Multicoin, Coinbase Ventures Invest $1.5 Million in â€˜Decentralized Flickrâ€™
Multicoin, Coinbase Ventures, BlueYard Capital and Collaborative Fund are backing a new protocol to help developers more smoothly interact with decentralized file storage. The investment takes the form of a $1.5 million seed round in data startup Textile.
Launching on the surface as a decentralized answer to Flickr, Textile has a larger mission: to help users control their own data by using the Interplanetary File SystemÂ (IPFS). IPFS is an open protocol built by Protocol Labs, the same company that created the Filecoin ICO.
â€œIPFSâ€™s story is under-shared, in my opinion,â€� Textile co-founder and CEO Andrew Hill told CoinDesk. â€œItâ€™s one of the greatest inventions of the past decade and has already proven its value in countless real-world examples.â€�
IPFS creates a new architecture for the web where data is stored by its content rather than its location, which means that multiple copies can be located around the world making the web more efficient. It also makes data less prone to disappearing when a link goes dead.
BlueYard, which led Textileâ€™s round, is already an investor in Protocol Labs and other applications that rely on IPFS.
BlueYard co-founder CiarÃ¡n Oâ€™Leary told CoinDesk in an email:
â€œWe 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.â€�
Oâ€™Leary noted that for as good as the underlying technology is, the web needs software like Textileâ€™s to improve its user experience.
Multicoinâ€™s Kyle Samani told CoinDesk that his company believes in Web3 and sees that one of its first needs is for a data storage solution. He called Textile an â€œiCloud for Web3,â€� adding, â€œTextile is one of the most perfect examples of a Web3 developer tooling infrastructure play.â€�
For both Multicoin and Collaborative Fund, this is their first IPFS-related investment. Collaborativeâ€™s Taylor Greene told CoinDesk in an email that his firm was already interested in investments that would return data control to internet users.
â€œTextile is the most elegant solution that weâ€™ve seen in that space,â€� Greene said.
Interested users can join the waiting list now to use Textileâ€™s own photos app, which demonstrates the fundamental functionality of the software. Hill told CoinDesk that Textile â€œmakes it possible for users to own their data, and share (or revoke) that data with trusted applications â€“ or anyone else for that matter.â€�
â€œIt is not possible to imagine humanity becoming even more digital without a new and thoughtful approach to data ownership and our right to control our own digital data.â€�
Textile atÂ IPFS Camp 2019 image via Twitter