Recap of the AMA event on 8 September

Last week, we held an AMA Q&A event with thousands of participants, organized by the MEMO community. The main purpose of this event was to answer questions about the new version of Megrez 2.5, as well as to give feedback on the project to the users who have supported MEMO for a long time. All the users who participated in the event, thank you for the many constructive suggestions for MEMO, which our team takes very seriously and will become an important direction for MEMO’s optimization in the subsequent product updates.

In order to provide users with a clearer and more intuitive understanding of the specific content of this event, we have summarized the various types of questions and collated some of the more representative questions, and answered them in the form of text for you:

1. The new version of MEMO, Megrez 2.5, went live at the end of August and what exactly has been upgraded in this version?

Since the launch of the second version of Megrez in April this year, our core technical team has been working tirelessly to optimize and upgrade the system. In Megrez 2.5, we have upgraded and optimized our smart contracts and economic model. In terms of smart contracts, firstly, we have optimized the management of contracts; we have enhanced the control of groups and added group management attribute fields. A lock mechanism has also been added to set the reward money to be used only to pay for file storage services. These optimizations make the contracts more fine-grained and tighten up the operational logic, improving security while preventing mischief.

Secondly, we have optimized the scalability of the contracts; decoupling the core functional contracts by adding control contracts and instance contracts to facilitate functional contract changes and upgrades. Contract upgrades allow for increased ease of use and composability of the MEMO store.

Third, economic model optimization

We have increased the revenue ratio parameter for the Provider role. This optimization allows Providers to provide the same storage space and the same length of storage service with a higher economic return, which will attract more Providers with professional servers or idle equipment to join the MEMO ecosystem.

2. Are there any events for the launch of the new version of Megrez 2.5?

Yes, there are. We are running a research questionnaire campaign with prizes for the launch of Megrez 2.5. Both new and existing users can take part! All you need to do is register a role for the new version of Megrez 2.5, then answer the survey carefully and submit it. Our operations team will carefully select 5 excellent questionnaires and 15 good ones to be rewarded at the end of the campaign. The campaign period will end on the 5th of next month, so we hope you’ll register now!

Here is the campaign entrance: https://twitter.com/Memo_Labs/status/1566701892050329601

3. Has the registration process for the new version of Megrez 2.5 been optimized compared to the old version?

Yes, Megrez has optimized the consensus mechanism and challenge mechanism between Keeper roles, and has developed a command-free Windows installation package for new users, so that many users who are not computer literate can easily install and experience it.

4. What are the next trends in the evolution of decentralized storage?

With the advent of the WEB3 era, most technology sectors will slowly begin to upgrade or transform in the next few years, and decentralized storage, as the core of WEB3, will land on more application scenarios in the future. For example, the data storage networks behind short videos, live streaming, smart cars and so on that we are familiar with will use decentralized storage in the future.

5. Can decentralized storage technology be one of the trends that inspire the next bull market?

The next bull market will be driven by technologies and trends that are still being built in the current bear market. What we can expect is that SocialFi and GameFi are the areas that will spark the next bull market, and the data problem in these areas is at the core of what they must solve. For example, social application products typically generate large amounts of data, and the current blockchain struggles to handle massive amounts of transaction data, as well as the need to support available layers of unpublished data, etc. The optimal solution to these data problems is undoubtedly decentralized storage.

6. What projects have been strategically partnered with MEMO so far?

MEMO is one of the few decentralized storage networks capable of supporting large-scale, high-frequency commercial applications, and there are already strategic partnerships with MEMO: Metis, Fantom Foundation, which focuses on Layer-1, as well as Bifrost Cloud, Metablox Network and Prideholdings Group, among others.

7. What are MEMO’s core strengths in the decentralized storage space?

There are two types of blockchain storage projects in common use today. One uses storage to mine for the purpose of getting out blocks, which poses the problem that the storage and downloading that takes place on the chain slows down the actual use, and it often happens that it takes several hours to download a single photo.

In the other case, one or several nodes are used as centralized nodes, which are verified by the centralized nodes before storage and downloading can take place. In the event that a centralized node is attacked or damaged, it can also cause a loss of stored data.

For the first type of project, MEMO’s storage tiering mechanism is a good solution to the storage and download speed problem, allowing storage and download speed to reach seconds.

Compared with the second type of project, MEMO adopts the role of Keeper to randomly select the verification nodes, avoiding the emergence of centralization and ensuring security at the same time.

Moreover, MEMO’s original RAFI technology, which enables repair capabilities to be improved several times, makes storage much safer, more reliable and more available.

8. What is the next step in MEMO’s development plan? What is the future vision?

MEMO’s vision is to make human information and data live forever, so MEMO is constantly working to create secure and usable large-scale distributed storage systems. In the next phase, MEMO will continue to optimize and upgrade the distributed storage system, and will also continue to expand the scale of commercial cooperation to provide a better storage experience for users.

The above is the main content of this AMA event, MEMO will hold more events with benefits in the future, welcome to join our official community, and also welcome people who have ideas and suggestions for the project to come and interact with our developers, MEMO respects every user’s opinion. Thank you.

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Memo Labs

Memo Labs

MEMO is a new-gen blockchain decentralized cloud storage protocol. Our mission is to build a reliable storage infrastructure for the Web3 era. www.memolabs.org