Jalan Sukses: Memority: Secure Decentralized Data Storage on Blockchain

What Is Memority?

Memority is the platform for a decentralized storage of valuable data on the blockchain, which ensures the continued availability of several encrypted copies of data on storage locations around the world. Memority's mission is to create a self-sufficient ecosystem that includes many applications to meet the needs of business, government organizations and individuals in the super-secure storage of all kinds of valuable data.

Using Memority, the files are encrypted with a private key that only their owner has. Memority use the same data protection technology used in blockchain's wallets.

The project offers several unique advantages over similar platforms, including complete anonymity even from its developers and an API that can be used to program custom extensions. Memority is releasing its own cryptocurrency, the MMR token, which will be required to pay for access to the service.

How Memority Works?

Memority is developing a decentralized platform that will allow users to store their data on a blockchain. For users, Memority will resemble a familiar cloud storage service, but the platform offers unique differences: its use of a blockchain guarantees that all data is permanently stored, since it could not be lost with the failure of any central server, and its use of strong encryption ensures that even the platform's developers can never access what users save.

Memority's users will need to pay for the service with the platform's internal cryptocurrency, the MMR token. However, users who host an entire copy of the blockchain on their computer (a “full node”) will be able to use the service for free.

Memority is also releasing an API allows third-party developers to create desktop and online applications for decentralized encrypted storage of various types of data without a lengthy investigation into the technical details of the blocking technology. Developers of such applications are charged for storing each byte of data downloaded through their application.

The platform is still in its progress: the full version won't be released until early 2019.

Memority Platform Advantages

The data is encrypted with private key. No one except the owner can physically view the contents of the files, because they are encrypted with a private key, which is stored only by the data owner

Data is protected against accidental deletion (there are always several copies of data on the system (by default, 10), the monitoring system periodically checks their availability and creates new copies in other stores in case of a lack of duplicates).

Data is protected against forgery (unique data identifiers are stored in the database, the system regularly searches for fakes and restores the correct number of copies of original data if the files have been tampered with).

The Memority system is completely self-contained and independent (data storage, the process of monitoring and recovering copies of files, encryption and validation of data for authenticity are completely decentralized, there is no dependence on any centralized systems)

Who Is Behind Memority?

Memority's development team is based in Estonia. The team is relatively large for such a young company, with 17 employees working in software development, marketing, and accounting. However, virtually no details are available about any of the team's background.

The project has already gained over 40,000 followers on Facebook, and 10,000 on Telegram. It has also been covered by several publications.

Memority Token and ICO Details

The MMR token is an ERC20 token on Ethereum Blockchain. A total of 1,500,000,000 MMR tokens have been created prior to the ICO, though only 57% of these are available to the public.

During the ICO, the base cost of tokens is $0.10 USD each, though it appears that a 20% discount is available throughout the entire public sale. Tokens can be bought using Bitcoin, Bitcoin Cash, Litecoin, and several fiat currencies.

Conclusion

Memority presents an interesting idea, and its robust presence on social media suggests that the project has attracted widespread interest. Several other blockchain-based storage platforms exist that the company will need to compete with, but as its website points out, Memority's major advantage is its release of an API that will find the service used in disparate applications.