The Beautiful Double Helix of High Responsiveness and Decentralized Storage in the Web3.0 Era

In the early stages of Web3 deployment, most projects focused on entertainment, gaming, and social networking. However, as Web3 technology evolves and matures, it will support deeper verticals such as manufacturing, engineering, and smart cities.

In addition to the technical requirements to reach this stage, it also requires a storage infrastructure that is more closely aligned with social acceptance, privacy and security, and content creation needs.

The success or failure of a storage project will depend on its ability to capture and store data from the surrounding environment. The next requirement after “get the data” will be “interact and save the data,” which means that not only does the data need to be represented in a meaningful way, but it must also be high-performance and responsive.

Source: Messari

Privacy and security issues are also critical because Web3 involves virtual assets that can contain large amounts of multiple types of data, potentially exposing users to more dangerous data environments.

We think MEMO’s security and privacy technologies will play an important role in redefining the underlying infrastructure of Web3.

People always want more

Not only is data storage for Web3.0 important, but we also need to think about how to process all that data and make it operable to users. Seamless sharing is a higher-level vision.

Security and stability are eternal value pursuits. Security problems are mainly caused by storage service providers.

If the economic model of the project side is not centered on the interests of users, it will inevitably be accompanied by many security risks. Stability issues also arise because centralized service providers can always go down at any time.

Decentralized shared storage is in the core interests of users

As a Web 3.0 infrastructure based on edge storage devices, MEMO is supported by the MEMO file system. By organizing and leveraging globally available data storage resources, MEMO aims to build a decentralized data storage layer with high security and high availability.

As a Web3.0 solution, MEMO provides low-cost storage services and utilizes the shared economy model and high compatibility of decentralized distributed storage to build a sustainable economic model for decentralized storage.

Source: MEMO

Centralized services are not really necessary for users. On an infrastructure level, MEMO ensures high availability by providing unblocked network access and storage that no one can delete.

In such an environment, Web3 users can generate and access data in the real world or virtual world from anywhere, across multiple devices.

Storage has evolved completely out of the cycle. For sure, once Web3 is developed and applied, it will generate a lot of data, which will put a lot of pressure on the real world to handle data.

Therefore, data storage will be an inevitable challenge to implement exponential applications.

Distributed storage provides positive incentives

At present, the most suitable data storage tool for Web3 storage is undoubtedly distributed storage. In contrast to the centralized management of traditional application platforms, the MEMO network is deployed on a blockchain and uses distributed storage to process data.

Memo’s MEFS file storage system provides a highly scalable and low-cost distributed storage approach for the ZB-class data storage market. MEFS ensures high scalability and sustainability of systems at a low marginal cost by integrating available resources.

This mode effectively makes use of idle storage resources and meets the hard requirements of Web3 for mass data storage.

Source: MEMO

As a decentralized storage system, it is very important to establish a perfect incentive mechanism to reward storage providers, punish fraudulent entities, and effectively coordinate the division of labor among storage users, storage resource providers, and metadata managers.

MEMO creates three roles (user, guardian, provider) for a decentralized community within a completely autonomous system. These roles interact with each other through smart contracts.

With a worldwide network of storage nodes, MEMO now has 100 petabytes of storage on the entire network. MEMO is designed as a global edge storage device with a low node threshold, even on a home computer.

In addition, Memo only provides storage space for actual needs, rather than competing for massive computing power to produce blocks.

Mappings of role interactions are stored on relevant devices with valid data to avoid wasting resources on the meaningless competition for computing power.

The beautiful double helix of Web3 storage

As with any technology, storage projects should be cautious and consider the possible consequences of such technologies. In the Web3 era, privacy and security are always unavoidable topics.

Web3 closely links real life with the virtual world and leads to the potential influence of the virtual world on real-life data.

For example, hackers can exploit technical and administrative flaws to steal personal data and track and mine unauthorized access to private content.

Security resilience of fragmented data

Compared with traditional cloud storage service providers, distributed storage provides many security advantages. The Memo is fragmented and networked, encrypted, and stored on nodes. This makes it impossible for the workstation hosting the user’s files to view them, leading to greater privacy.

MEFS uses proof of reliability and proof of time to improve system reliability. It also uses random beacons and BFT protocols to verify proof and avoid malicious manipulation and single points of failure.

Because the consensus mechanism operates off the chain, a degree of flexibility is preserved. This method not only ensures data security and reliability but also allows users to freely choose the storage period to meet different requirements.

Once, for some reason, network nodes are maliciously attacked or fail, some data fragments are exposed or lost without any serious consequences to users.

Because the data is encrypted, and only a small part of the data file. At the same time, Memo’s diverse and optional fault-tolerant mechanisms provide the Memo storage protocol with high reliability.

Source: MEMO

RAFI technology can be used to guarantee data recovery in case of uncontrollable natural disasters or loss of nodes or destruction of data fragments caused by human causes, which basically ensures that user data will never be lost during the storage period.

And the whole system is fault-tolerant, a single node being destroyed will not make the whole system crash, through redundant storage files, so that the lost data can be easily recovered.

The privacy issues that come with sharing

Web3 is about privacy and data sovereignty. In the process of data storage state verification, Memo uses more advanced privacy computing technologies such as zero-knowledge proof, homomorphic encryption, secure multi-party computing, etc.

This approach maximizes user privacy as supported by any third-party authentication. The Memo is encrypted using asymmetric encryption. Only the user with the private key can decrypt the data.

In MEMO distributed storage protocol, data is encrypted at the source client and transmitted to the network in the ciphertext.

The provider node that stores the data receives the data in ciphertext, which ensures that the data is encrypted during both dynamic transmission and static storage.

Memo implements absolute user privacy. Files stored in the MEFS system are encrypted at the source client, segmented using a combination of multiple copies and erased redundant code, and finally stored at nodes across the network.

This encrypted data can only be accessed and modified by the user, not by the MEMO project or anyone else.

Source: MEMO

Of course, encryption and privacy are only necessary defaults. MEMO enforces a more thorough privacy strategy. MEMO also allows for a variety of scenarios where different data will be used in the future.

MEMO designs editable privacy policies based on different privacy requirements. The privacy policy encrypts at the source, allowing for more thorough enforcement of data privacy protection.

At the same time, the privacy policy can also be edited to meet the needs of different scenarios. These scenarios will become the foundation for decentralized identity governance in the future Web3 era.

Bottom line: Stand out in crowded storage space

Although Web3 is not fully matured and requires blockchain to embrace Web2 faster, we fully believe that the formation of Web3 will be a complete Internet storage paradigm reform and data ownership innovation.

In terms of protecting data privacy, this step usually needs to be supported by privacy computing technology.

If MEMO can experiment more in the realm of decentralized computing, then as a powerful overall data solution it can support more complex DApps that can perform more complex calculations at a much lower cost than performing smart contracts on the blockchain. Computing doesn’t seem as crowded as storage at the moment.

Source: MEMO

As a result, powerful competitors are eyeing up storage. Of course, we can’t ignore that projects like Arweave already have a well-established ecosystem.

We have seen the excellent L2 protocol Metis choose MEMO as a storage partner for its high security, reliability, and availability.

Transformational collaboration in the traditional Web2 business, extensive deployment of other protocols, and the development of more native DApps will drive the growth of MEMO to a greater depth.

By Kyle, Investment Manager@Bing Ventures