W3 Storage Lab, a Web3 decentralized application company, announced that it closed a pre-seed financing round of USD 3M. The 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 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 that 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