Memority - Encryted combination of all data storage in now on the blockchain

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.

Existing projects for blockchain-based data storage are, in fact, not self-sufficient systems. This is due to the fact that some projects do not implement self-cleaning mechanisms from unnecessary data, and they do not guarantee storing the required number of copies of this data, that would be independent from the centralized system or the data owner.Often, these products are highly specialized applications with partial centralization created for certain types of data (user files, user identification data, legal information, etc.).

In addition, the mechanics of these applications is not always focused on the additional motivation of hosters, users, miners, third-party developers and investors. As a result, such products do not get wide popularity, despite the availability of many potential features of blockchain technology for safe data storage.

In order to end most of the problems at once, Memority is here as a blockchain-based platform for encrypted decentralized cloud storage of valuable data which ensures the continued availability of several encrypted copies of data on unrelated storage locations around the world. Files are encrypted with a private key that only their owner has. Memority uses the same data protection technology as crypto wallets.

Wait, so basically it's just another sibling of Icloud, Google Drive,... and as same as Storj, Filecoin,.....?

Well, for most users, Memority will resemble a familiar cloud storage service, but the platform offers unique differences: Its use of a blockchain guarantees that all data is permanently stored, since it could not be lost with the failure of any central server, and its use of strong encryption ensures that even the platform's developers can never access what users save .Memority is basically a way better version as it has all the good features of all other storage and somewhat bring to the table new features. The table below is a comparison between Memority and its rivals

The Technical Aspect of Memority

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 Advantages of Memority

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.
• Memority's users will need to pay for the service with the platform's internal cryptocurrency, the MMR token. However, users who host an entire copy of the blockchain on their computer (a “full node”) will be able to use the service for free. Furthermore, 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.
• Data is protected against accidental deletion (there are always several copies of data on the system (by default, 10), the monitoring system periodically checks their availability and creates new copies in other stores in case of a lack of duplicates).
• Data is protected against forgery (unique data identifiers are stored in the database, the system regularly searches for fakes and restores the correct number of copies of original data if the files have been tampered with).
• The Memority system is completely self-contained and independent (data storage, the process of monitoring and recovering copies of files, encryption and validation of data for authenticity are completely decentralized, there is no dependence on any centralized systems)

Memority ICO

The MMR token is being offered for sale between May 16th and October 1st, 2018. The official ICO begins on May 31st, with a pre-sale running through May, though it appears that the pre-sale is entirely open to the public. A total of 1,500,000,000 MMR tokens have been created prior to the ICO, though only 57% of these are available to the public.

During the ICO, the base cost of tokens is $0.10 USD each, though it appears that a discount is available throughout the entire public sale; during the pre-ICO, buyers receive a 20% discount, and then the ICO is divided into three phases with 15%, 10%, and 5% reductions which last until its final day. Tokens can be bought using Ethereum, Bitcoin, Litecoin, and several fiat currencies.

The team

Memority's development team is based in Estonia. The team behind the platform seems to be experienced, which of course is always one of the most important things when looking at a new ICO to invest in.Also the team is relatively large for such a young company, with 19 employees working in software development, marketing, and accounting. However, everyone's details are available about the team's background though linkedin profile so check them out

Roadmap

Public opinion

The project has already gained over 45,400 followers on Facebook, 12,000 on Telegram and 2270 followers on Twitter and the number is constantly growing.. They've also so far received good reviews from most of the popular ICO rating websites.

ICObench

ICOMARKs

ICOHOLDER

Overall Conclusion

This isn't the first project to aim to bring cloud storage to the blockchain as there are well established competitors, however the market is certainly big enough to facilitate more than one so that shouldn't be a problem.

Memority seem to have a solid plan which if they can implement should see the token price rise accordingly

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.

Thank you for reading this review, i hope it is informative and useful for your investments and be sure to try this project out via their MVP. The link is down below with other sites

MVP: https://memority.io/alpha
Website: https://memority.io/
Whitepaper: https://memority.io/docs/whitepaper_memority.pdf
Twitter: https://twitter.com/frvrty
Facebook: https://www.facebook.com/mmority/
Telegram: https://t.me/joinchat/CSoHpA-mgTHkEDDZ92Lk-g

Author: Khuongcute2503

Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2080664