Bounty Hunter: Memority

Memority - secure decentralized data storage on blockchain.

What is Memority?
Memority is the team of programmers, blockchain developers, legal and marketing departments. We are developing revolutionary new technologies in data storage field. For more than half a year our team has been working on the development of the Memority platform to help people and companies around the world keep their data entirely safe.

Memority is a blockchain-based platform for encrypted decentralized storage of valuable data. The system automatically keeps 10 files copies in independent storages all over the world at all time. Files are encrypted with a private key that only their owner has. Memority employs the same data protection technology as used in blockchain-based wallets.

The purpose of Memority is the safe and secure data storage for businesses, government organizations and individuals. Such a system will function with user data protection even if there are no more developers of platform-based applications, developers of the platform itself, or up to 90% of hosters will be lost at the same time. Full self-sufficiency, the built-in self-cleaning mechanism and the decentralized nature of the functioning allow the system to exist and work for many years without outside management.

What features should a platform have for the most secure data storage?

Blockchain-based data storage ecosystem

Memority's mission is to create a self-sufficient ecosystem that includes a variety of applications to meet the needs of businesses, government organizations and individuals in ultra-secure storage of all types of valuable data.

The Memority API allows third-party developers to create desktop and online apps for decentralized encrypted storage of various types of data without a lengthy investigation into technical details of the blockchain technology. Developers of such applications are rewarded with part of all data storage payments for files that were uploaded with their apps.

Why Memority?
File encryptionFiles are encrypted with a private key that only their owner has.

Decentralized storageThe system supports storage of 10 file copies in independent storages.

Protection from data forgeryCompletely decentralized monitoring systems check data availability and authenticity.

Motivation of all participantsPayments for storage are distributed between hosters, app developers.

Proof of Authority miningWe use mining technology that does not require pricey equipment.

API for applications development
Third-party developers can create applications for data storage on Memority platform.

Who are Memority’s beneficiaries?
Memority platform is a place where two groups of customers meet: data owners and hosters. But it’s not just the storage, it’s the self-sufficient ecosystem that includes many applications to meet the needs of business, government organizations and individuals in the super-secure storage of all kinds of valuable data.

For data owners Memority solves the problem of information storage with maximum level of security due to the storage algorithm that uses its own private blockchain network based on Ethereum. Data owner can store data in an encrypted form in a decentralized and completely secure manner, paying for the storage with MMR tokens. System automatically stores files in 10 copies at 10 random hosters, and if hosters shut down, the files are automatically copied to a new hoster. So there’s no way you’ll lose the files. Hosters can receive MMR tokens for providing their disk space to users of the Memority platform to store their data.

Above all Memority platform is the interface for creating applications by third-party developers and percentage for miners. Third-party developers will be able to implement their ideas and create their own applications, using the infrastructure of Memority, and receiving MMR tokens for this. Miners receive rewards in the form of MMR tokens for supporting the working capacity of blockchain (only 10,000 or more token owners can become miners). Memority use Proof of Authority mining, so there is no need for large computing resources 5% of payments for data storage are distributed among miners.

The most interesting group of beneficiaries from marketing and business point of view is data owners. According to Statista, during the May 2017 survey, 61% of respondents aged 18 to 29 years stated that they were using cloud storage services for their data, while 42% of respondents aged 30 to 59 years and 18% of respondents aged 60 years and older said the same. This statistics shows that the most active group of users by age is students and graduates. We can suppose that this age interval is also true for Memority’s potential hosters.

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