Nubit’s $12M Funding Should Reinforce Investor Confidence in Blockchain Storage
What is blockchain storage and why should cryptocurrency investors care? In layman’s terms, it’s a decentralized version of the traditional web’s cloud services. Mostly used by developers rather than retail customers, the blockchain storage space is another segment of the Web3 investor universe that issues cryptocurrencies to investors who want to try their luck betting on the future of another digital assets growth story.
This month, Nubit (NB) raised $12 million with the bulk coming from Polychain Capital. Nubit builds decentralized cloud storage for blockchain AI models. They were the only notable storage investment from venture capital (VC) in the first quarter, but demand for decentralized storage infrastructure, especially in areas like AI, decentralized finance (DeFi), and data indexing is expected to grow by a compound annual growth rate of 22.4% over the next decade, according to business intelligence firm Growth Insights.
If Web3 is going to grow, blockchain storage is going to have to grow right along with it.
“Decentralized data storage serves the purpose of self-sovereign data owned by the users with strong availability, without relying on a single centralized entity,” said Kenneth Shek, Project Lead of the newly launched Moca Network (MOCA).
Decentralized data storage ensures that data are available, interoperable, and verifiable by any apps, based on the users’ own selective disclosure, with privacy further enhanced cryptographically making it very different from traditional clouds like AWS. Moca Chain’s storage and privacy solution testnet is scheduled to launch only in the third quarter of this year. The token is currently only available for retail investors on the KuCoin (KCS) exchange.
“We have already seen the largest funds in the world actively searching for and investing here,” Shek said. “As large mass data starts to be commoditized, private and verifiable data will become increasingly valuable.” As will the companies that can provide that service and the backbone to making those services available.
Blockchain Storage: Web3’s “Cloud”
Blockchain storage is a decentralized way to store digital data across a distributed …
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