Storage of business and personal data on cloud services has become common. Consequently, this has made it necessary for the development of a system which is reliable and convenient. The system also needs to store such data securely, safe from hackers and software or hardware failures. Traditional cloud storage providers, however, possess vulnerabilities because of centralized servers. Their files remain in one place under a specific administrator.
Increased file loss risk and accidental deletion are problems with a centralized system. Additionally, it is possible for third parties to view these files and breach privacy and confidentiality. To solve the problem, Memority (MMR) has come up with a cloud storage platform built on blockchain technology.
Security becomes possible by having worldwide, independent repositories on hoster’s computers. These hosters offer the physical memory that their devices possess for storage of files. The ecosystem is self-sufficient and also allows complete independence from centralized systems and outside management. Technologies, like those employed in blockchain wallets, protect user files.
One of the features ensuring maximum security is the use of a private key to see encrypted content.
“Data security is ensured by encrypting the file when it is loaded into the system with a private key, which is stored only by the data owner. Access to the content of the data is possible only with the help of this private key,” reads Memority’s white paper.
Proof of Authority
Creating copies of stored files protects against accidental deletion and forgery. Hosters experience motivation to provide services by receiving clearance to store their own files at no cost. Alternatively, MMR tokens are their reward.
Memority applies the Proof of Authority mining concept. Those who hold 10,000 or more MMR tokens are allowed to earn these tokens by participating in the mining activity. Additionally, expensive mining equipment is not necessary for MMR tokens. Currently, the token pre-sale is offering a 20% bonus to those who participate before May 30th, 2018. $5 million is their soft cap while the hard cap is $85.5 million. Each token costs ten cents.