Storing data safely is a big concern for businesses and internet users all over the world. Persistent hacks and data losses have made the conventional methods of data storage ineffective. Meanwhile, the need for data storage is ever increasing, and on average, every computer user has gigabytes of data. Hard disks are expensive and prone to crashing, so the only other option that users have is to back up their data over the internet.
The only other possible alternative is storing the data on data storage services on the internet. This technique isn’t perfect either, and factors such as low bandwidth, limited connectivity, and various other issues can significantly diminish the effectiveness of storing data online.
Conventional storage services such as Dropbox, Google Drive, and Amazon S3, are all centralized. This means that there is a greater chance for the failure of these platforms, which would result in complete or partial data loss. A decentralized storage service that stores the data in several different places, in an encrypted form, will have a lower probability of failure and data loss.
Storing data on several different computers was previously impossible, but with the development of blockchain networks, it is now, not only possible but will also be secure. This is what Memority is offering. The project is offering users the possibility of storing their data on a completely decentralized network that will store multiple copies of their data on different personal computers in an encrypted form.
The data will be encrypted using their personal key, which means that only the user who owns the data will be able to view the data, and even if the there are multiple copies, no one else can access the data. By storing data on multiple computers, Memority will ensure that the data will not be lost, even if one of its copies is damaged somehow.
Memority is a blockchain-based platform for encrypted, decentralized cloud storage for valuable data. The system that is designed by the project will ensure that 10 copies of data are maintained at all times. Files will be encrypted using the private key of users, and nobody else will be able to view the data except for the user.
There are four main users in the system:
- Data Owner – users that store data on the platform and use the storage space. They will pay for the services using the native MMR tokens.
- Hoster – provides storage space for the system and receives MMR tokens in return. Data owners can also be hosters.
- Third-party developers – users will be able to develop their own ideas and applications using the platform provided by Memority and will receive MMR tokens for their efforts.
- Miner – users that support the working capacity of the underlying blockchain, on which the platform is based, are known as miners. They will receive MMR tokens for their efforts, and only 10,000 users can become miners.
The data itself is not stored on the blockchain, only the hash codes are stored there. When new data is loaded on the system, it is first encrypted with the help of the 128-bit private key that is only accessible by the owner.
Third-party developers are allowed access to the platform and can use the functionalities of the Memority platform to build new services or add-ons to help the users achieve more. The storage algorithm uses a blockchain network that is based on the Ethereum network, and the whole platform uses much less computing resources than Ethereum.
Memority uses smart PoA contracts technology to significantly relieve the blockchain and minimize the cost of transactions. Through PoA and other techniques that the network is using the platform provides greater reliability than conventional data storage systems.
How the system works
When a file is uploaded onto the system, the following sequential steps are carried out:
- The desired hosters are selected based on their bandwidth, availability, and other factors. Preference is given to those who already store files on the network.
- File copies are sent to the selected hosters and the upload time and the hosters address is included in the smart contract, and at the same time copies of the first file monitoring system are created. This is an automated process that authenticates stored data, controlling its availability and retrieval.
- Copies of a secondary monitoring system are created, which validates the number of copies of the first system and restores the files if required.
- The first monitoring system checks the validity of the files six times a day and restores missing files if required.
- The hosters are provided incentives to stay online and maintaining their internet connection, failure to do so can result in penalties.
The ICO will be carried out using the Ethereum Memory Token (EMR), which is an external token that does not assume any profit and exists only for the convenience of investors. Users can easily convert their EMR tokens into MMR tokens at a rate of 1:1.
The MMR tokens are used for all the internal operations of the platforms. EMR tokens that are exchanged with MMR are automatically destroyed. The following is some of the important details of the Memority ICO:
Token Type: ERC – 20
Finite Number of Tokens: 1,500,000,000 EMR
Available during Pre-ICO and ICO: 855,000,000 EMR
Accepted Currencies: Fiat, BTC, BTCL, LTC, ETH
ICO dates: May 31st – October 31st, 2018
The following are the main team members of the project:
The following are the main advisors of the project:
- Michael Dvornichenko: Business Advisor LinkedIn
- Denys Saprykin: Financial Advisor LinkedIn
- Dmitry Semiryazhko: Advisor, Co-Founder at Pinxter Digital LinkedIn
For more info
To read more about Memority and how they aim to achieve their goals, you can access the following links:Telegram or subscribe to our weekly newsletter.