Since its establishment, the Mmemolabs team has created various blockchain service facilities, mainly the MEMO decentralized storage protocol and the MEMO decentralized cloud storage system. Following strategic cooperation with multiple public chains such as Metis and Harmony, MEMO welcomed the most important update of the MEMO Megrez network so far in October, the update has made important optimizations to the contract management, economic model, etc. in order to better meet the ecological compatibility of all parties.
Recently, MEMO is communicating with various large dataset platforms to align dataset storage and classification indexing work, with the aim of better data availability and ecological diversity.
The ultimate goal of MEMO is to create a complete, high availability, high-security Web3 infrastructure service facility, with relatively complete functional applications in all areas of the blockchain. MEMO currently meets the basic service requirements of data storage, digital wallet, data middleware and other services.
The role of MEMO in Web3
MEMO digital wallets are used for the management of wallet addresses, asset management, order payments, management of transaction information and other roles in Web3, protecting and interacting with the ledger data of all digital assets on the chain, digital wallets do not have asset storage functions, but only serve as a bridge between users and assets on the chain, realizing data feedback through keys and addresses, linking system payments and cryptocurrency transactions on the chain Issues such as trading of NFT avatars, trading of gaming platform assets, including content storage and trading issues for decentralized content platforms.
The DID decentralized identity system, the most basic identity system in the future metaverse world, protects personal data privacy in application interactions, improves network regulatory policies as well as ensuring the authenticity of information, while also enabling effective filtering of information under certain circumstances and improving the reliability of ecological content.
The system is extended using the MEMO decentralized storage protocol. Its role is to enable users to use autonomously generated DIDs and platform-assigned VC proofs, mainly for personal identity authentication, single sign-on, decentralized social, etc., without the need to generate multiple identities for different platforms or applications, or to keep their own accounts or rely on centralized organizations to keep them for them.
MEMO is built on the premise that personal data is completely private and that users need a secure, trusted and controlled storage of social data in a decentralized, untrusted network environment.
Communication and posting of content between users will not be limited to a single social platform such as Twitter or Facebook, but will exist on an open blockchain network, while this data is privatized and licensed through the access control of the MEMO decentralized cloud storage system. On a decentralized, user-sovereign and privacy-focused social media protocol, users will be able to agree via DID which applications and connections can view their content across interface platforms.
Enabling decentralized data storage is a prerequisite for decentralized social, including the fact that data generated in social such as NFTs, digital assets and digital identity information also needs to be built entirely in a decentralized storage environment. MEMO’s data storage solution designed for decentralized social will fundamentally change the relationship between users and platforms, with people owning the data they generate across web applications and having full control over their digital assets.
MEMO is a decentralized storage protocol that provides cross-chain interaction and off-chain storage. Through the API interface built by MEMO, it is able to interact with any mainstream public chain to store data and settle storage fees through raw currency transactions. The decentralized network built by MEMO, with storage nodes all over the world and huge off-chain storage space, gives MEMO decentralized storage system a leading storage capacity. The fast verification system and proof of integrity in the MEMO decentralized storage protocol are designed to give MEMO a leading level in data security and transmission speed.
In terms of cross-chain interaction, the MEMO data middleware can also interact with other such as IPFS and Arweave to help build data transmission channels, record transaction information, provide privacy calculations and data caching, and use the huge network of nodes to promote data interaction frequency and ensure data security.
Data storage and backup
Compared to centralized storage, the biggest advantage of decentralized storage is data security. MEMO decentralized storage is based on blockchain technology, which slices and encrypts all single data and then distributes it to multiple network nodes to reduce the risk of centralization. In the decentralized storage node, there is no core system, MEMO’s own storage space is just a storage unit, distinguishing the centralized storage server, and all node data is under the absolute control of the users themselves.
Secondly, MEMO uses distributed ledger technology to receive idle devices from all over the world to become its own Provider nodes, compared to traditional storage servers, MEMO has more capacity in terms of storage space.
In terms of storage costs, MEMO’s centralized storage uses separate storage for hot and cold data to reduce the frequency of retrieval and the introduction of a sharing economy model to share costs and ensure revenue, making storage costs cheaper.
In addition, as the slogan of double carbon becomes louder and louder, MEMO is currently focusing on and laying out this trend section, carbon data storage, carbon offset, environmental protection and energy saving are important directions for our research, on the one hand, to practice the concept of environmental protection, on the other hand, to realize the decentralized data concept of blockchain, and make its own contribution to the industry and society.