Decentralized Storage Platform CESS Secures $8M Funding for Global Expansion and Tech Advancements
Summary:
The Cumulus Encrypted Storage System (CESS), a decentralized storage platform, has secured about $8 million in funding from over 13 venture capital firms. The investment aims to spur technological progression, expand international operations, and solidify CESS's standing in the decentralized infrastructure industry. CESS protocol is designed to cater to wide commercial scenarios, including the metaverse, NFT, DeFi, and more. Meanwhile, during 2023, there has been a significant growth in the demand for decentralized storage space.
The Cumulus Encrypted Storage System (CESS), a decentralised storage platform, secured close to $8 million funding from over 13 venture capital firms, revealed a statement on Dec. 28. The investment is set to expedite technological upgrades, enhance worldwide operations, and consolidate CESS's status in the decentralised infrastructure sector, commented a CESS spokesperson to Cointelegraph.
According to the compiled information, CESS serves as a blockchain network and a decentralised storage system that lets users save files on multiple nodes which are then identifiable by their hash. CESS structure has four fundamental components – the blockchain, data storage, content propagation, and application layers. It utilizes numerous cryptographic protocols— including Proof of Reduplication and Recovery (PoDR²) and Multi-Format Data Confirmation (MDRC)— striving to preserve the permanency of the data. CESS is designed to support larger scale commercial implementations.
With reference to the statement, investment participants included 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.
Chairman and co-founder of CESS, Nicholas Zaldastani announced that the raised funds will be utilized to boost the protocol further. He said, "This funding allows us to persist in our goal of delivering the future of global decentralised data services for Web3. It includes assistance for large-scale commercial scenarios needing top-notch security, performance, storage, CDN, high-frequency trading, and data recovery within milliseconds.”
The year 2023 has seen a boom in the requirement for decentralised storage space. Filecoin reported over 7% utilization in the second quarter, while Arweave witnessed an over 717% surge in transaction volume over the year, as reported by blockchain analytics platform ViewBlock. Projects for future application of the CESS protocol include "Metaverse, NFT, DeFi, Streaming media, Social media, Gaming, [and] RWA (real world assets),” claimed CESS.
Published At
12/28/2023 9:40:00 PM
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