Memority - Data Storage On Blockchain!
Memority is a data storage solution that uses blockchain to store encrypted data in a decentralized manner. Users from around the world can contribute computer space for file storage. For better security of file storage, at least ten copies of each file are created. If for some reason the number drops below ten, then extra copies are automatically generated.
All data is encrypted with a private key when it enters into the system. The only way to then access the stored data is with the use of the private key. Files in the system are also protected from forgery and deletion. Memority wants to connect as many home computers as possible for use with their system. More users will help to benefit the whole network.
The Memority platform will have its own MMR token. This is used for payments, and transactions are then recorded on the blockchain. One option available is for data owners to exchange space on their devices for free storage of their own data in the system.
Another important feature of Memority is that it will offer an API for third party developers. If they create applications that use the encrypted storage, the developer can receive five percent of storage fee payments. Memority will also have a mining program where MMR tokens are rewarded to users who participate. With this, five percent of the payments for that block are distributed to the miners. Proof of Authority is used by the platform. This means that computing power is not relevant to the block creation process.
Cloud storage is a huge market that has a strong demand. The need for this kind of storage is not going away. Platforms like Memority help provide a great solution to data storage. If you want to learn more, make sure to view the links at the bottom of this article.
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