potential to empower individuals to manage, safeguard, and maintain control over their data. The executive team at W3 Storage Lab is a highly distinctive combination of P2P networking experience, blockchain knowledge, and business acumen. Along with other investors, it is financed by the Draper Dragon Fund, OKX Blockdream Ventures, and Lingfeng Capital. Visit https://w3storagelab.com for more details.