Memority Provides Reliable and Secure Storage Space
The digital world, powered by the internet, has opened a surge of opportunities for the entire global population. With every passing day, we get to witness the development of innovations that display a mix of ingenuity and intelligence. This has changed the way the world operates, not to mention how businesses and corporations are governed.
However, with each technological innovation, comes a new set of problems. The surge of the data-driven digital world is no different and presents its own unique set of challenges; hence, the inception of Memority. That said, what exactly is Memority? What role does it play in our content- saturated world? Well, let us take a look.
About Memority
So, what is Memority? Memority has a big vision: to revolutionize the data storage space, and is essentially a platform designed to do just that via the decentralized storage of data. The system is based on the blockchain algorithm in a bid to create unlimited yet ultimately secure storage space for a potentially huge base of businesses, authority institutions, corporate entities and individuals as well.
This platform has an extensive capability that allows an immeasurable number of people to store their data worldwide. By implementing an incentivized model for hosts (hosts are paid in tokens to allow the use of some of their local storage for encrypted data), the maximum number of independent repositories will be utilized and the Memority system will be truly decentralized. A users data will be duplicated to create a number of copies, stored across this worldwide network of computers. This, coupled with the use of security-heavy blockchain technology mitigates the chances of forgery, file loss or deletion.
Therefore, parties with different interests benefit from being part of the Memority ecosystem; if you have a computer and would like to monetize your free local storage space; or if you have data that needs storing in a truly secure way, the Memority platform is designed for you.
To ensure that files are completely secure and safe, user data will be encrypted accordingly. The encryption process includes the use of a private key, assigned to the user specifically. Only the data owner will have access to this key.
MMR tokens will be the utility tokens on the Memority platform (which you can attain by swapping your EMT tokens on a 1:1 basis through the application or site), which will be used to purchase storage space on the network. Additionally, tokens are used to reward developers that create their own applications using the Memority API.
Below, is a summary of the different ways a user can participate in the system:
- Data owner: a person can become a data owner by using MRR tokens to purchase storage. By doing this, a user can store their own data using memority’s solution.
- Hoster: Whether a data owner or not, you can also provide data storage space to other users of the system. By doing this, you can receive MMR tokens.
- Third-party developers: Using the Memority platform, you can develop your own applications. For this, you'll also receive MMR tokens as a way of incentive.
- Miner: Miners support the functioning of the blockchain-based platform. In return, miners will also receive MMR tokens as a reward.
Accelerating Problems in the Data Storage Space
Memority was founded to fill a growing gap in the digital world. The more the world becomes digitally inclined, the easier it is to create and publish content. Moreover, the easier it is to distribute it. This has led to content and data saturation that has given birth to what is often referred to as big data.
Big data is a large set of data that is complex in nature. Business corporations and various organizations rely on the use of reliable and structured data to make informed decisions.
The amount of data that is continually created and stored is ever increasing, More specifically, at least 2 million gigabytes of Internet data is created on a daily basis in the US alone. Essentially, the data storage market is growing and increasing in its rate also.This has created a problem, especially amongst corporate organizations. Business organizations and institutions are in desperate need of an innovative solution to hack-prone, insecure traditional data storage options. They are in need of data storage solutions that are secure and reliable in the long- term as data continues to become more important and prolific in our daily lives.
Memority’s Blockchian-Based Solution
As previously mentioned, the data storage market is growing on a daily basis. Organizations, as well as individuals, are in desperate need of reliable data storage solutions which are genuinely secure and attack resistant. Enter Memority.
Memority offers vast, decentralised secure storage space for your valued data as the solution to the problem. That said, just how do the team plan on doing this? Below is a detailed look at how Memority plan on achieving this through their blockchain- based platform:
Decentralized system:
Memority implements the use of a decentralized system to increase security for the files stored on our platform. By creating multiple copies of your users’ data files, the platform is able to limit forgery and data loss.
Use of cryptocurrency: The memority system is based on the use of MMR tokens. By using their specific utility token, users can easily and efficiently purchase storage for their data on the platform. Tokens are also used as a means of financial incentive for application developers, creators and miners.
Memority API interface:
the platform allows developers to create their own applications on the platform itself. Each application should be aimed to help in the creation and provision of a safe and secure storage space.
Encryption:
As soon as data is stored within the system, it is encrypted. By encrypting data, you are able to secure data. A user will be supplied with their own private key, specifically for accessing their own data on the platform.
All of these elements and more merge together in the creation of the blockchain-based Memority platform, and appears a promising solution to a growing problem in our increasingly digital world. So who are the team behind Memority?
Team
The Memority team, as displayed on their site, consists of a total of eighteen individuals. Each individual, owing to their extensive knowledge and experience, is hoping to act as a catalyst to the growth of Memority. Individual details can be found on their professional Linkedin profiles, linked to on the Memority site, but briefly the team members include:
Ilya Ratovskt CEO
Stanislav Rubtsov: CTO
Alexander Pivtorak: PR Manager
Vladimir Marchinskiy: Head of Legal Department
Vitaliy Minyaylo: Marketing Specialist
Andrew Vityk: Blockchain Developer
Alexander Petrenko: Blockchain Developer
Oleh Reshtak: UX/UI Designer
Alexandra Andriyishyna: Java Developer
Eugene Harkavenko: Swift Developer
Alexey Kostenko: Backend Developer
Micheal Dvronichenko: Business Advisor
Denys Saprykin: Financial Advisor
Dmitry Semiryazhko: Advisor
Alexander Shugla: Business Development Advisor
Mikael Dumikian: Decentralized Economy Advisor
Eugene Kuznetsov: Blockchain Advisor
Yuriy Ostrovsky: Product Marketing Advisor
Conclusion- Blockchain Innovation for a Growing Problem
In conclusion, this project is hoping to effectively meet an increasingly growing need in the data storage market by providing a secure and reliable storage space leveraging cutting-edge blockchain technology. Allowing third-party developers to create applications using the Memority API will encourage an active and colourful user ecosystem. The platform is designed for the much needed use of individuals and various organizations that require a place to store their valuable data in an ultimately secure manner; the different applications and use cases of Memority are potentially vast. Ultimately secure data is a win for everyone!
Website: https://memority.io/
Whitepaper: https://memority.io/docs/whitepaper_memority.pdf
Telegram: https://t.me/joinchat/CSoHpA-mgTHkEDDZ92Lk-g
Disclaimer: this is not financial advise, merely my own opinion and findings based on my own research.