How Does MEMO Compare to dStorage Competitors
Decentralized storage (dStorage) has the potential to make the use of blockchain mainstream, to push it to heights that it has never seen before.
Currently billions of people are using cloud storage systems around the world, so the demand for storage systems is there. However, the most used among these are centralized storage systems, which come with their own set of downsides.
For example, most major centralized storage systems like iCloud and Dropbox have suffered from storage breaches over the past few years. Additionally, major centralized storage systems also come with the baggage of data outages, monitoring and rising storage costs.
dStorage is a key alternative to centralized storage systems, which allow users to work at faster speeds, enjoy greater security and privacy, and low storage costs.
While the technology for dStorage continues to grow, each new development helps to guide a path to perfecting what is needed from a thriving, easy-to-use dStorage system.
MEMO offers a decentralized storage system globally and helps to solve key issues in existing data storage systems. MEMO entered the market after noticing some key problems with existing decentralized storage systems, in particular in relation to storage capabilities and in relation to storage and reliability issues on edge devices.
Firstly, when it comes to dStorage, the amount of storage available is a concern. While centralized systems have traditionally used huge warehouses to store big data, MEMO has been able to find a solution for decentralized systems, which have typically struggled to adapt for the storage of big data.
The MEMO system utilizes an individual provider’s edge devices to meet the user’s storage demands. A portion of the transaction revenue received from the user for using Memolab’s service passes onto the provider as income for leasing their storage space, giving rise to an entirely new realm of opportunities.
Additionally, MEMO has introduced Risk-Aware Failure Identification (RAFI), which, as stated above, is designed to solve the reliability and security issues that are common in edge devices. In essence, the fundamental idea surrounding RAFI technology is to utilize varying confirmation times for failed data blocks in strips with different risk levels. It also offers short failure confirmation time to high-risk strips containing multiple failed data blocks, while giving long failure confirmation time to low-risk strips containing a small number of failed data blocks.
How Does MEMO Compare to its Competitors
Of course, there are a number of companies who offer decentralized storage options for users, so how does MEMO match up to these other services?
Filecoin focuses on data storage and distribution, though the company is mainly focused on storage. By comparison to MEMO, Filecoin offers 1,000 petabytes of storage for users, while MEMO offers 1 zettabyte of storage, equivalent to 1 million petabytes of storage. In addition, MEMO’s reliability is anywhere from 100 to 10,000 times higher than Filecoin, due to its RAFI system.
Built on the Ethereum network, Storj is designed entirely for storage. Storj works by splitting and encrypting files on the client side before being distributed across thousands of nodes around the world, with the company focusing mainly on containing data breaches. MEMO’s storage capability is about 5,000 times higher than Storj, which offers less than 200 petabytes. As mentioned above in relation to Filecoin, MEMO’s reliability is also anywhere from 100 to 10,000 times higher than Storj’s.
One of the most prominent players in the game, Sia aims to become the backbone layer of storage on the internet and has consistently upgraded its technology for better performance. Still, MEMO far outperforms Sia for storage capabilities, with Sia only offering 1 terabyte of storage. Like the other two cases above, MEMO’s reliability also far outperforms Sia’s, thanks again to its RAFI system.
So we can see that as MEMO enters the market for dStorage, it brings with it a new cycle of technology that redefines the way decentralized storage is treated and used by individuals.