Definitely agree with @dzham. 1024 bytes does not seem aligned with Stellar's current implementation of the memo field. @msamadi, basic IPFS nodes handle hash generation for you if ease of use is your concern.
EDIT: @MisterTicot what are the benefits of on-ledger messaging? Can you guide me through the rationale?
IMHO off-chain messaging is important in addition to on-ledger comms because it:
1) Provides privacy (no visible message exchange / message lengths).
2) Increases communication speed (micro-payment channels).
3) Allows for multiple communication protocols/modalities.
4) Reduces auxiliary data on-chain (e.g. exchanging preauthorized transactions for "smart-contracts". A reference (hash) of the communications can be stored on-ledger if public validation is required.