A recap of the Twitter space that MEMO participated in on 24 November at the invitation of Metablox
On the 24th of November at 4:30 pm US Western time, MEMO was invited to participate in the Twitter space organized by Metablox. The roundtable was entitled What is expecting when telco technology embraces BIoT, and the participants represented different niche areas, with Metablox aiming to build a decentralized WiFi Opening Roaming network, CALDANCE focusing on Fitness to Earn, zCloak on privacy gateways and Arkreen on building a global infrastructure for renewable energy and carbon reduction applications. The MEMO speaker was Ted, CMO of Memolabs, and the conference was divided into three parts, with the first part being a short presentation on each project, the second part being an open discussion and the third part being a community Q&A session. Representatives from the MEMO side exported many novel ideas during the day and had an in-depth exchange with several guests present on the topic of combining blockchain and the Internet of Things. Let’s take a look back now.
In the first part of the conference, each gave a short presentation on their own project, the topic of MEMO’s presentation was “web3 data storage layer”, the representative of MEMO started with the establishment of MEMO and introduced the technical architecture and core advantages of MEMO as a decentralized domain storage project.
In the second part, the moderator combined blockchain and IoT, leading the audience to brainstorm and explore the meaning and value of combining IoT and blockchain. Facing this very hot topic nowadays, MEMO party started from the beginning of IoT and advocated that the essence of blockchain grafting on IoT is that blockchain solves the problem of trust and interconnection between IoT devices.
Representatives from the MEMO side said that the traditional IoT model has a centralized data centre responsible for collecting information from each connected device, but this approach has serious drawbacks in terms of lifecycle costs and revenue. Firstly, blockchain grafted to the Internet can solve user security risks and protect user privacy. And the blockchain’s distributed network structure provides a mechanism that allows devices to maintain consensus with each other without the need to verify with the centre, so that even if one or more nodes are breached, the data in the overall network system remains reliable and secure. Secondly, this combination can reduce the operational costs of the IoT. Recording and storing information from the IoT is aggregated to a central server, and the hundreds of millions of nodes will currently generate a huge amount of data, and more and more of this information will be available in the future, which will lead to the centre being overwhelmed with computation and efficient storage, and extremely expensive to operate. Blockchain technology could provide a direct peer-to-peer interconnection for the IoT to transfer data, rather than through a central processor, so that distributed computing could handle hundreds of millions of transactions. The computing power, storage capacity and bandwidth of hundreds of millions of idle devices distributed across different locations can also be fully utilized for transaction processing, drastically reducing the cost of computing and storage.
At the conference, the representative of MEMO also answered the question of the difference between decentralized storage and distributed storage. When asked how MEMO stood out from its strong competitors in the decentralized storage space, such as Filecoin and Arweave, the representative of MEMO said that the biggest reason is that MEMO has always focused on technological innovation. In MEMO’s system, there are three roles: User, Provider and Keeper. The Keeper role plays a key role in storage challenges and collecting proof of storage, and regularly challenges the Provider to verify that it is storing as promised. The MEFS system used by MEMO maintains the traditional single-chain structure of the blockchain, with the most critical and stable information backed up by all nodes, and is compatible with any mainstream public chain. The original RAFI risk-aware technology and data repair technology make MEMO more secure and reliable in terms of data storage. Moreover, the reliability of RAFI technology increases with fault tolerance, which can improve the reliability of important data for users by several orders of magnitude.
In the outlook on the combination of blockchain and IoT, MEMO has always maintained a positive attitude and elaborated that, as the core of Web 3, the combination of decentralized technology and IoT will definitely be a welcome scenario for everyone, such as the familiar smart home, which has very strict requirements for privacy and security. If smart devices in the home can be connected through blockchain, and connected to service providers, the cloud and other smart homes, it will not only help to achieve the interconnection of everything in the smart home, but also protect user privacy and improve the overall security of the system. In addition to this there is the data storage network behind smart cars and so on, using decentralized network storage, combining IoT with blockchain would be a mutually beneficial scene for both parties.
In addition, MEMO collected two community questions and answered them formally during the session. the representative of MEMO answered the group about the current process of the whitelist and the next steps of MEMO’s development plan.
The session lasted two hours and in this session, the project representatives exported their views and insights into the industry from their own domains, opening the door to new ideas. We saw the projects in the decentralized space beyond the storage domain and their burst of unlimited expectations and passion for the future of the industry. During the exchange, we found that the combination of blockchain and IoT enables the implementation of originally idealized scenarios, which come from the down-to-earth exploration of each project. We are looking forward to more and more exciting performances of blockchain technology for IoT development in the coming days, and MEMO, as a decentralized storage project, will also do its part to add to the combination of blockchain and IoT.