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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

HashKey Capital Co-Invests $5M in Decentralized Storage Project Filestar

The $5 million grant will go towards funding the day-to-day operations of Filestar's foundation.

Jan 12, 2021 at 12:23 p.m. UTC
Updated Sep 14, 2021 at 10:54 a.m. UTC

Web 3.0 decentralized storage and infrastructure network Filestar has received multimillion-dollar funding from Hong Kong’s HashKey Capital.

  • According to a press release on Tuesday, US$5 million in the form of a grant will go towards funding the day-to-day operations of the project's managing foundation.
  • The foundation is a not-for-profit designed to steward Filestar's network before a decentralized autonomous organization is established, a spokesperson told CoinDesk.
  • "We see potential in the project to transform the storage mining landscape and establish a blockchain-based decentralized marketplace for computing-power and bandwidth sharing,” said Ryan Chen, director of strategy at Hashkey.
  • Filestar said it aims to improve upon decentralized network Filecoin and its distributed storage mechanism by removing the initial pledge collateral requirement.
  • The pledge requires miners of Filecoin to commit resources in order to participate in its economy – a measure Filestar says can greatly affect smaller miners.
  • Filestar is also preparing to launch a staking program that would enable community members to earn the network's native STAR tokens, cast votes for miners and participate in "important decisions for Filestar’s future."

DISCLOSURE

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