MEMO Releases the First Round of Online Testing – a Highly Secure, Reliable, Cost-Effective Decentralized Distributed Storage System

NEW YORK, May 28, 2021 (GLOBE NEWSWIRE) -- Having researched with great concentration on distributed storage based on blockchain for several years, the MEMO team has planned to release the first round of online testing in the next half month. Short for Memoriae, MEMO is a brand-new decentralized distributed storage system developed by its R&D team relying on well-known professors and IEEE Fellow members in the storage field. With three original core technologies, MEMO is committed to integrating global cheap resources to provide a highly secure, reliable, cost-effective P2P decentralized storage system.

With strong scientific research capabilities and sufficient talent reserves, MEMO has achieved three major technology breakthroughs, distinguishing it from existing distributed storage systems in the market. You can learn more about them as follows:

1. Optimize data storage location according to the importance of data, eliminating the potential bottleneck of the performance and cost of MEMO.

In your daily life, whenever you pursue the performance of something or the effect of doing something, the cost invested in it–whether tangible or intangible–should be taken into consideration. Analogous to MEMO, there should be a dynamic balance between the security and reliability of blockchain and the performance and cost of the entire system.

How does the MEMO team solve this problem? Based on the different characteristics of blockchain and edge devices, the most critical data in MEMO storage system – e.g. role (account) information, smart contract information (even summary)–is stored on the blockchain proved secure, reliable, and available, while other data, such as data location information, user data, etc., are stored in edge devices with higher cost-effectiveness.

2. The unique and innovative Risk-Aware Failure Identification (RAFI) strategy effectively balances the reliability and availability of the data in MEMO with the consumed repair traffic.

Compared with the existing data failure identification mechanism in which data failure identification relies on node failure identification, RAFI uses the number of failed data blocks in the strip to assess the reliability risk of the strip. Improve data reliability and availability by shortening the failure identification time of data blocks in high-risk stripes, and reduce data repair traffic by extending the failure identification time of data blocks in low-risk stripes.

The correctness and effectiveness of RAFI are verified through theoretical analysis, simulation experiment and prototype construction. Experimental results show that RAFI can greatly improve the reliability, availability and service capabilities of existing distributed storage systems at the same time. For example, in a 1000-node RS(6, 3) encoded storage cluster, compared to the traditional data failure identification strategy, in the best case, it reduces repair network traffic by 28%, while improving reliability by 11 times and reducing unavailable time by 45%.

3. Adopt a design strategy based on multi-copy fault tolerance with high redundancy supplemented by erasure coding fault tolerance with low redundancy.

Considering that the currently widely used redundancy mechanisms have common problems with high costs, the MEMO team combined the advantages and disadvantages of erasure coding and multiple copies respectively to design a new redundancy mechanism that can be selected according to User needs and actual conditions.

In order to avoid unnecessary redundancy costs, the redundancy should be controlled as low as possible. According to the volume of each data in the decentralized distributed storage system, different fault tolerance methods are adopted–large-volume data adopts erasure coding fault-tolerance method as much as possible, while small-volume data adopts multi-copy fault-tolerance method, which can minimize the entire system redundancy. It is worth noting that when the User does not explicitly select the fault-tolerance mode, in order to reduce the storage overhead of the Provider, the data is processed in the fault-tolerance mode of erasure coding by default.

Next, you have got to know well the detailed incentives of online testing stated as follows:

● Sign up for Auth Token

Users can send an Email to sup@memolabs.io to apply for test tokens in the MEMO wallet (under development), and the system will send the user a test token of 10 Memo. When the user's test balance is not less than 10 Memo, they will not be able to apply for the test token again. The Email subject should be "apply for test token", and its content includes account address (format such as 0x...) and role (Provider or Keeper or User).

● Interactive Forum

Persons who are interested in decentralized data storage systems are welcome to join the MEMO community and participate in interaction! You can follow MEMO on GitHub by visiting https://github.com/memoio/testnet/issues, and Twitter by https://twitter.com/memolabsio.

In MEMO, each user can register as a role according to its own needs, including User, Keeper and Provider. If it is a storage demander, it is registered as a User; if it is a device provider, it is registered as a Provider; if it only provides information management services, it is registered as a Keeper. The functionality of system roles is summarized as follows:

● User: Consumer of the storage service in MEMO system. User configures smart contract parameters to select Providers and indicate desired service level. User can generate smart contract, upload data to MEMO and use MEMO tokens to pay for storage services. User can also download and manage data stored in MEMO;

● Provider: Provider of edge storage devices in MEMO system. Provider uses smart contract parameters to verify its service capabilities; store uploaded User data as required by smart contract; executes and responses to User data access and management requests; responds to challenges from Keepers and cooperates with Keepers to repair or recover data; receives MEMO tokens as income for providing data storage services;

● Keeper: Information intermediary and manager between User and Provider guaranteeing the security, reliability and availability of MEMO system. Keeper is responsible for preserving data mapping information and reaching consensus. Keeper uses smart contract parameters to validate its upkeep capabilities; challenges Providers and reaches consensus on both Providers' reliability and availability and on when to repair or recover damaged or lost data; validates and confirms smart contracts between Users and Providers; validates and transactions on the blockchain; calculates and reaches consensus on storage space time utilization; receives MEMO tokens as payments for providing upkeep services.

In the MEMO ecosystem, the three roles interact with each other–User puts forward storage requirements, Keeper finds suitable storage nodes for User, and storage node Provider stores data for User.

In the long run, the MEMO team will continue to spare no effort in the innovation and integration of system modules, enhancing its availability to provide a large-scale and high-quality global storage ecosystem that can accommodate ZB-level data. On the basis of ensuring data security and stability, improve the ability and efficiency of human information storage. Hurry up and join MEMO to build a new era of shared storage!

For more detailed information, please visit:

Official Website: http://memolabs.org/

Social links

Twitter: https://twitter.com/memolabsorg

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Medium: https://memolabs.medium.com/

Reddit: https://www.reddit.com/r/Memolabs/

Media contact

Company Name: Memolabs Limited

Contact: Mina

Address: Sea Meadow House Blackburne Highway P. O. Box 116 Road Town, Tortola

British Virgin Islands

Email: congrong@memolabs.io

Tele:13910796906

Website: http://www.memolabs.org/

SOURCE: Memolabs Limited