Solana

Prime

Read

Partner

Solana-based content delivery network Blockcast has raised over $2.8 million in seed funding led by Lattice Fund to scale its decentralized infrastructure for high-bandwidth content streaming.
According to a press release shared with crypto.news, Blockcast raised $2.85 million in its seed funding round with participation from prominent investors such as Lattice Fund, Protocol Labs, Finality Capital Partners, AllianceDAO, Zee Prime Capital, RW3 Ventures, and angel investors including Anatoly Yakovenko, the founder of Solana.
Blockcast is a decentralized <a href="https://crypto.news/decentralized-physical-infrastructure-network-depin-explained/" target="_blank" rel="noopener noreferrer nofollow">content delivery network</a> built on Solana, aiming to address the growing strain on internet infrastructure. The platform combines traditional broadcasting technology with blockchain to manage the increasing demand for high-bandwidth content such as live streams, software updates, and media releases.
With internet traffic surging by 24% annually and <a href="https://crypto.news/deestreams-streaming-approach-sparks-investment-surge-from-vet-pepe-fans/" target="_blank" rel="noopener noreferrer nofollow">live streaming</a> now accounting for 17% of all global traffic, Blockcast aims to offer a more efficient solution for content delivery.
By utilizing community-operated nodes, Blockcast allows for faster and more cost-effective content distribution. This approach reduces data consumption, minimizes rebuffering and latency, and alleviates congestion for internet service providers, the release noted.&nbsp;
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ftx-wallet-unstakes-28m-in-solana-sparking-fresh-selloff-fears/"> FTX wallet unstakes $28m in Solana, sparking fresh selloff fears </a>
The goal is to streamline the process of deploying scalable traffic servers closer to users, offering a more sustainable and decentralized way to manage global content demand.
Mike Zajko, Partner at Lattice Fund, noted that the internet’s infrastructure is struggling to meet the rising demand for high-quality content. He highlighted Blockcast’s use of “community-operated nodes” as a practical solution to reshape “how data is distributed and consumed.”
Blockcast plans to use the capital to accelerate the development of its platform, expand its presence in the networked infrastructure ecosystem, and launch its pre-order campaign for home RELAY nodes, which are compact servers designed to improve streaming quality while allowing users to participate in content delivery and earn rewards.
Speaking to crypto.news, Blockcast CEO Omar Ramadan explained that the funding will also go toward “building out global content delivery capacity” and launching “a public testnet for the world’s first decentralized multicast-enabled CDN,” aligning with Blockcast’s mission to revolutionize content distribution.
The funding round comes as venture capital interest in the blockchain and fintech sectors has <a href="https://crypto.news/crypto-vc-funding-hits-2-7b-despite-12-5-drop-in-deal-volume/" target="_blank" rel="noopener noreferrer nofollow">steadily dropped</a> since April 2024. Despite the waning interest, new entrants continue to emerge, with global investment firm VanEck recently <a href="https://crypto.news/vaneck-launches-30m-fund-for-crypto-and-ai-startups/" target="_blank" rel="noopener noreferrer nofollow">announcing</a> the launch of VanEck Ventures, a $30 million fund focused on fintech, digital assets, and AI.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/moodeng-surges-over-40-in-24-hours/"> MOODENG surges over 40% in 24 hours </a>

Blockcast raises $2.85m to scale decentralized content delivery on Solana

crypto.news

Other articles published on Oct 16, 2024

Join our free newsletter for daily crypto updates!