Multicoin, Blue Yard Capital, Coinbase Ventures and Collaborative Fund have invested about @1.5 million in a new protocol that will enable developers to interact smoothly with decentralized file storage. The lead investors are backing the data startup Textile, dupped the decentralized Flickr.
Textile has been touted as the decentralized answer to Flickr and is banking on its mission of helping the users to have control of their data through the Interplanetary File System (IPFS). IPFS is an open protocol created by Protocol Labs, the same firm that came up with the Filecoin ICO.
Speaking to CoinDesk, Textile co-founder and CEO Andrew Hill praised the IPFS as one of the greatest innovations, stating:
“IPFS’s story is under-shared, in my opinion. It’s one of the greatest inventions of the past decade and has already proven its value in countless real-world examples.”
IPFS allows the creation of a fresh architecture for the web where data is stored by its content and not by location. This will allow various copies to be located in the globe enabling the web to be more efficient. IPFS also ensures that data is safe and is less prone to disappearing once a link goes dead.
The funding round was led by BlueYard which has also invested in Protocol Labs as well as other apps which depend on IPFS. Ciarán O’Leary, BlueYard co-founder, said:
“We think the internet would be better if we were to re-think it away from the server-client model and create a web where apps would permission data from users, versus the other way around.”
O’Leary was categorical that no matter how efficient the underlying technology is, the web requires an invention like Textile to enhance the user experience.
Kyle Samani, Multicoin official said that his faith in Web3 and has identified that one of the important aspects required is data storage solutions. He branded Textile as an iCloud for Web3 saying that “Textile is one of the most perfect examples of a Web3 developer tooling infrastructure play.”
Multicoin and Collaborative Funds are participating in their first IPFS connected investment. According to Taylor Greene from Collaborative, his company has been harboring interests to invest in a project that will revert data control to internet users He explained:
“Textile is the most elegant solution that we’ve seen in that space.”
Giving Users the Power Over their Data
Hill explained that his company has already built Textile Photos, an application that allows users to create, encrypt, and store their private photos on IPFS and share those photos with other users or across multiple devices. Through that work, the firm has developed and are now releasing a set of building blocks that make it easy for any developer to launch apps on the IPFS network.
Hill says that his firm is on a mission to ensure tech companies no longer decide how people use the digital technology by making it hard for them to mine the behaviors of the users for manipulation.
Will Textile give users the freedom to decide how they use their data? Let us know in the comments section.
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