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IAGON Raises $3.4 Million to Launch Decentralized Storage Platform on Cardano

IAGON, a Norway-based blockchain startup focused on decentralized cloud computing, has announced the completion of seed funding to the tune of $3.4 million. 

According to the announcement today, the latest round saw participation from reputable crypto and blockchain firms, led by LedgerLink Labs. Other investors include Blockchain Israel, AU21 Capital, Kirin Fund, Coinsgroup, Alphabit, Launchpool, Chymia Consulting, and Trustdao Network, to name but a few. 

IAGON to Launch Cardano’s First Decentralized Storage

IAGON plans to launch the first decentralized storage network on the Cardano blockchain, which will focus on harnessing the storage and processing power of a grid of computers. 

While the initiative may be the first on the Cardano blockchain, IAGON noted that it had already implemented a similar move on Ethereum. 

Navjit Dhaliwal, the co-founder of IAGON, said the firm hopes to become a decentralized alternative to the popular Amazon Web Service (AWS) and other cloud storage platforms through the unending support it keeps receiving from investors and the entire cryptocurrency community, adding:  

“We’re excited to have received the support of such a wide network of investors in the crypto ecosystem, with a particular focus on Cardano,” Dhaliwal added. 

Building a Decentralized Supercomputer

IAGON, which allows its clients to store different files ranging from big data repositories to smaller media files, will leverage the decentralized nature of blockchain to make file sharing faster and easier. 

Its network also enables secure computation while allowing advanced operations like machine learning and artificial intelligence to be processed in the decentralized cloud. 

The firm aims to leverage unused processing power to develop a distributed network of nodes that could become a decentralized supercomputer. 

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,437 0.55 % 3.99 % 18.05 %
Ethereum5,468.0 0.31 % 7.50 % 17.55 %
--- --- --- ---
Cardano2.920 0.09 % 4.40 % 3.81 %
Tether1.330 0.13 % 0.16 % 0.08 %
XRP1.530 0.24 % 5.87 % 4.15 %
Solana230.67 0.08 % 11.98 % 14.12 %
Polkadot59.74 0.26 % 9.60 % 27.89 %
Dogecoin0.3460 1.77 % 7.60 % 14.95 %
--- --- --- ---

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