MEMO — Leading A New Share Economy for Storage with High Performance

MEMO — Leading A New Share Economy for Storage with High Performance

While the explosive growth of data around the world and blowout demand of storage are combined with the chip shortage, there are still huge amount of edge space on laptops, mobile phones, hard disks, etc.

Under the backdrop of carbon neutral strategy, how to effectively match the storage demands with edge space becomes particularly meaningful.

Internet has driven the development of the sharing economy, but the realization of a storage sharing economy casts even higher technical requirements than traditional sharing economy. This is because the object in question — digital data — has the characteristics of being private, highly liquid, and vulnerable. If one wants to store such special items in a shared storage space, security is the primary issue that needs to be resolved.

Traditional sharing economy is struggling to solve security problems

The founder of Uber, the first case of sharing economy, came up with the idea of Uber because he found it so difficult to hail a taxi. This was something driven by the demand for convenience. But at the same time, Uber, the originator of the Internet sharing economy, is getting farther and farther away from the original intention of sharing economy.

The original expectation for Uber was to reorganize idle vehicle resources from individuals and turn them into a car rental business. However, when it was stuck with the safety issues with the passengers, it turned to owning cars and operating the services on its own. This model of self-operation is getting far away from goal of leveraging idle resources to improve the efficiency of utilizing social resources, and has drifted away from the scope of sharing economy.

The traditional sharing economy led by Uber has addressed the demand for convenience, but also brought about safety and management issues. Therefore, it is almost impossible to run the storage sharing economy with the traditional sharing economy model.

The storage sharing economy supported by blockchain decentralization

Blockchain is exactly the natural result of the challenge to the insecurity of the traditional sharing economy.

From the Internet era to the blockchain era, technological changes have also brought changes to demands and application scenarios.

The traditional sharing economy models such as Uber match demands through the Internet but put the usage scenarios offline. The storage sharing economy, on the other hand, is completely online from the matching of demand to the actual usage of services. There is no need for the two parties to meet because they might be at different corners of the world that are far away from each other.

The blockchain-based decentralized storage system uses a series of encryption technologies, consensus mechanisms, and smart contracts to match tens of thousands of idle device providers to storage requesters, while ensuring data security and privacy.

Therefore, the sharing economy in the Internet context and the one based on blockchain have different motivations. One is driven by the demand of convenience while the other comes from the ask for safety.

MEMO is just such a decentralized cloud storage system operated with a shared economy model. It is based on blockchain decentralization and can organize a massive amount of edge storage devices around the world to provide users with storage needs with safe, efficient and low-cost services.

MEMO was initiated by Memo Labs in 2017 with an R&D team composed of world-class storage experts, engineers, and PhDs. Each of them holds a number of exclusive patents in the storage field.

As a new player just emerged in the field of decentralized cloud storage, MEMO has been continuously exploring to create safe and efficient high-quality storage services, and has carried out a number of innovations in system design: the innovative data layering and redundancy mechanisms brought about great improvement in space utilization; the creative data disclosure verification mechanism reduced the verification time to within seconds; and the original RAFI technology can significantly improve the data repair capability.