Responsibilities and rights of all parties in the MEMO ecosystem

MEMO is a new generation blockchain decentralized cloud storage protocol developed by Memolabs with the mission to build a reliable infrastructure for Web 3.0.

MEMO is designed with three user roles: User, Provider and Keeper. Driven by smart contracts, the three roles are interrelated and mutually constrained.

By breaking down the interactions between the three roles, MEMO can be divided into three functional layers: the settlement layer, the verification layer and the storage layer.

Settlement layer: Settlement takes place on the blockchain, and its function is to aggregate all order information and gradually distribute the revenue to the storage node Provider.

Verification Layer: Verification takes place off-chain, where the Keeper node challenges the Provider node to validate the proof result and decide whether to issue the withdrawal credentials to the Provider node, and all processes in the verification layer will go through the Byzantine fault-tolerant consensus of the verification layer nodes.

Storage layer: The storage layer consists of a large number of decentralized Provider nodes that store the User’s real data and periodically submit storage proofs to the verification layer, while using the withdrawal credentials to obtain a phase of storage revenue at the settlement layer.

These three tiers bring together a variety of ecological players such as Foundations, Keepers, Providers and Users. As a blockchain-based decentralized storage solution, the MEMO protocol cannot be developed and developed without the support of the community, and the MEMO Foundation will actively organize and establish communities with different functions, including eco-governance and developer communities, in order to promote healthy and stable development of the protocol and the ecology in many ways.

I. The Foundation

The MEMO Foundation will be used for ecosystem building, marketing and community maintenance, with a portion of the funds being invested to promote ecological development and to maintain the long-term sustainability of the Foundation.

The MEMO Foundation has the following responsibilities.

● Organize development teams or outsource tasks to complete the implementation and iterative upgrade of the MEMO protocol.

● Support and finance the development of MEMO-based eco-applications.

● Participate and contribute to the MEMO community on a permanent basis.

The MEMO Foundation has the right to initiate proposals for system governance, and the community will then decide whether the proposals are eventually implemented.

The Foundation may initiate and include, but is not limited to, the following proposals:

● Modification of the economic parameters of the system.

● Proposing upgrades to the technical solutions.

● Punish Keeper nodes for misbehaviour or inaction.

● Punish Provider nodes for misbehaviour or inaction.

II. Community Ecology

1. Keeper

A node first pledges a sufficient deposit before it can become a Keeper node within the protocol.

As a Keeper node, it must fulfill the following obligations.

● Pledge no less than a specified amount of security.

● Guarantee long-term online activity and maintain historical data for the verification layer.

● Check the Provider’s proof of storage and issue a withdrawal slip to the Provider via Byzantine fault-tolerance consensus.

● Scheduling the data repair process in case the Provider loses data.

Also, Keeper nodes have the following rights and benefits.

● Take a percentage of the orders it manages as revenue.

● Receive a reward for the agreement.

If a Keeper node acts badly or fails to act, it may be penalized by losing its margin and not being able to continue to provide the service for revenue.

2. Providers

A node with free storage space can become a Provider by first pledging a sufficient deposit and then signing an order with a user to receive revenue.

As a Provider, it is required to fulfill the following obligations.

● Pledge the full amount of the deposit in the pledge pool.

● Store the data according to the standards specified in the order, and ensure the reliability and availability of the data.

● Submit proof of storage to the verification layer on time.

At the same time, the Provider has the following rights and interests.

● Receive progressive payment for the user’s order.

● Receive incentive revenue.

If Providers do not fulfill their obligations, such as losing data or not submitting proof of storage on time, they are subject to penalties, deduction of deposits and transfer of orders.

3. User

The User is the consumer of the agreement and is required to pay for the storage service.

As a User, the following obligations are to be fulfilled.

● Deposit into the contract a Token sufficient to cover the storage fees.

At the same time, the User has the following rights and interests.

● To select suitable Providers and Keepers to provide services for themselves.

● Rate the services of Providers and Keepers.

● Receive incentive revenue.

4. Developers

Developers can use the MEMO protocol in their own projects. More projects adopting MEMO’s storage services will bring more users and storage demand to MEMO.

The Foundation can screen developers who are valuable to the MEMO protocol through some developer activities and give token incentives and provide incubation services. Developers are required to fulfill the following obligations.

● Maintain their projects.

● Keep up to date with the latest MEMO protocols.

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Memo Labs

Memo Labs

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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