Memority Review: A Truly Secure, Modernised Data Storage Solution

Memority is an example of an innovative application of blockchain technology to an existing space which is crying out for modernisation; in the case of Memority the problem-plagued data storage industry is the target of improvement.

In a nutshell, Memority is a next-gen data storage solution which utilises the inherent security and utility features of blockchain technology to offer a solution far superior to traditional options. Memority will be able to deliver ultra-secure encrypted data storage on the blockchain, inherently encrypted and stored as multiple copies in various worldwide locations, data is securely protected from hacks, accidental deletion or forgery.

This is a solution which has business, governmental and individual use cases and applications; there isn’t an individual or organisation in the world that wouldn’t benefit from superior security for their data. But what is the current state of the industry which Memority is attempting to revolutionise?

Current Problems

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 Solution

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.

Taken from the Memority whitepaper (p.13): https://memority.io/docs/whitepaper_memority.pdf

Memority, then, operate with complete independence form centralised systems to provide a truly decentralised and secure blockchain-based platform for encrypted cloud storage. Files encrypted through the platform can solely be accessed using the one and only private key obtained while the account was being created. Blockchain utilised in this way can provide true security, and true user control over one’s own data.

The Memority ecosystem will comprise of four different types of actors, each of which play an important role in the functioning and maintaining of the platform:

1. Data Owners
   Data owners will be the core users of the platform, who wish to store data in a completely secure and decentralised manner. They will pay to do so using MMR tokens, the utility token of the Memority ecosystem.
2. Hosters
   Hosters earn MMR tokens through providing their disk space for data of users of the Memority platform. Anybody who has enough free disk space can opt for this role, so there will be many users on the platform who are both data owners and hosters.
3. Third-Party Developers
   The infrastructure of Memority will allow for third party developers to implement their ideas through applications which they can create. Developers will be incentivised with receiving MMR tokens for doing so, promoting an active and healthy ecosystem.
4. Miners
   Owners of 10,000 tokens or more will have the opportunity to receive rewards in the form of MMR tokens for acting as miners within the ecosystem; for supporting the working capacity of the blockchain by executing their authority.

Memority have also decided to employ a payment mechanism which particularly caught my eye, as it is maximally beneficial to the overall ecosystem; when a user decides to purchase data storage, their payment goes directly to hosters, and 5% of this payment will be distributed between all holders of 1000 tokens or more, based on the number of tokens they own. This will support a healthy, active and solid token ecosystem, incentivising long-term holding and accumulation, and more importantly benefiting supporters and users of the Memority ecosystem.

Token Sale Details

Status: ACTIVE currently
• Total Tokens: 1,500,000,000 EMT Tokens,
• Presale & Token Sale: 855,000,000 (57%)
• Token Price: 1 EMT = 0.1 USD

Taken directly from the Memority website: https://memority.io/

Verdict & Summary

As we progress deeper into the information age, the accumulation, usage and storage of data will continue to increase exponentially. Traditional data storage options are fundamentally flawed in their ability to provide a genuinely and reliably secure solution for storing valuable or sensitive data, and are therefore not viable long-term for a large proportion of storage needs.

Blockchain-based solutions such as Memority are poised to disrupt the increasingly outdated centralised model of data storage by utilising tech which is inherently and fundamentally superior in terms of security and user control.
This is a solution which has business, governmental and individual use cases and applications; as stated earlier there isn’t an individual or organisation in the world that wouldn’t benefit from superior security for their data.

If Memority can execute their vision as planned, then their solution will be an exceptional alternative to traditional methods in terms of security and user control. Such projects, if the teams can deliver, will surely signal the beginnings of a new age of decentralised data storage for the next phase of our digital age. It truly is an exciting time to be alive!

Have any questions regarding Memority? Join their active community on Telegram where you can discuss anything Memority-related: https://t.me/joinchat/CSoHpA-mgTHkEDDZ92Lk-g

Learn more at their website, where you can also find their whitepaper available in PDF form if you want to dig in deeper: https://memority.io/