Singapore-based company Cess has raised $8 million in a Series A funding round led by HTX Venture and other investors. Cess provides a blockchain-powered decentralized storage and content delivery network (CDN) infrastructure for Web3. The company plans to use the funds to provide decentralized data services for Web3.
Cess uses innovative mechanisms and proprietary technologies to ensure the integrity, security, traceability, and privacy of data. These mechanisms include the Random Rotational Selection mechanism (R²S) to ensure network stability and efficiency, Proof of Reduplication and Recovery (PoDR²) to guarantee data availability and security, and Multi-Format Data Confirmation (MDRC) to provide data ownership protection. Cess also uses Proxy Re-Encryption Technology to enable secure data sharing without revealing the content.
The company aims to incentivize participation through transparent and fair incentive mechanisms. It allows anyone to join Cess as candidate consensus miners and prevents large nodes from monopolizing the network. Cess supports various use cases including Metaverse, NFT, DeFi, streaming media, social media, gaming, RWA (real world assets), and all Web2 and Web3 storage. The company aims to build a diverse and robust ecosystem where transactions are secured by encryption and data ownership is returned to rightful owners.
The funding will enable Cess to develop and expand its decentralized data services for the Web3 sector. As blockchain technology continues to evolve, the need for secure and decentralized storage solutions becomes increasingly important. Cess aims to address this need by providing a blockchain-powered storage infrastructure that ensures data sovereignty and user privacy. With the support of investors, Cess is well-positioned to make a significant impact in the Web3 space.
