The Datamall Coin (DMC) ecosystem software developer W3 Storage Lab has announced the successful conclusion of a $3 million pre-seed funding round. Funds raised will be used to hire more international employees and develop the company’s worldwide activities.
It was co-led by Draper Dragon and OKX Blockdream Ventures, with major participation from Lingfeng Capital. There was a broader group of investors that got involved as well. Well-known investors’ confidence in W3 Storage Lab’s contributions to the Datamall Coin ecosystem and technical development bodes well for the company’s future.
Constructing a Superior Web3
Next-generation distributed storage ecosystem built by W3 Storage Lab is based on public blockchain and CYFS. W3 Storage Lab is developing a number of revolutionary applications for both consumers and companies, all of which rely significantly on distributed storage. The unique skillsets at CYFS will be put to use in these initiatives.
DMC and CYFS have a productive relationship. With its address-based decentralized storage, the next-gen protocol CYFS outperforms DHT-based decentralized storage systems in speed and scalability. At the moment, CYFS is free to use and available to the public as open source.
DMC is dedicated to building a safe, compliant, and extensive ecosystem for storing and transacting data, and it plays a pivotal role in the development of applications with the other partners of the DMC ecology. User preference for reliable and efficient decentralized storage systems will drive Web3’s growth in the future. Together, the DMC Foundation and the W3 Storage Lab are working hard to improve the decentralized storage market on the web3. The collaboration between these two entities will be a driving force in the expansion of the DMC ecosystem. DMC is currently releasing its testnet and will launch its primary network in the near future. Because of their combined efforts, Web3 will make considerable technological progress and provide a more suitable response to the future Internet.
In Memory of DMC
For the growth of the Datamall Coin ecosystem, it is up to the Singaporean DMC Foundation. Careful consideration was given to appropriately representing the value of decentralized storage in the design of the Datamall Coin (DMC), the governance token of the Datamall Chain. It was published by the DMC Research Foundation. Datamall’s public blockchain is an open-source, publicly available option for people worldwide. This project establishes a decentralized storage market, which means users can take advantage of a safe and useful storage service that is not controlled by or exploited by any one organization.
The “matchmaking list” compiled by the DMC is intended to do three things: enhance the need for decentralized storage of real-world data; motivate providers to satisfy market expectations; and develop a fruitful decentralized storage market for storage purchasers and sellers.
Details about W3 Storage Lab’s profile
Web3 Storage Lab is a decentralized application startup based in Sunnyvale, California. The initiative aims to harness the capabilities of Web3 to let people take charge of their data and make sure it stays safe. In W3 Storage Lab, you’ll find an exceptional blend of P2P networking expertise, blockchain understanding, and savvy business minds on the executive team. In addition to other investors, the project has received backing from the Draper Dragon Fund, OKX Blockdream Ventures, and Lingfeng Capital. For further information, please go to https://w3storagelab.com/.