The storage focused layer2 network on Ethereum, EthStorage raised $7 million in the seed funding round.
EthStorage aims to scale Ethereum by a different approach of focusing on storage. It has developed a layer 2 storage rollup which significantly increases Etehreum’s storage capacity.
The funding round was led by dao5 and participation from investors including SevenX Ventures, Foresight Ventures, Dragon Roark, Sky9 Capital and several others. The funds are raised via SAFT (Simple Agreement for Future Tokens).
EthStorage is currently in the developing phase and it has previously received two development grants from the Ethereum Foundation.
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Claiming to increase Ethereum’s storage capacity from terabyte (TB) level to the petabyte (PB) level, EthStorage uses KZG commitment and Reed-Solomon code to boost data upload speed. It utilizes dynamic data sharding to prove data retention.
Among different L2 networks, EthStorage differs as it focuses on scaling Ethereum’s storage capability. The developer community platform, Gitcoin also announced layer 2 ‘PGN’ recently.
