I do not like that memo.cash stores your wallet password in cleartext in your local storage. Instead some token should be generated server-side and used instead. This token is then validated on each server call.
Where is stored my password? Who has the private key of my account balance at memo.cash? I think the protocol can display information but not replace memo.cash website.
It is stored on memo.cash (not on blockchain). I'm not entirely sure how it is stored. I'm guessing in a database encrypted and secured by your account password.