Twitter Space Q&A Summary

On April 30, Metis and MEMO co-hosted a Twitter Space event, where the topic of availability of decentralized storage was discussed. Here is a summary of some of the questions and answers.

1.How does memo protect the security and integrity of data?

MEMO is a decentralized cloud storage service protocol where data is stored on edge storage nodes, there is no data control centre, hence the data belongs to the user only. In terms of security and integrity, MEMO uses encryption technology, access control, and public verification mechanism to protect the security and privacy of data, while redundancy and repair techniques are used to ensure the integrity of data.

2. As far as the data storage of memo is concerned, where exactly is data stored?

There are three user roles in the MEMO protocol: User, Provider and Keeper. After the User uploads the data, the data is actually stored on Provider nodes, which are scattered all over the globe, and they are the storage space providers in the MEMO protocol.

3. In terms of data and backups, why should I back up my NFT data?

The NFT actually consists of a non-fungible token and metadata. The token is all stored on chain, but the metadata is currently mostly stored on some centralized server. Since tokens and metadata have a one-to-one mapping relationship, if the metadata is lost or corrupted, the NFT will lose its value, so it is important to choose a decentralized way to store NFT metadata. Decentralized storage is more resistant to malicious attacks and avoids single points of failure, helping to preserve the value of NFTs unlike storing metadata on a centralized server.

4. Why did Metis choose Memo as a partner? How did this partnership help reduce transaction fees of Metis?

MEMO’s high security, reliability, availability, full decentralization and affordability are the factors that led Metis to choose MEMO as a storage partner.

Metis originally used Ethereum as a primary storage layer, posting large volumes of transaction data to Ethereum, which led to very high gas consumption. Instead of storing transaction data directly on Ethereum, the new version of Metis now dumps the transaction data to the MEMO decentralized storage layer, only keeping the extremely small volume of index data and state root data on Ethereum, which led to a structural change that minimizes gas fees.

5. How does MEMO compare to AWS?

Amazon Web Services (AWS), is the originator of cloud storage and is currently the largest cloud storage provider in the world. Compared to AWS, both parties have advanced storage technology and high availability, but there is a fundamental difference between decentralization and centralization. AWS builds and maintains its own data centre consisting of many servers, and users who need to purchase storage services can simply pay AWS directly. AWS is the centre of this economic system.

MEMO, on the other hand, follows the sharing economy and uses massive edge storage devices to provide storage services. The data is actually stored on the storage provided by Provider nodes and as such, MEMO has no control over this data. In such a system which has no centralized control, in order to protect the security of the data, in addition to the User and Provider roles, the protocol introduces the Keeper role to prevent the nodes from being malicious. The system maintains economic equilibrium by having multiple roles restricting each other.

Therefore, decentralization and centralization are the most essential differences between MEMO and AWS, and whether or not users have control over their data. In addition to this, decentralized storage is better able to resist single points of failure, hacking attacks and natural disasters.

6. Differences between MEMO and IPFS,Filecoin

MEMO and IPFS have totally different visions and architectures; MEMO is a blockchain-based decentralized cloud storage protocol with a vision of a more secure and reliable storage network. IPFS, on the other hand, has a vision of creating a more open network that focuses on transmission rather than storage. To learn more about the differences, please refer to this article:Differences Between MEFS and IPFS | by Memo Labs | Medium

The differences between MEMO and Filecoin are mainly in the storage verification mechanism, privacy protection mechanism, redundancy mechanism and incentive mechanism, to learn more about the specific differences, please refer to this article: Memo vs Filecoin: Brief Analysis on Decentralized Storage Projects | by Memo Labs | Memo Labs | Medium

7. Is MEMO looking for any encryption for static files in transit or in use? If not, is it working with or seeking to work with third parties?

The MEMO storage protocol encrypts data by default and data encryption is done before data is uploaded to the network. Only encrypted data is transmitted and stored. This is a reflection of the flexibility of the MEMO storage protocol. Encrypted by default and can be set to be unencrypted to meet the needs of different people and different scenarios.



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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.