Get to know MEMO in 5 minutes: Breaking through storage bottlenecks and building a reliable infrastructure for Web 3.0
Since the world began to meet the storage challenge, blockchain-based decentralized storage has gradually come into the public eye. Decentralized storage breaks down node silos and consolidates vast amounts of isolated edge idle space into a storage infrastructure of enormous scale.
In this segment, numerous projects have created their own consensus mechanisms, verification mechanisms and redundancy mechanisms around the main thread of decentralization.
As early as 2017, Filecoin, which seeks security, and Storj, which seeks efficiency, were already exploring this.
Filecoin sacrifices usability in its quest for security, and Storj makes it less decentralized in its quest for efficiency.
MEMO attempts to address the issue of availability while maintaining a high degree of decentralization, starting with improving space utilization, speed of data interaction and data repair performance, in an attempt to find an optimal balance between security and availability, providing a secure yet highly available storage layer for Web 3.0.
What is MEMO?
MEMO (Memoriae Decentralized Cloud Storage) is a new generation of decentralized cloud storage protocol based on blockchain, capable of organizing global edge storage nodes to provide users with secure, reliable and highly available storage services.
MEMO is committed to building a reliable infrastructure for Web 3.0 and has also been on a continuous quest for performance improvements. With this in mind, MEMO has been designed with high availability in mind, with a system design that is as simple as possible, with as little redundancy as possible and with all functions processed as efficiently as possible, while ensuring security.
In terms of architectural design, MEMO uses a sharing economy model to design three roles, User (storage user), Keeper (intermediate manager) and Provider (storage space provider). Role information and role transactions are recorded and automatically executed through smart contracts. However, MEMO only stores smart contract information on the blockchain, while storing other information on edge storage devices. Compared to many other projects, the Keeper roles and smart contracts are the key design that allows traditional on-chain validation functions to be transferred off-chain and are the basis for MEMO’s efficiency.
In terms of operational mechanisms, MEMO has developed a secure, efficient and low-energy public authentication method, designed a flexible multi-level fault tolerance mechanism and created a unique data recovery mechanism, which makes MEMO secure, reliable, low redundancy, low energy consumption and highly scalable.
Background of MEMO’s birth
MEMO was founded by Momo Labs in September 2017 with team members having different professional backgrounds. The R&D team consists of experts, professors and PhDs from many different fields such as blockchain, internet, distributed storage, cryptography, etc. The great prospect of blockchain decentralization and the vision of permanent data storage bring everyone together.
The deepening of the Internet has accelerated the deposition of global online data and made data storage an immediate need, and passing on valuable data and storing it permanently has become an urgent problem nowadays. Against this backdrop, MEMO has established a vision to make human information and data permanent.
Driven by this vision, MEMO has tackled the two dimensions of data volume and time permanence and has made several innovations.
MEMO’s key technologies
Blockchain, cryptography and smart contracts are the foundation of the MEMO system, while technical innovations in the design architecture, validation mechanisms, fault tolerance and repair mechanisms, etc. provide a security upgrade for the entire storage system, providing technical support for safe, efficient and reliable operation.
1) Innovative architecture design
In order to explore and explore the security and reliability of the blockchain to the greatest extent, while maintaining good system scalability and cost effectiveness, MEMO only uses the blockchain to record the most critical and stable information, such as the role information of users, storers and maintainers and their associated information; it uses management devices and edge storage devices to store other information and user data, such as address mapping information of the relationship between users and their data This is to prevent the huge amount of address mapping information from causing a lot of additional on-chain transactions and storage pressure.
2) Smart Contract Settlement
Unlike the common use of block generation incentive storage, MEMO uses smart contracts to record transactions and settlements. In a peer-to-peer environment, smart contract information is deployed on the blockchain and made to run automatically, which minimizes the need for intermediaries and maintains decentralization, while also effectively reducing the computational and energy consumption of blockchain storage.
3) Unique public verification mechanism
MEMO designs a public verification method, which can effectively reduce the communication overhead of verification data and the computational cost of verification proof, and anyone who has the public key of the user can verify the correctness of the proof. Meanwhile, excluding the data reading time, the generation of the proof can be completed in a few seconds and the verification proof can be completed in one second, which greatly reduces the computational burden of the node. In addition, by proof compression, the communication overhead of proofs can be reduced to a constant level.
4) Multi-level fault tolerance
Based on the volume and application characteristics of each data, MEMO adopts a fault tolerance method that combines two fault tolerance methods, namely multi-copy and erasure code, with small volume metadata using multi-copy technology and large volume data using erasure code fault tolerance by default. However, the user has the autonomy to choose either the erasure code or the multi-copy mode for the data. This flexible multi-level fault tolerance mechanism can not only effectively improve storage space utilization but also effectively guarantee the user’s autonomy of choice.
5) Innovative data recovery mechanism
In terms of repair mechanism, MEMO has created RAFI technology (Risk-Aware Data Failure Identification Strategy) from three aspects: repair parallelism, repair transmission volume and repair timing. further enhance the security and reliability of the protocol.
Features of MEMO
Currently, there are two main types of blockchain-based decentralized storage projects in operation. One type of storage is incentivized by block generation, but as storage is directly linked to arithmetic power, high participation thresholds and fierce competition for arithmetic power inevitably compromise their scalability and decentralization. The other type uses centralized nodes for verification but still has security concerns.
MEMO breaks through the limitations of these two models by not only separating storage from block generation, but also by being able to ensure complete decentralization. As a result, MEMO presents the following characteristics.
1. High space utilization
The innovative architecture design and the application of erasure code redundancy technology allow for much higher utilization of storage space.
2. Security and reliability
Data security is ensured through a number of encryption technologies and random verification functions, and reliability is increased several times through multi-level fault tolerance mechanisms and the original RAFI recovery technology.
3. High availability
Through seconds-level communication and storage overhead verification methods, as well as off-chain retrieval payments, data can be read and repaired quickly in response to achieve high data availability and low energy consumption.
4. High scalability
A low threshold for participation and cross-chain support, compatibility with EVM and all Turing-complete public chains give MEMO a high scalability performance.
In the era of Web3.0, the applications based on blockchain storage are developing deeper and deeper, and MEMO can provide safe, reliable and efficient storage services for Metaverse&NFT on the basis of both performance and cost performance, creating conditions for dApps development, and also providing on-chain data storage services for blockchain.
Provide decentralized off-chain media asset and metadata storage services for Metaverse and NFT, while safeguarding privacy and reliability
Provide development support for dApps to improve their data response speed and reliability.
3、On-chain Data Storage
Providing storage services for on-chain data, decentralized nodes can effectively reduce the on-chain data load.
With innovation as a breakthrough, MEMO ensures decentralization while breaking through the bottleneck of low performance of blockchain storage, and will serve the entire Web 3.0 era