The system would be entirely decentralised, self-sufficient, and protected against forgery and data deletion. Memority has also stated that “since we use Proof of Authority mining, there is no need for high computation resources.”
No reliance on a centralised system
The modern world continues to shift more and more information from physical to online storage. By 2020, it is estimated that over $100 bln will be spent annually by businesses on cybersecurity.
Memority acknowledges that there are several other ‘safe’ storage platforms available, however, the team claims that there are many factors which differentiate their product from their competitors. For example, it is entirely decentralised, and access to the datasets is restricted only to the owners who hold the private key. By default, 10 copies of the data will be stored in order to prevent accidental or malicious deletion, with a monitoring system in place to detect and replace missing files.
The files are also protected from forgery as a result of data identifiers, with the monitoring system able to scan for fake datasets and restore the correct copies. All of these features take place in a ‘completely self-sufficient and independent’ manner, due to the lack of reliance on a centralised system. A detailed breakdown of all of the differentiating factors of Memority is available 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 organisations and individuals in the ultra-secure storage of all kinds of valuable data.” In order for the platform to work, users around the world will provide memory from their computer hard drives to act as independent repositories. Their incentive for doing so is the aim to connect the maximum number of “ordinary computer users” as possible with the Memority system, thus maximising the number of independent repositories available. The platform will be powered by the Memority specific crypto token, MMR, using the smart contacts system. The team has highlighted that “5 percent of all payments for data storage will be distributed between miners who take part in block creation”, further incentivising users. Hosts will receive 90 percent of the payment from data owners for their file hosting services.
Roadmap and ICO
The Memortiy team holds a vast range of experience in blockchain, web production, financial systems and cybersecurity between them. The idea for Memority came to the team in 2016, platform development began in 2017, and progress has been steady up until the recent release of the working alpha version, which is available now for users to test from the Memority website. The Beta release is planned for July 2018, and the fully finalised Memority 1.0 platform is scheduled to be live by March 2019.
The ICO begins on May 16 and will conclude on October 1 (1 MMR = 0.1 USD). It will be soft capped at $5 mln and hard capped at $85.5 mln. A detailed breakdown of token distribution and money distribution following the token sale is available on the Memority website.