The Memority ICO recently started, their website is showing that they've already managed to raise over $4.6 million.
When a user uploads a file for storage the system will allocate a 'hoster' to store the file for them, this selection process chooses a suitable candidate that has a fast connection, aswell as giving preference to those who host their own files on the network.
The file is then encrypted and sent to the host for storage, the hoster is then compencated with MMR tokens.
The new platform offers many advantages to those wishing to store data, a full list can be found in the Memority whitepaper, with just a few of the main ones being:
Decentralization of storage: One of the main problems with the current cloud storage market is that the storage is completely centralized, this obviously creates potential security issues, the Memority platform will help to decentralized this process and store files all across the globe.
Multiple copies: The new platform will store multiple copies of files to further increase security, they aim to store 10 copies of all files that are uploaded to the network.
The new platform will also users to store data for free, they'll receive credits if they're helping to store others files.
Hosters on the network will receive 90% of the payment for helping to store data, this should obviously attract a lot of people to the network.
Buying into the ICO is simple as the platform is accepting most of the popular cryptocurrencies aswell as accepting fiat with either visa or mastercard to purchase tokens.
The ICO is scheduled to run until the first of October unless the hardcap is reached sooner.
The hardcap is rather high with this token sale (around $85 million) but they state in their whitepaper that if that is reached then the majority of the funds will be used for a large scale marketing campaign which makes sense.
This isn't the first project to aim to bring cloud storage to the blockchain, however the market is certainly big enough to facilitate more than one so that shouldn't be a problem.
The team behind the platform seems to be experienced, which ofcourse is always one of the most important things when looking at a new ICO to invest in.
They seem to have a solid plan which if they can implement should see the token price rise accordingly. They've also so far received good reviews from most of the popular ICO rating websites.
So far the token sale has already raised nearly $5 million with months of the token sale still remaining so they should have a large marketing budget to advertise the new platform.
Website: https://memority.io
Whitepaper: https://memority.io/docs/whitepaper_memority.pdf
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