Jun 15, 2018
Memority is a blockchain-based platform for encrypted decentralized cloud storage of valuable data. Memority’s mission is to create a self-sufficient ecosystem that includes many applications to meet the needs of businesses, government organizations and individuals in the super-secure storage of all kinds of valuable data. The platform includes a collection of independent repositories from around the world, which are based on computers of users who have provided a part of the memory of their hard drives for file storage. To ensure a high degree of data security, 10 copies are created for each of the stored files, integrity and authenticity of which are constantly monitored. If the number of file copies is insufficient or the copies have been forged, new copies of the original file are automatically created for new hosters. The processes for verifying availability, authenticity and recovery of files are independent from the file owner and will work autonomously as long as the files storage in the system is paid for. 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. Unique hash identifiers of data are stored in a blockchain database, so it is impossible to delete files, to forge them, or to forge information about storing files. All above mentioned allows unprecedented files protection from deletion and forgery. The motivation mechanism for hosters (people who provide a physical memory of electronic devices for data storage) is aimed at connecting as many ordinary computer users as possible with the system to maximize the number of independent repositories. Such a system will function with user data protection even if there are no more developers of platform-based applications, developers of the platform itself, or up to 90% of hosters are lost at the same time. Full self-sufficiency, the built-in self-cleaning mechanism and the decentralized nature of the functioning allow the system to exist and work for many years without outside management. The work of Memority is based on its own MMR tokens, the transaction history of which is also recorded in blockchain. The payment functionality is provided by the system of smart contracts, which protects interests of all system participants and constantly cleans the platform from unnecessary files. The data owner can provide space on his device, thereby gaining the ability to store his data free of charge. This possibility is directed, among other things, to expanding the network of hosters, by including ordinary users in the system of computers. Memority API allows third-party developers to create desktop and online applications for decentralized encrypted storage of various types of data without a lengthy investigation into the technical details of blockchain technology. Developers are rewarded with 5% of payments for all stored files uploaded through their applications. The creation of new applications will trigger the popularization of Memority, and an even greater influx of hosters and users, which will positively affect the work of the platform. Miners receive MMR tokens reward for ensuring the system is operational. Between all the miners who participate in the creation of the block, 5% of the payment for all files, entries of which are contained in the block, is distributed. The platform uses Proof of Authority, so the computing power is irrelevant to the process of blocks creation and will not increase with time. This is substituted with miner’s authority that they prove by having a large stake in the system. Therefore, a limited number of tokens is issued, and mining commissions will be charged when paying for file storage. Token investments and the token cost are protected from inflation. This is achieved by limiting the number of tokens and rewarding all participants in the system. In its turn, this will popularize the project and increase invectores’ profits in the long term perspective.
Creation of several file copies in independent storages
High payments to hosters for providing space for users’ files storage
Decentralized process of file copies checking and restoration
Storage protection from cluttering with useless data
Anonymous cryptocurrency as means for storage payment
Interface for third-party app developers
Material rewards for third-party app developers
Data encryption with a private key that only data owner has
Free data storage availability
Storage safety and files restoration independent from file owners
Complete independence from centralized systems
Files’ hash-codes storage in blockchain for data authenticity verification
The Memority system operates on the basis of EVM (Ethereum Virtual Machine) using a new algorithm of PoA (proof of authority) consensus. This approach allowed us to multiply the network speed and reduce the computational cost of maintaining its performance.
The choice of EVM is the result of the following factors:
1. a vast community of developers who are constantly developing this blockchain technology;
2. the possibility of using our own private blockchain network, which allows us to be independent from the market rate of Ethereum (which would significantly affect the cost of recording transactions in the blockchain system);
3. the availability of ready-made EVM tools for solving Memority tasks.
Encryption of files is provided by the algorithm: cryptography, Fernet (AES-128) - https://cryptography.io/en/latest/fernet/ and https://github.com/fernet/spec/blob/master/Spec.md Keys generation is provided by a mechanism ecdsa. The local database is built on the technology SQLite + sqlalchemy. The graphical user interface (GUI) is built on the basis of PyQt5. Interaction with Ethereum is conducted through web3.py. Interaction between users is implemented via aiohttp.
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