Decentralized Cloud Storage MEMO Launches New Testnet “Megrez” Global Public Beta

User can experience a new Web3.0 cloud storage for free, Provider can get rewarded

MEMO is a new-gen blockchain decentralized cloud storage protocol developed by MEMO Labs. Phecda, MEMO’s testnet has been running since last May. Now there are over a thousand registered nodes and 48PB storage in total, initiating MEFS (Memo File System). We have iterated and updated the underlying technical architecture and application of our products based on feedback and comments. Megrez, a new version of MEMO’s testnet will be officially released on April 2,2022.

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Free use and reward 

The launch of the Megrez testnet means that the arrival of the mainnet is closer. We welcome encryption, storage, and Web3 enthusiasts from all over the world to participate and witness together. The User can store data for free, and the provider will get rewarded for participation during the testnet .

MEMO decentralized cloud storage protocol has three roles User Provider and Keeper. Anyone who participates as a provider has a chance to win rewards whereas the User can store data for free.

– User

The enduser in the system is the User, who has the right to select the appropriate storage node (Provider) and the manager (Keeper) to provide services for itself and pays for the service. (The storage is free during the testnet.)

– Provider

The Provider is the one who provides storage space in the system. It provides storage services for the User and is paid by the User. It needs to keep a certain online rate and accept the challenge of the Keeper regularly.

– Keeper

The Keeper undertakes the functions of information intermediary and management, that is, matching the information between the User and the Provider, and extracting management commissions from the storage fees paid by user.

In the Megrez testnet, the test of User and Provider roles are open first. Users can choose any or both two roles to participate in the test.

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What’s so great about the “Megrez”?

Megrez will continue to scale up role-based testing to further validate the system’s capacity and factors that affect massive data upload, data storage viability, and its economic models.

Compared with its predecessor Phecda, Megrez has upgraded its security and availability. In terms of security, Megrez has optimized the consensus mechanism for the Keepers and enables on-chain transaction data submission. In terms of availability, Megrez not only has improved the challenge mechanism but also developed a new micro-payment layer. In terms of application, Megrez has developed new application interfaces to meet the business needs of different partners.

– Security upgrade:

The Keeper role will reach a consensus on the challenge result through the Byzantine fault tolerance, which reduces the possibility of conspiracy attacks and improves the security and reliability of third-party challenges. At the same time, based on its layered structure, apart from on-chain smart contract storage, Megrez also enables on-chain transaction data submission between roles and makes transactions open and unchangeable, greatly improving transaction security. Transaction will not increase any extra burden on the system as transaction data are small in volume. Two optimizations further consolidate and upgrade system data storage security.

– Availability optimization:

To reduce communication overhead, Megrez has optimized the challenge feature to effectively reduce data load in the challenge process and boost the efficiency of challenge and verification. In addition, the system has developed a new off-chain micro-payment layer. It will greatly reduce on-chain transactions through certain access to credits, similar to a cheque. This micro-payment layer will complement contracts on the original channel, enriching system payment features.

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– Ecosystem growth:

Not long ago, MEMO reached strategic cooperation with Metis, Harmony, Bifrost, and other projects. MEMO will provide partners and their ecological projects with decentralized storage services. MEMO has developed easy-to-use APIs for developers to access MEMO protocol, historical decentralized storage data, NFT metadata, media data, dAPPS, and other types of data on the chain with one click.

The launch of Megrez opens a new chapter of Web3.0, which raises the bar for decentralized storage, not only on security and privacy but also on availability and scalability. Megrez will detect system overcapacity, improve storage interaction systems, enhance security and reliability, optimize availability, and provide richer APIs and features. All steps are foundations for MEMO towards “scaling up”.

Low Participation Barriers

Different from high requirements on large-scale cloud storage devices, MEMO adopts the decentralization and availability of edge storage devices to build a safe, reliable, and large-scale decentralized cloud storage protocol, providing a storage platform that everyone can join in.

Users can deploy Docker on Linux, Windows, and other operating systems and almost all storage devices, such as internal storage devices (SSDs, MHDs), external storage devices (SD cards, USBs, etc.), and NAS devices. Megrez can meet various storage requirements and lower the barrier for everyone to participate.

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[To share your insights with us, please write to sghosh@martechseries.com]