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Singapore, Singapore–(Newsfile Corp. – July 28, 2022) – In April, MEMO launched its Megrez Version (“Mergrez”), a new decentralized storage network.

Megrez is a formal storage network built on a stable production environment, which has been in testing since last November and went live this April. The security, reliability and loading capacity of Megrez have been successfully verified. To familiarise the community with the deployment process, MEMO is now opening its Megrez public network to the community for free.

Metis Andromeda Network

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Decentralized storage layer built for Metis, integrated into the Ethereum scaling ecosystem

In December 2021, MEMO and Metis reached strategic cooperation. On April 13, 2022, Metis was officially launched simultaneously with a MEMO decentralized storage service. Metis’s dedicated interface enabled operating nodes and ecological partners to conveniently store various types of data, such as on-chain historical data, NFT metadata, media data, and dAPPS.

Metis is the star project of the Ethereum Layer2 Rollup and has shown great resilience in scaling the application layout of the Ethereum ecosystem. MEMO’s decentralized storage service for Metis is built on Megrez’s stable production environment. Currently, transaction data is being uploaded to this storage network in an orderly manner.

The new decentralized storage layer significantly reduces Metis’ gas fees, making it the least expensive L2 project with unlimited potential.

The key to successfully reducing the gas fee is a change in the storage structure. In earlier versions of Metis, Ethernet was used as a primary storage layer, with the Sequencer nodes publishing both transaction data and the corresponding state roots to Ethernet, generating very high gas fees.

The new version of Metis transfers the transaction data to the MEMO decentralized storage layer without directly storing transaction data on Ethereum. Its Sequencer first stores a large volume of transaction data on MEMO and then publishes the storage index of the transaction data on Ethereum. The Verifier node can read the original transaction data from the MEMO storage layer using the index value.

Here’s the standard workflow: The Sequencer grabs the latest batch of transactions on the chain and uploads the transaction data to MEMO while calculating the Merkle tree root of this batch of transaction data. Once the transaction data is available in the decentralized storage, the Sequencer commits the Merkle tree state root to the Ethernet main net, which is the complete process of aggregating the batched transaction data. When the Verifier views the commit, based on the committed hash, the Verifier will be able to locate and download the transaction data from the decentralized storage.

To address the considerable cost of data storage on the main Ethernet network, Metis significantly reduces its gas fee by transferring the transaction data from Ethernet to MEMO and keeping only the very small size of the index data and state root data on it.

Exploring the Practice of MEMO Decentralized Storage

High availability is at the heart of MEMO design, as the next-generation blockchain decentralized storage protocols, to solve the following bottlenecks in similar projects:

  1. Direct on-chain storage brings high redundancy, high latency and high cost, which is not suitable for large-scale storage;
  2. Most decentralized storage applications generally focus on the construction of the chain and ignore the storage technology itself. They generally adopt a simple multi-replica redundancy model and lack the necessary recovery mechanisms when data fails, which makes security and storage space utilization a huge challenge.

To break through this bottleneck, Memolabs has designed a layered architecture, public verification, multi-level fault tolerance and RAFI recovery mechanism. The combination of these technologies will make MEMO a representative of decentralized cloud storage that is fully decentralized, with low redundancy, low energy, high reliability and high availability.

Phecda is the first version of MEMO launched in June 2021, attracting more than 1,100 Providers and 7,000 Users. The protocol security, reliability, availability, and system loading capacity have been verified. Megrez is an upgraded version of Phecda and the latest version of MEMO, with further enhanced security and reliability.

MEMO Megrez has been integrated into the Ethereum scaling ecosystem with highly available decentralized storage. It opens up a feasible path for attracting more mainstream users to participate in the construction of Web 3.0.

Twitter: https://twitter.com/Memo_Labs
Telegram: http://t.me/memolabsio
Medium: https://memolabs.medium.com/
Discord: http://discord.gg/YG4Ydv2E7X

About MEMO
Project Name: MEMO Decentralized Cloud Storage
Website: http://memolabs.org/
Contact: MINA
Email Address: [email protected]

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