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So my question is which way is better when we compare it with data transmission.

Using semantically appropriate messages is always the "better" way.

Is your data structure a string? At the very least it's a dictionary, as you describe yourself. A dictionary != string.

Do not use strings to transmit data structures.

It's unnecessary and undesirable.

Which one will be faster and consume less memory?

Unless you have evidence already using a custom message (with proper fields) is causing you performance issues, do not prematurely optimise.