Memority is the platform for a completely decentralized, ultra-secure storage of valuable data on the blockchain, which ensures the availability of multiple encrypted copies of data on unrelated storage locations around the world.
- The data is encrypted with your private key: The data is encrypted with a private key, which is stored by the data owner
- Data is protected from accidental deletion: The system always stores multiple copies of data (default is 10), the monitoring system will periodically check their availability and creates new copies in other stores in case of insufficient number of duplicates
- Data is protected from forgery: Unique data identifiers are stored in the blockchain database, the system regularly searches for fakes and restores the correct number of copies with genuine data if files have been forged
- The system is completely self-contained and independent: data storage, the process of files copies monitoring and recovering, data encryption and validation for authenticity are completely decentralized, there is no dependence on any centralized systems.
The creation and use of data today is growing at a staggering rate, but existing mechanisms for storing data are not yet sufficiently secure or reliable; in recent years traditional cloud-based hacks and phishing attacks alone have become notorious for their ease and widespread effects.
The crypto space is actually especially in need of secure data storage solutions; most of us can name a few personalities who have been (or at least claim to have been) hacked and lost incredible amounts of money due to shoddy storage solutions which did not prevent against hackers.
Current systems allow a lot of scope for malicious actors looking to profit in some way from hacking or using someone’s data without their consent or even their knowledge.
This is absolutely not a viable long-term state of affairs as we progress further into the accelerating information age, and is no solution at all for reliably and securely storing sensitive data.So how does Memority intend to solve these issues?
Memority’s use of distributed blockchain technology makes it inherently decentralised and secure. It is this marriage of data with blockchain’s inherent security and decentralised characteristics which makes solutions such as Memority fundamentally superior to current top traditional solutions for data storage.
There are, of course, newly emerging blockchain based data storage solutions becoming available, such as Storj, but Memority argue that such solutions are fundamentally lacking in different areas. Namely, due to the fact that these products are generally highly specialised applications with partial centralisation, and which are not always specifically focused on creating a mutually beneficial ecosystem for hosters, users, miners and third-party developers alike.
Memority are competitive not only against traditional systems but also aim to provide a superior experience to other such similar blockchain-based solutions also. To this end, Memority have conducted detailed industry and competitor analysis, and have compiled an overview of the functions of existing traditional and blockchain-based solutions.
Memority believe that by implementing the below features their platform will offer a fundamentally superior decentralised data storage solution.
Blockchain-based data storage ecosystem
Memority's mission is to create a self-sufficient ecosystem that includes a variety of applications to meet the needs of businesses, government organizations and individuals in ultra-secure storage of all types of valuable data.
The Memority API allows third-party developers to create desktop and online apps for decentralized encrypted storage of various types of data without a lengthy investigation into technical details of the blockchain technology. Developers of such applications are rewarded with part of their data storage.
- File encryption: Files are encrypted with a private key that has their owner has.
- Decentralized storage: The system supports storage of 10 file copies in independent storages.
- Protection from data forgery: Completely decentralized monitoring systems check data availability and authenticity.
- Motivation of all participants: Payments for storage are distributed between hosters, app developers.
- Proof of Authority mining: We use mining technology that does not require pricey equipment.
- API for applications development: Third-party developers can create applications for data storage on Memority platform.
The project offers an exclusive opportunity for becoming a miner. Any owner of 10,000 MMR can apply for mining participation and receive token rewards for supporting the functionality of Memority’s blockchain system.
The project uses proof-of-authority mining, which means there is no need for expensive and powerful computing equipment. Moreover, 5% of all payments for storage of the data contained in a block are distributed among the miners participating in the block creation.
Furthermore, Memority invites all third-party developers to come forward with fresh ideas and create their own desktop and online applications for decentralized, encrypted data storage.
The company hopes that a variety of new applications for businesses, government organizations, and individuals will help attract more users to the community. Such apps developers will also be rewarded with 5% of the payments for all files uploaded with their apps.
Notably, the company already has a working MVP. The Memority open Alpha version was successfully released in April 2018. However, the team behind the project aims to enter a new stage of development and is launching a token sale to achieve this.
Token Sale Information & Roadmap
During Pre-ICO and ICO, you will only be able to buy the utility Ethereum-based Tokens EMT (Ethereum Memority Token). They do not assume any profits and exist only for the convenience of investors at the ICO. At any time, its can be exchanged to MMR tokens at rate 1:1 without any comissions.
For more info:
- website link: https://memority.io/
- Telegram chat link: https://t.me/memority
- White Paper: https://memority.io/docs/whitepaper_memority.pdf
- ANN TOPIC: https://bitcointalk.org/index.php?topic=3952669
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1803026