MEMORITY: Data Storage Revolution On Blockchain

Project Overview

What does the project do

Memority is blockchain based platform for decentralized cloud storage of valuable encrypted data. The project combine the security and transparency of blockchain protocol with the full ability of cloud storage.

Memority’s mission 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.

Memority is fully decentralized with many functionalities over similar blockchain projects which include data self-cleaning mechanism, guarantee of decentralized independence storage platform, complete anonymity even from developers and API that can be used to create custom extensions .

With Memority API, third-party developer can create online and deskstop applications of various types of data without having much knowledge about blockchain technology.

Miners are also put into consideration by getting reward for ensuring the system is operational. 5% of the payment for all files, entries of which are contained in the block will be distributed among all miners who participated in the creation of the block.

The platform uses Proof of Authority, so the computing power is irrelevant to the process of blocks creation and will not increase with time. This is substituted with miner’s authority that they prove by having a large stake in the system. Therefore, a limited number of tokens is issued, and mining commissions will be charged when paying for file storage.

The alpha version is fully operational even before the start of ICO and this is one of the strong points of the project, It has the main part of the functionality (you can store your files, become a hoster, and the data is encrypted and automatically restored), but does not support the development of external applications, and many additional functions have not yet been tested or developed.

What are the token used for and how will they appreciate

During the ICO which has already started, investors will only be able to buy Ethereum based token (EMT) which can later be changed internal MMR tokens at a rate of 1:1 without any commissions. MMR tokens are used inside the platform for all operations and are necessary for the functioning of the ecosystem. It will be used to pay for data storage fees by data owners, payment for data hosters, miners and developers. It is needed for the full functioning of the ecosystem.

It will appreciate in value if people, institutions, and companies are using the service of Memority to store their valuable, the more users of the platform, the more the demand for the token.

<h5Team
Memority team is made of 20 members from Estonia working in software development, marketing, and accounting. The details of all team members can be found here

Conclusion

At the moment, the problem of reliable and convenient way of data storage is very relevant in the world. Besides application in the financial field, blockchain-based encrypted decentralized information storage technology can be used for long-term storage of secure data, with protection from modification, deletion or unpermitted viewing, Memority willl play a leading role in data storage market.

Useful Links

Project Website
Whitepaper
ANN Thread
Telegram Open Chat
Blog

Writer's Details
Bitcointalk Username: Adebits
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1249179