Memority ICO Aims to Bring You the Most Secure Cloud Storage
The project aims to create a decentralized cloud storage platform where users can earn rewards by sharing the physical memory of their devices.
Nowadays, it is a rare individual who does not store tons of personal and business data on the Internet and PCs. This highlights the pressing need for a reliable and convenient system that provides secure storage of such digital data, safeguarding it against both hack attacks and various hard/software failures that might result in loss of valuable files.
Unfortunately, all existing solutions from traditional cloud storage providers have some vulnerabilities, mostly due to the use of centralized servers. This model involves keeping all files in one specific place and under specific administration, which increases the risk of their loss, accidental deletion, or unauthorized viewing by third parties. Besides, such storage solutions are not always focused on the additional motivation of users.
In order to address these inefficiencies, Memority has developed an innovative cloud storage platform built on blockchain and thus, by definition, providing the most secure and completely decentralized storage of valuable data. The platform represents a collection of independent repositories worldwide based on the computers of hosters providing the physical memory of their devices for file storage. Such a self-sufficient ecosystem is characterized by complete independence from any centralized systems and outside management.
The Memority platform protects user files with technologies similar to those used in blockchain wallets. The key features that ensure an unrivaled degree of security and make Memority a game-changer in the data storage solutions space are:
Encryption. All user files loaded into the system are encrypted with a private key only their owner has, so no one else is able to get access and view the content.
Protection from accidental deletion and forgery. By default, the system always creates 10 copies of each stored file on independent storage locations worldwide and then monitors their availability, integrity, and authenticity. The blockchain database stores unique hash identifiers of data, which are regularly checked for possible fakes or forgery.
Motivation mechanism for hosters. In return for providing their disk space, hosters can store their own data free of charge or receive internal MMR tokens, which will be used for all operations inside the ecosystem.
The project offers an exclusive opportunity for becoming a miner. Any owner of 10,000 MMR can apply for mining participation and receive token rewards for supporting the functionality of Memority’s blockchain system. The project uses proof-of-authority mining, which means there is no need for expensive and powerful computing equipment. Moreover, 5% of all payments for storage of the data contained in a block are distributed among the miners participating in the block creation.
Furthermore, Memority invites all third-party developers to come forward with fresh ideas and create their own desktop and online applications for decentralized, encrypted data storage. The company hopes that a variety of new applications for businesses, government organizations, and individuals will help attract more users to the community. Such apps developers will also be rewarded with 5% of the payments for all files uploaded with their apps.
Notably, the company already has a working MVP. The Memority open Alpha version was successfully released in April 2018. However, the team behind the project aims to enter a new stage of development and is launching a token sale to achieve this.
Memority ICO details
The pre-sale started on May 16 and will last until May 30. The main ICO begins on May 31 and is scheduled to close on October 1, 2018. Please note that during the pre-ICO and the ICO, it will only be possible to buy the utility Ethereum-based EMT (Ethereum Memority Token), which can then be exchanged for internal MMR tokens at a rate of 1:1 without any commissions.
The total supply of EMT tokens is limited to 1.5 billion and 855 million (57%) will be available for sale with a flexible bonus scheme. The ICO starting price of 1 EMT is set at $0.10. The project developers hope to reach a hard cap of $85.5 million. Unsold tokens will be destroyed.