The funding will help provide the next-gen of global decentralized data services for Web3
Singapore, Singapore, Dec. 28, 2023 (GLOBE NEWSWIRE) --
Cumulus Encrypted Storage System (CESS), a leading blockchain-powered decentralized storage and CDN infrastructure for Web3, has announced a highly successful close to its Series A funding round, having secured $8 million in capital. Notable investors include HTX Venture, 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.
This significant investment highlights CESS's commitment to creating a secure, efficient, and transparent decentralized value network. The funds will drive technological advancements, expand global operations, and strengthen CESS's position in the decentralized infrastructure sector, empowering data creators and owners in redefining value distribution in data asset circulation.
“This funding will enable us to continue our mission of providing the next-gen of global decentralized data services for Web3, which includes support for large-scale commercial use cases that require high-end security, performance, storage, CDN, high-frequency trading and millisecond data retrieval. We are grateful to our investors for their trust and support in our vision, and we look forward to delivering innovative solutions that create value, lower costs, improve outcomes and experiences, and deliver user-focused solutions that are fast, performant, cost-effective, and secure,” said Nicholas Zaldastani, Co-Founder and Chairman of CESS.
CESS adopts multiple mechanisms and proprietary technologies to ensure the integrity, security, traceability, and privacy of data. For instance, Random Rotational Selection mechanism (R²S) resolves the “Miner’s Dilemma” and ensures a stable and efficient network. Proof of Reduplication and Recovery (PoDR²) guarantees data availability, integrity and security. Multi-Format Data Confirmation (MDRC) provides data ownership protection.CESS Proxy Re-Encryption Technology enables secure data sharing among authorized parties without revealing the data content.
The company incentivizes participation through a set of transparent and fair incentive mechanisms. Anyone can join CESS fairly to become candidate consensus miners through R²S, preventing large nodes from having a monopoly on the network. R²S also achieves low gas fees and 10,000 TPS.
CESS supports use cases such as Metaverse, NFT, DeFi, Streaming media, Social media, Gaming,RWA (real world assets) and all Web2 and Web3 storage, helping to build a diverse and robust ecosystem where transactions are secured by encryption and data ownership is returned to its rightful owners.
CESS (Cumulus Encrypted Storage System) is a blockchain powered decentralized storage and content delivery network (CDN) infrastructure for Web3. Users and creators alike use the platform for on-chain data sharing and value transactions, whilst builders can develop and deploy DApps.
Offering the most optimal Web3 solution for storing and retrieving high-frequency dynamic data, CESS reshapes the value distribution and circulation of data assets whilst ensuring data sovereignty and user privacy.
By utilizing a decentralized physical infrastructure network (DePIN) model, CESS drives mass deployment of network nodes globally through incentives.