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A New Frontier For Decentralization: Full Peer-To-Peer And Encrypted Data Storage

Like turkeys before Thanksgiving, humans are usually unaware of the possibility for big impact events right up until they happen. Finance researcher Nassim Taleb spoke about the psychological phenomenon where we continually discount the odds of something earth-shattering coming around the corner, and use hindsight bias to rationalize our failed predictions. The same is true for technology, and despite the fact that we constantly see mini tech revolutions, people are always surprised when paradigms change overnight.

 

“Information is the oil of the 21st century, and analytics is the combustion engine”. Peter Sondergaard, Senior Vice President, Gartner Research

This is happening in many domains affected by crypto technology. A few years ago, it was generally accepted that banks could control your money and that this was unavoidable. Now, millions of people want to store some of their wealth on hardware wallets away from the influence of the establishment. Another example is ICOs: a few years ago it was an accepted “fact” that you needed private investment to start a business, but now, companies hold token sales and skip the VC influence.

The same thing is happening to data management. Consider that when Facebook launched, everyone was asking, “What’s the catch? How can these services be free?” In the early days of social media, people didn’t mind Facebook using their data for profit because they didn’t realize their individual privacy was being infringed upon; they were grateful for the free service. Not anymore. Users now know how valuable and private their information is and how deeply tech companies infringe on privacy, and aren’t willing to have it stolen from them.

“Every ISP is being attacked, maliciously both from inside the United States and outside the United States, by those who want to invade people’s privacy. But more importantly they want to take control of computers, they want to hack them, they want to steal information”. Darrell Issa, Congressman for California

But if you don’t trust Facebook with your holiday pictures, how come so many business owners trust hosting companies with their livelihoods? Amazon and Google might have decent reputations, but at the end of the day you are trusting them not to read through or simply delete the most crucial data for your business stored on their clouds, with no guarantee that they won’t do exactly that.

This concern is what motivated a new blockchain project called Memority to create a truly private, peer-to-peer data storage platform. Ledger technology was developed to manage the issues of data access and decentralization in a trustless world as Memority founders quickly realized the value of blockchains for data storage.

Secure from all angles

Memority is aiming to create a new standard for decentralized data storage, with three main industry advantages working in their favor. First, they have developed and released a working MVP version of their platform, which is a lot more than other competitors have achieved so far. Second, they have an interesting solution to achieve truly decentralized but secure data storage. Previously in p2p storage, the node hosting your data could fail, leaving you without a backup copy. However:

“Memority.io resolves these issues in one elegant solution. First of all, data security is ensured by encrypting the file when it is uploaded into the system with a private key, which is stored only by the data owner. Literally nobody but you can decrypt it. Then the data is uploaded to random hosters and duplicated at least ten times with file hashes being written in blockchain. The hosters constantly check each other to see if everyone is online and if the stored data is intact. If something’s wrong, the guilty hoster gets kicked out and another file copy is uploaded to a new random hoster. A rating system assures your data will be assigned only to the most reliable hosters.”

Between cautious data management and complete encryption, Memority is adding a new dimension of data security.

Finally, Memority has designed an ecosystem to reward all users in an efficient and valuable way, using Proof of Authority to drastically reduce the computational overhead of the platform. For every app that runs on the platform the payments are divided as follows: 5 percent of all payments go directly back to the miners who make the platform tick - so 90 percent of the payment goes to hosters, 5 percent to the miners, and 5 percent to the developers of the specific app (be it a Memority app or any third-party app built on the platform). The company is obviously most interested in creating a sustainable solution beneficial to all.

The company is gearing up for their ICO, and the token pre-sale begins on May 16, 2018.

Learn more about participating in Memority’s token sale Click Here

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