HashKey Capital Invests $5M in Decentralized Storage Project Filestar

Jan 12, 2021 at 12:23 p.m. UTC

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

According to a press release on Tuesday, $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.”