Filebase, a blockchain-based object storage company built on top of the Sia network has revealed the business has closed an initial seed round gathering $2 million from investors. Interest in decentralized storage networks has blossomed in recent months and Filebase expects the growth of global data to surpass 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.
Filebase Raises $2 Million
In the future, blockchain advocates believe that distributed ledger networks will help bolster decentralized storage rather than leveraging centralized clouds and API services used today. In 2021, there are a number of blockchain projects dedicated to data-storage solutions and a company called Filebase utilizes a number of the most-used decentralized storage systems.
Essentially, Filebase is a multi-tenant, S3-compatible API service that is built with the Sia network. However, Filebase decided to branch out and the project also supports Skynet and Storj networks as well. The project further announced this month that the team has raised $2 million in a seed round from well known blockchain investors.
The round for $2 million in funding was led by Kyle Samani of Multicoin Capital, Boris Wertz of Version One Ventures, and the founder of Messari.io Ryan Selkis. Filebase details that since the inception of the project in early 2018, the protocol has seen three network integrations and has processed 150 million objects.
“These numbers represent a growing and significant portion of the Web3 ecosystem,” the Filebase team explained. After working with the Sia network, Filebase realized the “API interface should be standardized on the S3 API, the de-facto gold standard of cloud-native object storage.”
The project team further noted:
We could do this for many networks, not just Sia.
Project’s Plans to Integrate With Filecoin and Arweave
The seed round announcement details that the team plans to use the funding to accelerate customer onboarding and hire more staff. The blog post published by Filebase also cites a study that shows in five years data storage will exceed 175 Zettabytes. Filebase believes it’s just a matter of time for when distributed ledger storage systems are adopted en-masse.
The team adds that in 2021, Filebase plans to integrate with two more popular decentralized storage projects. By the end of the year, the expansion will tether Filebase to the Filecoin and the Arweave networks.
“The Filebase platform has had the ability to scale horizontally across multiple underlying networks from an early stage,” Filebase says. “We intentionally decided to build our platform in a modular fashion, allowing us to add more networks as time went on.”
What do you think about Filebase raising $2 million and the project integrating with the Filecoin and the Arweave networks? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman