Blockchain networks that are not new. Filecoin, Arweave and a handful of others promise a Google Cloud-like product in which users can store and retrieve gigabytes of information. A project called Walrus Protocol now believes that it can create a superior version of these decentralized storage networks – and some prominent investors bet that they are right.
On Thursday, the Walrus Foundation, one of the core units behind the protocol, announced that it collected $ 140 million US dollars while selling the Blockchain cryptocurrency. The biggest investor was a standard crypto. Other top investors who have bought allocations of the cryptocurrency that was still to be started are Andreessen Horowitz ‘crypto arm, electric capital and digital assets Franklin Templeton. The sale evaluated the overall offer of the Walrus protocol’s cryptocurrency at 2 billion US dollars.
“Previous Onchain memory attempts have to struggle with scalability, flexibility and security,” said Adam Goldberg, managing director and co -founder of Standard Crypto.
Mysten Labs that built the Blockchain Sui developed the Walros protocol. The sale of 140 million US dollars has only come together in the past three weeks, said Evan Cheng, co -founder and CEO, told Assets. “There is only a lot of demand,” he said.
This was Mysten Labs’ first fundraising campaign for Walros. Mysten Labs, founded by former employees of METAS SCUTTLED CRYPTO Project Diem, collected 300 million US dollars for the development of SUI, which was used by Ethereum Blockchain, an essentially a decentralized cloud computer network, which was created by companies with a centralized cloud computer by companies to create companies Creating blockchains to create blockchains to create blockchains to create blockchains, to create blockchains to create blockchains to create blockchains to create blockchains to create blockchains to create blockchains to convey the strength.
Mysten Labs focused on the same focus on the speed on walross. Like other decentralized storage networks, the protocol promises users that no central entity like Google can delete their files. But Cheng says it is faster and cheaper than what is currently on the market. “Either they are basically very, very slow,” said Cheng, the CEO, with regard to existing decentralized storage protocols such as Filecoin or Arweave. “Or they are very, very expensive.”
In addition, programmers can write more code to go with Walros, he said. “They are only good for archive storage,” added Cheng in relation to older decentralized file storage protocols. “You cannot be programmable.”
Walrus is still in the beta, but Mysten Labs has already created a web hosting service over the protocol. The project and its cryptocurrency will be live on March 27, said Cheng.
This story was originally on Fortune.com
