- Skynet creators have closed a funding round while achieving its goal
- It is a decentralized application distribution solution
- The company will rebrand itself to Skynet as part of shifting focus to this technology
The company behind Sia, a decentralized data storage solution, has announced that it has successfully closed the latest funding round. The new financial injection will allow it to scale up the development of its SaaS solution, Skynet.
Paradigm, a venture capital company from San Francisco, provided the largest contribution in this funding round. Though Nebulous didn’t elaborate on the plans for spending these funds, one can surmise that one part will fill the hole created by fines from the SEC ruling in connection with the unreported token sale in 2017.
The company’s official statement says the plan to move the focus of the development from Sia. Though it has a dreadful name, Skynet is intended as an application hosting platform that is controlled by its users, resistant to censorship, and can’t be walled-off.
Nebulous: from Sia to Skynet
Sia is a decentralized cloud storage solution that uses blockchain technology to secure users’ data and secure transactions with smart contracts. Currently, its network has a storage capacity of two petabytes, of which 706 terabytes are utilized.
Based on this distributed storage, Nebulous has launched Skynet in February of this year. It is their decentralized application storage solution that functions on combined paradigms of SaaS and decentralized storage.
The company sees high growth potential in their product, and to narrow the focus of their company, will rebrand itself as Skynet.
How it works
Nebulous’ application distribution solution is powered by Sia blockchain, which is based on the proof-of-work mechanism. It is used to create file contracts, which are smart contract representations of the agreement between file uploader and host.
It allows developers to deploy applications that are resistant to censorship and instantly available to all network users. This is achieved through Sia’s data storage solution’s decentralized nature, as applications are treated as any other file.
Nebulous estimates that deployment of an application on Skynet comes with ten times reduction of storage and a hundredfold reduction of bandwidth costs compared to traditional SaaS solutions.