Role switching and value exchange in the MEMO storage protocol

In a modern economy, each individual is closely linked to the economic environment. In a dynamic economic environment, each individual is both a consumer and a creator and provider of a product or service. They exchange goods and services through the division of labour, and this economy of exchange realizes a qualitative increase in efficiency and productivity, where the mystery of economic growth is hidden.

In the MEMO decentralized cloud storage protocol, a value exchange concept also exists. As opposed to the economic growth that comes from the exchange of commodities, the storage space exchange network provided by MEMO brings an upgrade in data security and the realization of data sovereignty.

MEMO is a low-threshold cloud storage sharing economy that utilizes technologies such as smart contracts, a layered architecture, a unique public verification mechanism and a multi-level fault tolerance mechanism. To participate in the system, one does not need to have very large computing power or storage space, as long as one has an idle computer or server. Once you contribute these idle devices, you become a Provider role in the MEMO protocol, and once the system automatically matches you with users who need storage, you can start providing storage services and earn revenue.

The basic function of the Provider is to provide storage services. Although it is just a blockchain address represented by a string of characters, there is a real Web 3.0 soul behind it. This Web3.0 soul represents a real individual, which can be bound to various passes, each of which can be bound to data of different fields, each of which is ultimately mapped to the non-transferable Web3.0 soul pass.

A Web 3.0 soul can contribute idle devices to become a “Provider” role in MEMO, but it can also become a User role in MEMO due to data storage requirements. Although in the MEMO storage protocol, Provider and User constrain each other, with each on-chain address corresponding to a unique Provider role or a unique User role, through the Soul Binding Pass, each soul can bind both Provider and User addresses together, thus enabling role switching in the storage protocol and also the value switching of contributed storage space and storage requirements.

The prerequisite for such a switch in identity and value must be to be in a strong economic system. Biology tells us that a small, monolithic, self-sufficient economy is fragile, due to the lack of exchange and ecological cycles. In the case of data storage, each individual user could have been “self-sufficient”, i.e. storing data only on local devices. However, this approach is well known for its vulnerability, not only to hackers, but also to power outages, theft and other natural disasters, all of which can lead to data loss. Local storage is therefore not a reliable method and the ideal model is to store data on the cloud.

But traditional cloud storage also does not meet the requirements of individuals switching between different roles. This is because traditional cloud storage is now almost monopolized by the giants, whose high threshold prevents ordinary users from becoming service providers, and because on the one hand, ordinary users’ idle devices cannot become professional servers for traditional cloud storage, and on the other hand, traditional cloud storage does not adopt a sharing economy model. Therefore, each individual user in front of traditional cloud storage can only be a pure storage demander and consumer, and cannot realize the role switch and value exchange between demander and service provider.

As evidenced by the fact that traditional cloud storage is a single consumer economy, it is unable to provide value exchange to the general public because it interacts in a centralized location face-to-face format, with the traditional cloud storage giant being the largest plane and each other individual user only having a single point of contact with it. In this peer-to-peer interaction model, the tiny individual points are in an unequal position from the start, always playing the role of “payer” and at risk of data leakage. For each participant to be connected to each other, decentralized peer-to-peer interaction is the best way to organize, and only such a peer-to-peer approach can practice reciprocity of rights.

In the MEMO decentralized economy, a vast number of edge storage nodes and storage demand nodes form a huge peer-to-peer network. The MEMO storage protocol connects these nodes to group and match orders. There is no superior controlling everything and all nodes have equal rights. With peer-to-peer connectivity, each Web 3.0 soul is free to switch between the user and the provider. They just need to connect their idle devices to the MEMO storage protocol network as Providers and register a User role.

Logging into the User role can satisfy storage requirements. Web 3.0 souls can first set up different privacy policies for their data according to the privacy level, then sort them into different buckets and upload them to the network, where the system slices and scatters the data for storage on different Provider nodes by default. The system has a strong safeguard and recovery mechanism, even if a few nodes fail, the erasure code and recovery mechanism will allow the data to be recovered. Therefore, as the Web3.0 soul storage consumer, uploading data to the MEMO storage network is fundamental to securing the data.

Once secure data storage is achieved, Web 3.0 souls can switch to the Provider role, i.e. use their idle devices or servers to become a storage service provider. Thousands of globally dispersed Provider nodes make up the MEMO decentralized storage network, which provides the underlying channel for Web 3.0 souls to exchange value for storage.

In this decentralized storage network, each soul stores its own data in pieces on multiple Provider nodes, while also helping other souls to store pieces of data. That is, in most cases, each soul stores only a fraction of the other souls’ data fragments. This decentralization is the underpinning that keeps the decentralized economic system healthy and vibrant.

Each soul is both a payer and a receiver. They receive services and at the same time provide quality services to other souls. The MEMO storage protocol prompts them to move their data storage from the local to the decentralized cloud. At the same time, although the network is connected, each Web 3.0 soul only has ownership of its own data and has no control over other data due to privacy policies, so each Web 3.0 soul gains equal ownership of its data.

The significance of this exchange is that through the connectivity of the MEMO decentralized storage protocol, each Web 3.0 soul not only completes the exchange of storage space but also realizes the exchange of value brought about by upgraded data security, enhanced privacy, and data self-sovereignty.

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Memo Labs

Memo Labs

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