A new blockchain-powered data storage platform is planned to be entirely decentralised and self-sufficient. By default, 10 copies of the data will be stored in order to prevent deletion.
A new blockchain-powered data storage platform, Memority, is aiming to provide “the most secure ever developed” solution for anyone looking to safely store sensitive data. The system would be entirely decentralised, self-sufficient, and protected against forgery and data deletion. Memority has also stated that “since we use Proof of Authority mining, there is no need for high computation resources.”
No reliance on a centralised system
The modern world continues to shift more and more information from physical to online storage. By 2020, it is estimated that over $100 bln will be spent annually by businesses on cybersecurity.
Memority acknowledges that there are several other ‘safe’ storage platforms available, however, the team claims that there are many factors which differentiate their product from their competitors. For example, it is entirely decentralised, and access to the datasets is restricted only to the owners who hold the private key. By default, 10 copies of the data will be stored in order to prevent accidental or malicious deletion, with a monitoring system in place to detect and replace missing files.
The files are also protected from forgery as a result of data identifiers, with the monitoring system able to scan for fake datasets and restore the correct copies. All of these features take place in a ‘completely self-sufficient and independent’ manner, due to the lack of reliance on a centralised system. A detailed breakdown of all of the differentiating factors of Memority is available on their website.
Their white paper states that the mission of Memority is to “create a self-sufficient ecosystem that includes many applications to meet the needs of businesses, government organisations and individuals in the ultra-secure storage of all kinds of valuable data.” In order for the platform to work, users around the world will provide memory from their computer hard drives to