Yesterday David, the community ambassador of MEMO held an AMA (ask me anything) live stream in the telegram community @Metisdao. David specifically introduced MEMO’s innovative technology and future plan, which attracts a large number of people who are interested in decentralized cloud storage system. Below is the detailed content for your reference.
Norbert (host): Hi David
David (community ambassador): Hi Norbert.
Hello everyone, hope all of you are doing well. Thanks for Metis DAO’s invitation.
Norbert: We are glad to have you here with us today.
David: Hello everyone, hope all of you are doing well. Thanks for Metis DAO’s invitation.
I am David, Community Ambassador of MEMO. It’s my pleasure to be here tonight with all of you.
Thank you, Norbert.
Norbert: Cheers! I reckon my community is eager to learn how memolabs will contribute to Metis’ decentralized storage milestone.
Let’s start right away!
Norbert: David, can you introduce your team to us?
David: Yes, MEMO’s R&D team involves top digital storage professionals worldwide and we have developed several unique storage technologies. Our developer community is scattered around the world.
Each community team has many years of industrial expertise in web and blockchain development, which continues to aid the growth of the MEMO’s ecosystem
Norbert: My first question for today is: Can you briefly introduce the MEMO project?
David: Sure thing, first of all, MEMO project is made by Memo Labs , which is a decentralized cloud storage laboratory. Memo Labs provides secure, private and affordable storage services for all sectors.
Since 2017, our core R&D team has been committed to developing MEMO project, a blockchain-based decentralized cloud storage protocol. We have significantly improved our user experience through numerous rounds of testing and updates.
Norbert: “Decentralization” is increasingly mentioned in the storage field, so how does MEMO ensure decentralized data storage? Is it truly decentralized?
David: MEMO is a completely decentralized cloud storage project. First of all, MEMO storage nodes are spread all over the world. Our users can store data on these nodes and encrypt their data. MEMO does not control nodes or data. This differentiates MEMO from traditional centralized storage projects; that is, there is no centralized control center.
Blockchain, smart contracts, public verification, and other technologies effectively connect nodes worldwide. These technologies ensure the safety and reliability of transactions in incredible environments.
For example, transactions among three MEMO system roles are automatically executed through smart contracts deployed on the blockchain. And our public verification mechanism introduces keeper-based third-party audits to ensure data storage integrity. In these processes, MEMO only provides the project architecture, not participating in transactions or verification between these roles. Therefore, MEMO is a completely decentralized storage project.
Norbert: What is the positioning of your project in terms of geographics? Is there any condition, geographical restriction and requirement for users?
David: MEMO is positioned to serve the world. There are no geographical restrictions. As long as you have a network, you are welcome to join us as one of three roles anywhere. It is easy to be involved in MEMO system.
Norbert: What are the use scenarios of MEMO? Can you give me an example?
David: MEMO has a wide range of use scenarios. Simply put, wherever data storage is needed, MEMO is here to help.
In the blockchain field, many decentralized projects such as Metaverse and NFT do not fully deploy decentralized storage methods, which puts data at a relatively risky position of any potential loss. We have seen NFT loss before.
In the emerging field, our use scenarios involve:
1) decentralized content storage services for Metaverse;
2) metadata and media data storage services for NFT developers and traders;
3) decentralization storage services for dAPP and social media;
4) on-chain data backup for the blockchain.
In the traditional fields, our applications are more extensive. Live broadcasting platforms, video media, smart driving, and data backup in almost all industries and sectors.
Norbert: What are the highlights of MEMO?
David: Compared with other decentralized storage projects, MEMO mainly has the following 5 technical highlights. The combination of these highlights makes MEMO safe, reliable, high-efficient, with low redundancy and high scalability.
1）Innovative architecture design
To maximize blockchain security and reliability in alignment with scalability and cost-effectiveness, MEMO only allows on-chain storage of most critical and stable data (e.g. system role profiles) and off-chain storage of non-critical information and user data (e.g. address mapping between users and data) to reduce burdens brought by extra on-chain transactions and storage of enormous address mapping information.
2）Smart contract settlement
Unlike the common block generation incentive storage, MEMO uses smart contracts to record transactions and settlements. In a peer-to-peer environment, MEMO deploys on-chain smart contract information and automate operations to minimize the reliance on the intermediary credibility and maintain decentralization. Meanwhile, it can effectively reduce blockchain storage computing and energy consumption.
3）Unique public verification mechanism
MEMO has developed a public verification method that can effectively reduce communication overheads and computing costs of verifying the proof. Public key holders can verify proofs in one second and generate certifications in seconds. The communication overheads can be significantly reduced through proofs compression to the constant level.
4）Multi-level fault tolerance
Based on data volume and characteristics, MEMO adopts a fault-tolerant method that combines two fault-tolerant methods: multiple copies and erasure codes. The former is used for smaller metadata, whereas the latter is used by default for a bigger data. Our User can choose from the two options. This flexible multi-level fault tolerance mechanisms can enhance space utilization and minimize system space as well as ensure our user autonomy.
5）Original data recovery mechanism
In terms of recovery mechanism, MEMO is powered by our proprietary Risk-Aware Failure Identification (RAFI) technology on three dimensions: recovery parallelism, recovery volume, and recovery timing. Our RAFI technology optimizes classification and confirmation strategy can considerably reduce recovery time by promptly identifying at-risk data for improved security and reliability.
Norbert: Will MEMO release tokens in the future? What is the plan?
David: Yeah, MEMO does have a token releasing plan.
Here is the plan:
//investors account for 15%, released in 2 years; core team accounts for 14%, released in 5 years; partners and consultants account for 7%, released in 5 years; Eco Fund accounts for 15%, released in 5 years; communities account for 49%, released in 20 years.//
Norbert: When do you plan to have your tokensale?
David: within Q1 2022~
Below are the questions chosen from other DCSS（decentralized cloud storage system）enthusiasts.
NO.1 enthusiast: My question is, do you have an ambassador program? Can you share the link of ambassadors?
David: MEMO can provide reliable storage services for NFT and Metaverse. For NFT projects, MEMO has reached strategic cooperation with a number of partners, empowering our partners with metadata and media data storage services.
For Metaverse projects, Memo Labs is developing a MetaMemo protocol that provides multiple services for Metaverse. This protocol integrates contract development into our decentralized storage, providing a convenient user experience for our Metaverse developers with MEMO storage functions.
NO.2 enthusiast:You said about data backup in almost all industries and sectors. How about banking industries? or health and hospitals?
David: MEMO has worked with one bank in year 2020 and got a award for Fintech
NO.3 enthusiast:What usecase and utilities of your token? Can I do staking for passive income benefits and what else long term holders can benefitted?
David: The tokens can be used for storage services. You can also keep the token to enjoy the long-term benefit as well.