ICO Review: Memority - The Safest Way of Storing Information Online

  04/06/2018

ICO Detail:

Crowdsale terms

20% bonus Pre-ICO: May 16th - May 30th

15% bonus ICO: May 31th - June 30th

10% bonus ICO: July 1th - July 31th

5% bonus ICO: August 1th - August 31th

Token price: 0.1 USD

Soft cap: 5,000,000 USD

Hard cap: 85,500,000 USD

About:

Blockchain-based data storage platform,Memority, is going to become “the most secure ever developed” solution to satisfy the most demanding requirements for super-sensitive information storage. The technology will be completely decentralized, self-sufficient, and protected against forgery and data deletion.  Memority has likewise expressed that “since we utilize Proof of Authority mining, there is no requirement for high calculation assets.”

Centralized framework is out of competition

The cutting edge technology increases the use of cloud storage and era of physical storage  fades away. By 2020, it is evaluated that over $100 bln will be spent yearly by organizations on cybersecurity.

A few other ‘safe’ data repositories are available nowadays, nevertheless, the Memority team recognizes numerous features, differentiating their product from their competitors. Firstly, complete decentralization and access to the datasets only with a private key, obtained by a data owner, are unique features and are not provided by any existing storage platforms. Secondly, 10 data copies created by default with monitoring systems will guarantee the safety of the information preventing accidental or malicious deletion.

memority_table

Uploaded files are also protected from forgery due to permanent monitoring system, which reviews data identifiers and authentication of uploaded content, restoring the correct copies. ‘Completely self-sufficient and independent’ functioning of Memority framework throws other centralized systems on the side of the road. All differentiating factors of Memority are described in colors on their website.

Their white paper states that the mission of Memority is to “create a self-sufficient ecosystem that includes many applications to meet the needs of businesses, government organizations and individuals in the ultra-secure storage of all kinds of valuable data.” The key point of platform functionality is memory of computer hard drives that users provide as independent repositories. The more “ordinary computer users” connected, the higher the users’ engagement to maximize the number of storage units. The particular crypto token, MMR, based on the smart contract system, will circulate within Memority platform. 5 percent of all payments for data storage will be distributed between miners who take part in block creation”, further incentivizing users. Hosts will receive 90 percent of the payment from data owners for their file hosting services.

Secure from all angles

Memority is aiming to create a new standard for decentralized data storage, with three main industry advantages working in their favor. First, they have developed and released a working MVP version of their platform, which is a lot more than other competitors have achieved so far. Second, they have an interesting solution to achieve truly decentralized but secure data storage. Previously in p2p storage, the node hosting your data could fail, leaving you without a backup copy. However:

“Memority.io resolves these issues in one elegant solution. First of all, data security is ensured by encrypting the file when it is uploaded into the system with a private key, which is stored only by the data owner. Literally nobody but you can decrypt it. Then the data is uploaded to random hosters and duplicated at least ten times with file hashes being written in blockchain. The hosters constantly check each other to see if everyone is online and if the stored data is intact. If something’s wrong, the guilty hoster gets kicked out and another file copy is uploaded to a new random hoster. A rating system assures your data will be assigned only to the most reliable hosters.”

Between cautious data management and complete encryption, Memority is adding a new dimension of data security.

Finally, Memority has designed an ecosystem to reward all users in an efficient and valuable way, using Proof of Authority to drastically reduce the computational overhead of the platform. For every app that runs on the platform the payments are divided as follows: 5 percent of all payments go directly back to the miners who make the platform tick - so 90 percent of the payment goes to hosters, 5 percent to the miners, and 5 percent to the developers of the specific app (be it a Memority app or any third-party app built on the platform). The company is obviously most interested in creating a sustainable solution beneficial to all.

Roadmap:

 

More information:

Website: https://memority.io/
Whitepaper: https://memority.io/docs/whitepaper_memority.pdf
Telegram: https://t.me/memority
ANN Thread: https://bitcointalk.org/index.php?topic=3952669
Bounty Thread: https://bitcointalk.org/index.php?topic=3915297.0

Author:
Bicointalk Username: vancuongdbj
Bitcointalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=1667647
Telegram: https://t.me/vancuongdbj

Bình luận

Tin tức mới

Bán chạy

Đánh giá xem nhiều