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Siacoin explained by David Hay
What is Siacon?
Siacoin has been described by some people as the Airbnb for hard drives. The concepts is simple you rent out the unused hard drive space on your computer to people that need cloud storage.
If you watch silicon valley this is an almost identical concept to the Pied Piper idea for encrypted decentralized storage.
If you are a company or individual that requires secure storage on the cloud you can buy hard drive space from other users with siacoins.
The decentralized storage model is more secure because there is no need to trust a company like amazon or google instead. You trust the open source network and encryption protocols so no one will be spying on your stuff for advertising or tracking purposes.
Much cheaper than cloud storage solutions like Amazon AWS.
Siacoins also uses miners just like bitcoin that use their cpu and gpu’s to confirm transaction and search for new coins.
Less development and less features on sia coin
Saicoin speed is slower and because of fault tolerance needed
Only way to earn coins is to buy them on an exchange, rent out your hard drive space and earn them or try and mind them
Service needs to compete with other cloud providers
Renting out hard drive space may not cover the electric costs
1tb – amazon $23, $11.50 if infrequently accessed, sia coin $0.18 crypto nick