W3 Storage Lab, a Web3 “decentralized” application company, announced that it closed a pre-seed financing round of $3 million.
The investment round was “co-led by Draper Dragon and OKX Blockdream Ventures with major participation from Lingfeng Capital and participation from other investors.”
Proceeds from the round will be “used to grow its global team and fund operations.”
W3 Storage Lab has “co-developed a next generation distributed storage ecosystem that is based on the public blockchain and cyfs://.”
cyfs:// is described as “a next-generation protocol that re-invents basic Web protocols – TCP/IP, DNS, and HTTP – to create the infrastructure necessary for the complete decentralization of Web3.”
It has been “in development for over 7 years, practically eliminates latency in file retrieval – a huge problem with current decentralized storage solutions – and has infinite scalability.”
cyfs:// has recently “been open sourced and is now available to the public.”
To facilitate a more efficient market for decentralized storage, W3 Storage Lab has also “worked closely with the DMC Foundation as a major developer of the Datamall Coin ecology.”
The Datamall Coin is a cryptocurrency which has “been carefully designed to accurately reflect the true value of decentralized storage, properly incentivize suppliers of decentralized data, stimulate demand for storing real data in a decentralized manner, and create a highly efficient market for buyers and sellers of decentralized storage.”
The DMC token is “already on Testnet and will be released to Mainnet in the near future.”
W3 Storage Lab is “developing a series of killer applications for both consumers and enterprises that will make heavy use of decentralized storage.” These applications will “leverage the unique capabilities of cyfs://, and will be announced in the coming weeks.”
Xinglu Lin, CEO of W3 Storage Lab, said:
“Web3 has a ton of promise. But other than speculative trading – of both coins and NFTs – very few Web3 applications have delivered meaningful value to everyday consumers.We’re going to change that. The cyfs:// protocol gives us a ton of power to design a series of applications that will deliver compelling and lasting value to online consumers around the world.”
Richard Wang, Managing Director of Draper Dragon, remarked:
“We’re very excited to partner with W3 Storage Lab. They’ve assembled a top notch team with a clear vision on how they want to positively impact the internet and the world. They’re developing some real break-through technology, and the market desperately needs their solutions. Look for some more ground-breaking announcements from W3 Storage Lab soon.”
Dr. Ming Shu, partner at Lingfeng Capital, added:
“An effective and efficient decentralized storage system is a core infrastructure to sustain the next stage of growth and user adoption for the Web3. We are thrilled by the prospect that W3 Storage Lab will be the player to deliver a series of products that take the user experiences to a new level.”
The W3 Storage Lab team has “developed technology that accounted for more than 50% of all global P2P traffic and has issued a combined total of over 15 blockchain tokens.”
Xinglu Lin, CEO and Co-Founder, was “the co-founder of two highly successful start-ups in China and is a prominent name in the Chinese internet sector.”
Zhicong Liu, Founding Engineer, is credited with “architecting cyfs://.”
Victor Chen, COO and DMC Foundation Chair, “was CTO of Unisplendour, an internet infrastructure provider and previously worked in IBM Networking.”
Thi Thumasathit, VP Marketing, is “an experienced builder of early-stage Silicon Valley start-ups with experience in B2C, enterprise SaaS, cybersecurity, and ad:tech, as well as consulting experience at McKinsey & Company.”