Name of Project
[MEMO]
Proposal overview
[Describe in less than 2,000 words on how this will benefit the blockchain ecosystem. Be specific about the goals and outcome of the proposal, with go-to-market and/or user-acquisition strategies if possible.
What stage of the product or idea are you (and your team) at? Is it live on Harmony and/or another chain? How many active users do you currently have, or aim to acquire? How much funding do you need? What are your milestones? What help do you need, or what gaps are there in your team?
PROJECT OVERVIEW
When deploying a chain node, the data of the chain must be synchronized first. Usually, the data file size of the chain is hundreds of GB to several terabytes. The chain synchronization data is usually very slow, and it takes many days or even more than ten days to complete the synchronization. Deploying the chain takes too much time
In order to solve the needs of Harmony users for rapid deployment or rapid recovery of existing Harmony chain nodes, Memo provides a safe and reliable decentralized storage solution. First, obtain the latest fragmented data snapshots of all the blockchains of Harmony, and store them on multiple storage nodes of Memo in a compressed package. Then provide the URL address of the fast download chain data to the outside world
MEMO is a new generation of decentralized cloud storage protocol based on blockchain, and its mission is to build a reliable infrastructure for Web3.0. In order to achieve high scalability and high availability, MEMO has made a number of unique innovations in data tiering, verification, fault tolerance and repair mechanisms. Presently, most decentralized storage projects are just a combination of blockchain and simple storage technology, and most of them use blocks to incentivize storage, which limits their performance and scale. However, MEMO does not motivate storage by producing blocks, and has made a number of innovations in architecture design, verification mechanism, redundancy and repair mechanism. For example, MEMO only stores key information on the chain, and stores other data in the mode of sharing economy. On edge storage devices, and the verification mechanism is also designed to be carried out off-chain, which makes MEMO have high availability and high scalability under the premise of ensuring security, so it is easier to achieve large-scale storage. In addition, we also have leading storage technology, such as the design of multi-level fault tolerance mechanism and original repair mechanism, which makes data storage more reliable, which is not available in many decentralized storage projects at present.The rise of Web3 applications and the adoption of new datasets in the form of NFTs and metaverse assets is creating markets for specific forms of data storage. These needs are met exclusively by decentralized protocols such as Memo to accommodate that growing demand of data storage
Because Memo is a cross-chain decentralized storage protocol ,
This funding when granted will be used in the following scenarios
system construction.
Intensive Research and Staff training
Intensive Product Marketing
External fixed IP and network bandwidth lease;
Memo storage equipment, storage space and other infrastructure purchases;
System construction such as Web pages;
Establish long-term, cross-ecosystem support and maintenance partnerships.
What stage of the product or idea are you (and your team) at? .
Production environment is live and we are building with tech enthusiasts including MetisDao
Is it live on Harmony and/or another chain?
Project is currently deployed on Ethereum.
How many active users do you currently have, or aim to acquire? Currently 154 Storage nodes Expectation : 1,000 + nodes
How much funding do you need?
$250,000
What are your milestones?
1,000+ Nodes by first half of next year ,More strategic partnerships with Public Chains ,Marketing Campaigns and Centralized Exchange Listing
What help do you need, or what gaps are there in your team?
Marketing ,Partnerships,Staff Training
Proposal ask
[Funding amount requested]
$250K
Metrics for success
[Milestones, number of users/transactions]
Memo currently has over 154 registered provider nodes and counting
MetisDAO an ethereum layer-2 roll-up has deployed Memo’s storage layer and since this integration,the Metis Andromeda Network transaction cost has dropped from 3$ to as low as $0.03 rendering it the cheapest of all layer 2 platforms
The points listed below are currently deployed on the Harmony chain allowing for greater decentralization
Memo has
deployed Harmony sharded full nodes in order to synchronize the latest data blocks in real time.
It is compressed and packaged regularly everyday and stored in multiple storage nodes of Memo in real time.
Provided network bandwidth and a fixed IP for the external network.
Created a website that lists the download address for downloading the latest shard chain data, and provides it for external download.This can be accessed through MemoSync
External links
[Project link, demo, whitepaper, video]
to have the Harmony community participate to ask questions and provide feedbacks.