Accoording to the IDC statistics, China’s Internet presently processes as high as 290 million RMB in third party payments with over 15.5 million RMB in online retail transactions, consumes over 100TB for mobile Internet payment, and sends more than 30 million WeChat messages per minute. IDC predicts that the total data in 2024 is expected to reach 175ZB globally.
Data Revolution Today
The advent of Internet has set off a huge data revolution.
The development of science and technology has brought unlimited possibilities to humanity, but it has also brought unprecedented pressure on data storage.
The cost of centralized data storage stays high because of its long deployment cycle, rapid changes, large infrastructure capital investment, high management cost, frequent equipment upgrade and ongoing operational costs.
The nature of centralized data centers will inevitably introduce significant security and reliability risks. Uers have limited technical prowess, so most of their data uploaded to the data center is not handled safely, which results in lack of data privacy and data security. In addition, the centralization of data center can be significantly correlated to software failures, that is, a large number of software and hardware caused impacts can occur simultaneously in a short period of time. Hugh cost forbids the adoption of effective redundant technologies to fully cover these correlated failures.
Memo Labs — A Decentralized Storage System
In facing of the obove mentioned realities, Memo Labs, a decentralized storage system, is designed to address the challenges in centralized data storage and to meet the data storage needs of future Internet applications. It adopts blockchain technology to organize and manage readily available but often overlooked inexpensive edge storage devices to provide highly available data storage services to the global user community.
Memo Labs stores only the most critical data of the storage system, such as role information, smart contract information, and etc. on the blockchain. The rest of the data is stored in ordinary edge devices. More concise and efficient technologies will be used to ensure the security and reliability of stored data and edge storage devices at the same time, thereby improving the cost performance of the storage system and ensuring storage availability, reliability, privacy, integrity and safety.
How does Memo Labs Work?
Users purchase storage services from Memo Labs through blockchain based smart contracts. Transaction revenue will be divided into the following four categories: leased edge storage devices, management and maintenance of data stored on edge storage devices, blockchain based transaction processing, and Memo Labs service quality guarantee. Specifically, the users pay the service fee based on storage service’s availability and the amount of time and storage consumed. The service providers’ (edge device providers) revenue is allocated based on provided storage’s availability and the amount of time and storage provided.
Distributed storage is easy to scale and manage. Distributed storages are increasingly favored by users in different industries due to its low cost, high hardware flexibility, and rapid integration capability These factors are very important for enterprises undergoing digital transformation. Unlike other distributed storage projects, Memo Labs solved many difficult challenges to successfully deliver a viable and innovative decentralized storage system for general consumption. Memo Labs will lead the digital storage transformation in this new era of data revolution.