Consistent hashing is used in distributed systems and networking applications to spread data evenly and efficiently across a cluster of nodes. In this paper, we present MementoHash, a novel consistent hashing algorithm that eliminates known limitations of state-of-the-art algorithms while keeping optimal performance and minimal memory usage. We describe the algorithm in detail, provide a pseudo-code implementation, and formally establish its solid theoretical guarantees. To measure the efficacy of MementoHash, we compare its performance, in terms of memory usage and lookup time, to that of state-of-the-art algorithms, namely, AnchorHash, DxHash, and JumpHash. Unlike JumpHash, MementoHash can handle random failures. Moreover, MementoHash does not require fixing the overall capacity of the cluster (as AnchorHash and DxHash do), allowing it to scale indefinitely. The number of removed nodes affects the performance of all the considered algorithms. Therefore, we conduct experiments considering three different scenarios: stable (no removed nodes), one-shot removals (90% of the nodes removed at once), and incremental removals. We report experimental results that averaged a varying number of nodes from ten to one million. Results indicate that our algorithm shows optimal lookup performance and minimal memory usage in its best-case scenario. It behaves better than AnchorHash and DxHash in its average-case scenario and at least as well as those two algorithms in its worst-case scenario.