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."
See also: Filecoin Network Upgrade Goes Live, Miners Claim 25% Block Rewards
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