Every individual is closely related to the economic environment in which he lives in the modern economic system. Each individual is not only a consumer but also a creator and provider of the product or service part in a dynamic environment. The exchange of goods and services will be realized through the division of labor and cooperation. This exchange economy has achieved a qualitative improvement in efficiency and production capacity. That’s why the economy grows.
There is also a set of value exchange theories in the decentralized cloud storage protocol of MEMO. Compared with the economic growth brought by commodity exchange, the storage space exchange network provided by MEMO brings about the upgrade of data security and the realization of data sovereignty.
MEMO is a cloud storage sharing economy with low threshold participation, which utilizes technologies such as smart contracts, layered architecture, unique public verification mechanism, and multi-level fault tolerance mechanism. People need neither a very strong computing power nor a lot of storage space to participate in the system. They can participate as long as they have idle computers and servers. Once the idle equipment has been contributed, they become a member of the provider role in the MEMO protocol. After the system matches users with storage needs automatically, Providers could start providing storage services and earning income.
The primary function of the Provider is to provide storage services. Although it is just a blockchain address represented by a string of characters, what is mapped behind it is a real Web 3.0 soul. This Web 3.0 soul represents a real individual, which can be bound to various tokens. Each token also can be bound to data in different fields, and each different token is eventually mapped to this non-transferable Web 3.0 Soul Pass.
The soul of Web 3.0 can not only contribute to idle devices to become MEMO’s “Provider” role but also become MEMO’s User role due to data storage requirements. Although in the MEMO storage protocol, Provider and User are a pair of roles that restrict each other — each address on the chain can only correspond to a unique Provider role or a unique User role, each soul can be the Provider address and the User address is bound together to realize the role switching in the storage protocol, recognizing the value exchange of the contributed storage space and storage requirements through the soul binding pass.
To achieve such identity switching and value exchange, the premise must be a strong economic system. Biology tells us that single, self-sufficient small economies are fragile because of a lack of exchange and ecological cycles. As far as data storage is concerned, each user can also be “self-sufficient”, that is, only store data on the local device. However, this approach is known to be vulnerable not only to hacking but also to threats of power outages, theft, and other natural disasters, all of which can lead to data loss. Therefore, local storage is not a reliable method, and the ideal mode is to store data on the cloud.
However, traditional cloud storage cannot meet the requirements of individuals switching between different roles. This is because traditional cloud storage is almost monopolized by giants, and their high barriers to entry prevent ordinary users from becoming service providers. On the one hand, idle devices of normal users cannot become professional servers for traditional cloud storage. On the other hand, traditional cloud storage also does not adopt the sharing economy model. Therefore, each user can only be a pure storage demander and consumer in front of traditional cloud storage and needs to realize role switching and value exchange between demanders and service providers.
Traditional cloud storage is only a single consumer economy. It cannot provide value exchange for the general public because it interacts face-to-face in a centralized location. The traditional cloud storage giant is the biggest face, and every other individual user can only Single point of contact with it. In this point-to-face interaction mode, the points as tiny individuals are in an unequal position from the very beginning, they can only be the role of “payer” forever, and they also bear the risk of data leakage.
For each participant to establish a connection with each other, decentralized peer-to-peer interaction is the best way to organize, and only this method can practice the equality of rights.
In the decentralized economic system of MEMO, a large number of edge storage nodes and storage demand nodes form a huge peer-to-peer network. MEMO storage protocol connects these nodes into groups and matches orders. There is no superior controller in the protocol, and the rights of all nodes are equal. After the peer-to-peer connection is realized, each Web3.0 soul can freely switch between the user role and the provider role. They only need to connect their idle devices to the network of the MEMO storage protocol to become a provider and register a User role at the same time.
The soul of Web 3.0 can first set different privacy policies for its data according to the degree of privacy, then classify them into different buckets, and then upload them to the network. The system defaults to slicing and storing the data in different Provider nodes. Even if a few nodes fail, the erasure code and repair mechanism will allow data to be restored. Therefore, uploading data to the MEMO storage network is the basis for ensuring data security as a Web 3.0 soul storage consumer.
After realizing the safe storage of data, the soul of Web 3.0 can switch the login Provider role, that is, integrate its idle device or server into the MEMO protocol to become a storage service provider. Thousands of Provider nodes are scattered around the world from the MEMO decentralized storage network, which provides an underlying channel for the value exchange of Web3.0 souls to realize storage.
In this decentralized storage network, each soul essentially stores its data fragments on multiple Provider nodes and helps other souls store data fragments. That is, in most cases, each soul only stores some data fragments of other souls. This decentralized state is the foundation for the health and vitality of the decentralized economic system.
Each soul is both a giver and a receiver. They provide high-quality service to other souls when they receive service. MEMO storage protocol enables them to move data storage from the local to a decentralized cloud. At the same time, each Web3.0 soul only has ownership of its data and cannot control other data due to the existence of privacy policies although the network is connected. Therefore, each Web 3.0 soul has obtained equal data ownership.
The significance of this exchange is that each Web3.0 soul not only completes the exchange of storage space through the Unicom of MEMO decentralized storage protocol, but also realizes the value exchange brought about by data security upgrades, privacy enhancement, and data self-sovereignty.