MEMO Received Millions of Angel Round Financing Led by Finture Capital, Commando Capital and Other Capital Institutions
As a decentralized distributed data storage project, MEMO announced its completion of a round of millions of angel financing led by capital institutions such as Finture Capital, Commando Capital, and SNZ Holding.
Commando Capital was established in 2013 and has been focused on the most cutting-edge projects on the track of technological innovation and creation over the years. Capital institutions such as Finture Capital and SNZ Holding are all professional capitals focused on blockchain decentralized storage, mining pool services and other subdivisions and dedicated to tapping the most potential blockchain projects in the industry.
“Most of the storage products currently on the market are products using the principles of distributed technology, and MEMO is the first to realize true peer-to-peer decentralized storage.”
said Tim Ding, founding partner of Commando Capital.They have made many creations and innovations, such as “public verification mechanism”, “data repair mechanism”, etc. which are the more cutting-edge projects in decentralized storage, and we will work together to promote the reform of the storage industry”.
Distributed storage products realize the point-to-point storage function to a certain extent, weakening the shortcomings of centralized storage products such as cloud storage. In essence, such products have not yet gotten rid of the logic of centralized storage. Because in most distributed storage products, a certain node or several nodes still assume the function of a “centralized node” which links all data. The data stored by users must be sent first to this “centralized node”, which distributes it to other nodes.
When the load capacity of the “centralized node” is too large, the data storage speed and read speed will slow down, resulting in the service unable to keep up with the requirements. When the “centralized node” is damaged, it will also cause the loss of source data and data security issues not been well resolved so far.
However, MEMO can completely eliminate the control of centralized nodes and create a truly decentralized storage system. In the system of MEMO, there are three main roles:
The first is called Keeper which is the management coordinator in the system and is responsible for the function of information intermediary and management;
The second is called User which is a consumer of storage services in the system and can be understood as simply a user with storage needs;
The third type is the Provider which is the storage device provider in the system and provides storage space for the user.
In the MEMO system, the User uses storage space, the Keeper finds a suitable storage node for the User, and the Provider serves as a storage node to store the User data. The Keeper is equivalent to an intermediate information matchmaker, providing intermediary services for the User and Provider.
Simply put, without centralized management node, the MEMO system can achieve complete point-to-point distributed storage. The most important innovation of MEMO is erasure coding and copy redundancy. Most of the existing distributed storage has the common problem of the high cost of erasure coding and copy redundancy. Although erasure coding can reduce redundancy costs, it also causes the repair function to consume too much, and some can even reach more than ten times the cost of copy repair. Luckily, the situation in MEMO is different for only the most critical data such as role information, smart contracts, etc., will be stored on the main chain of the blockchain, and other data will be stored in ordinary edge storage devices. MEMO’s original data recovery method, RAFI, can optimize the edge storage space and further ensure the safety of the data stored on the edge space and the stability of the whole system.
According to the market research organization IDC, by 2025, the world’s annual data will be as high as 175ZB which needs to be stored in 175 billion 1TB hard drives. Every person in the world holds an average of 250 such hard drives. The decentralized storage technology introduced by MEMO will establish an efficient and stable storage ecosystem that accommodates ZB-level data, flexibly adjusts according to the actual needs of the user, and meets performance requirements while offering cost-effective benefits for the user.