Memority is a blockchain based platform for a completely decentralized, ultra-secure storage of valuable data on the blockchain. The platform is founded by Memority comprises of various places in the world, which is the basis of the computers of their own who have provided part of their memory for data storage.
In order to achieve high quality data protection, 10 duplicated files are made for every one of the stored files. Just in case these duplicates are compromised, new duplicates of the original files are automatically generated for the new hosts.
Memority's platform is designed with unique hash identifiers of the data which is stored in a blockchain database which makes it unmanageable to delete the files or to forge them. Memority also offers an independent number of independent repositories.
By the aid of its API, Memority permits third-party inventors to come up with desktop and online applications for decentralized encrypted data storage of different types of data. Developers are motivated by being prized with 5% of payments for every stored file that was uploaded using their application.
According to the whitepaper Memorityis a decentralized cloud storage system for which data is valuable with efficient security.
The blockchain technology is known for its high security level, it is to the utmost security to it users. Uploaded files in their storage pool will be protected by a private key only known to the data owner.
The platform will provide unprecedented files protection from deletion and forgery.
As told from the whitepaper the platform operates with the involution of 4 entities
Data Owner: is considered to be an individual who can store his data on the memory system (MMR tokens).
Hosters: these are individuals who willingly provide a portion of their disk space to serve as storage for data owners and later rewarded for their service with MMR tokens.
Third-party developers: developers are given the chance to earn some money by making use of the infrastructure of Memority.
Miners: these are individuals who support the working capacity of their blockchain.users with 10,000 or more tokens are eligible to be miners.
Decentralized storage systems have gained attention since the advent of blockchain technology. However, there has really not been a platform that meets all the aspirations of users in terms being able to create a decentralized system of data checks and files restoration.
Existing platforms use few active hosts in their cloud storage systems increasing the risk of losses due to security breaches. There are no indications that their updates ensure file duplicates are kept in case of losses.
Most of these file storage platforms are known to have centralized monitoring and checking system while trying to maintain the integrity of data stored in them.
This is contrary to the concept of decentralization and could be inimical to the objective for which data is stored on distributed ledger should the centralized monitoring system fall into wrong hands.
The power of decentralization is in the security provided by nodes located in different parts of the world which cannot possibly come under the control of an entity. Memority understood that monitoring of such system should also be decentralized.
This is what the platform has done. Creating a system in which data is stored in decentralized repositories without centralizing its monitoring to ensure compliance with set standards.
The Memority cloud storage system encrypts data before storage thereby ensuring that only authorized persons can have access to them.
Unlike other data storage platforms, Memority uses hash identifiers for the protection of stored data, making certain that they cannot be altered, deleted or cloned. This same technique is applied to protect the mechanism the platform uses in storing files.
Memority has a hoster incentive program that is highly rewarding to nodes that contribute their storage space to the cloud and also contribute to the security of the network.
The benefit to hosters ensures that there will be more people willing to add their disc space for data storage, increasing the number of independent repositories.
The platform uses proof of Authority in which miners can benefit from by having a stake in the system. The Memority platform enables third party developer dapps on its easy-to-use interface.
The token price is 0.1 USD.
Soft cap: 5,000,000 USD
Hard cap: 85,500,000 USD
There will also be an extraordinary bonus system when purchasing.
20% Pre-ICO bonus: May 16 - May 30th
15% ICO bonus: May 31st - June 30th
10% ICO bonus: 1 July - 30 July
5% bonus ICO: August 1 - August 31st.
MMR tokens
Memority will launch its own tokens system known as MMR tokens, the transactions will be stored in blockchain database. A token wallet will also be used for transactions within Memority platform which will automatically be generated when encrypted data will be uploaded
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