MEMORITY - A RELIABLE AND CONVINIENT WAY OF DATA STORAGE

vocalwalls (29)in #blockchain • 6 years ago

Image result for memority ico Data can be described as information pertaining to business records, awards, certificates, military information exclusive to the owner of such data.

Data storage simply means the safe keeping and securing to prevent against loss, theft or manipulation by a third party.

OVERVIEW

Data storage has become an important issue of concern for individuals, businesses and even the government.

Records pertaining to business transactions, capital projects, certificates, classified information needs to be stored in a reliable and convenient manner thereby ensuring its safety as this data in the wrong hands could spell doom for the individual, business or government that owns such data.

The data storage market has experienced an exponential growth in the last years and it is predicted to even grow more in coming years.

Owing to this fact data storage platforms examples Dropbox, Amazon S3, Google drive among many others have been created with the purpose of rendering data storage services to users.

One problem that stands out among these platforms, is that they operate a centralized server for storing data which means that data are stored in one particular place.

This danger of this is that once there is a bridge into the system data can be lost forever because it is stored in just one place without a duplicate which makes these platforms unreliable and inconvenient for data storage.

Therefore, this leads us to what the Memority platform stands to achieve.

What is Memority?

Memority is a platform for decentralized encrypted cloud storage of individual, business or government owned data based on blockchain technology.

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PROBLEMS ASSOCIATED WITH EXISTING STORAGE PLATFORMS

The existing storage platforms like Dropbox, Amazon S3 and Google drive have been associated with the following problem, which include:

Existing storage platforms used a centralized server for storing data, the implication of this traditional cloud storages is that files are stored in only one particular place which increases the chance of their loss, modification or deletion.
Data are stored on these platforms for free, platforms like Amazon S3, Google drive and so on allowed users to store data on their servers for free which resulted in the cluttering of data storage with large amount of unnecessary data.
These platforms made use of the traditional electronic medium for payment, Fiat which is based on a centralized financial system that did not allow for innovation. This created more risks for data storage.
Storing data on these platforms is not reliable and secure as there was no medium where data could be encrypted using a private key that is only known by the owner of the data, thus there was a chance for third party manipulation of data.

SOLUTION

The Memority platform is aware of the problems associated with these platforms and that is why it has come with strategies to tackle them. Some of which include:

The Memority platforms provides an encrypted decentralized cloud storage medium for storing data, this platform keeps 10 copies of the data stored on independent storages across the world at all times so as to ensure recovery of data in the case of loss.
Data are stored by paying with MMR tokens which is a crypto currency based on a decentralized blockchain technology as opposed to the centralized financial system thereby preventing against risks of data loss.
The Memority platform protects its data storages from cluttering with large amount of unnecessary data it continuously checks in some cases restores duplicate copies of files with a decentralized monitoring system.
Storage of data on the Memority platform is done using an encrypted private key that gives access to only the owner of such data thereby preventing against third party manipulations.

What I think

The Memority platform provides a decentralized and secured medium for storing data, allowing for flexibility in data storage based on blockchain technology.

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