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$3.5M raised by Sia Network for better blockchain storage, streaming, and hosting

Blockchain.mmi9/Pixabay

Fri, 12 Jul 2019, 05:51 am UTC

Blockchain has been argued to be useful in practically any field and a recent fundraising event involving Sia Network proves that it also has a place in streaming.

Raising $3.5 million, the company responsible for Sia, Nebulous closed a successful funding round with the help of Bain Capital Ventures. This will help make its offers for file storage options and online streaming more appealing.

Speaking to CoinDesk, Bain Capital’s Salil Deshpande explained why this development is important. It was also noted that the services being offered by Nebulous make sense in this particular case, particularly when it comes to decentralized apps.

“If [dapps] use centralized storage, then they are not decentralized anymore. In the future, centralized apps will also be able to use decentralized storage,” Deshpande said.

Nebulous CEO David Vorick also had his say on the matter, especially when it comes to what his company is working on now. Since its launch back in 2014, the company has raised $6.3 million in funding.

“Today we have about 450 terabytes of data that users are actively storing on the network. Our metrics suggest that’s between 500 and 1,000 people to date,” Vorick said.

The main focus for the company with the funds that it got this time around will be developing media streaming an storage services, The Block reports. The firm is also thinking of increasing the number of personnel working on the project to 24 by this year’s end.

As for the comparisons that have been going around about how using Sia is a bit like using Hulu, Vorick talks about that, as well. Materials that are too niche for platforms such as Netflix or Hulu can be stored and streamed from Sia.

“You don’t have to be a host [node] in order to put data onto the Sia network,” Vorick explained. “It will be a comparable experience to using something like Hulu.”

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