Sia is a decentralized cloud storage platform similar to well-known centralized storage providers but the storage space being rented is provided by a network of peers, rather than a centralised entity. Sia uses smart contracts on the blockchain to set up transactions between nodes (or storage providers) and their clients. Before storing the data, the data is encrypted into many pieces and uploaded to different hosts.
The creators of Siacoin are David Vorick and Luke Champine of Nebulous Inc and the long term goal of the Sia Storage Platform is that Sia becomes the backbone storage layer of the Internet.
The founders of the Sia network believe that individuals and institutions should not be beholden to large corporations. Sia was created to promote and safeguard users’ freedoms.
Siacoin offers data storage which is more affordable and reliable than centralised data providers. The code for the Sia network is completely open source and many individuals have contributed to Siacoin’s software. This allows for a very active community that can build innovative applications on the Sia API.
Siacoin has a development plan over three phases. Firstly, they want to focus on file sharing between Sia users. This allows Sia users to share files in the platform without having to take it off the cloud while increasing network utilization. Secondly, they want to enhance partnerships – by reaching out to large companies like Netflix and Dropbox to become their storage and distribution framework. The final and long-term goal is to expand its horizon to share files with non-Sia users and support mobile wallets.
The Siacoin is a utility cryptocurrency that is used by both renters and hosts of decentralised storage. Renters use Siacoin to buy storage capacity from hosts, while hosts deposit Siacoin into each file contract as collateral.
The advantages of the Sia network are that it is more secure than traditional file storage systems (such as Amazon, or Netflix) as the data is automatically encrypted prior to being uploaded to the network, and apart from this the data is distributed among several hosts so that no single entity can be a point of failure.
When data is uploaded, it is split into 30 segments, and each one of these segments is distributed amongst a different host. Using a technology called Reed-Solomon erasure coding, files are divided in a redundant manner, and any 10 of those 30 segments can be used to fully recover a user’s files.
The Sia blockchain allows for a data storage marketplace to form and to run without an intermediary or central authority. On the Sia network, no one person or organization can censor or deny access to data—not miners, not developers, nor any government.
source: ➡️ https://www.coingecko.com/en/coins/siacoin
source: ➡️ https://sia.tech/
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? FINANCIALS
Total Market Capitalisation: $ 394M
24 Hour Trading Volume: $ 83M
Circulating Supply: 49.9B
Total Supply: ∞
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Intro 00:00
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Technology 00:53
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Siacoin Uses 03:27
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DISCLAIMER:
I am not a financial adviser and my opinions are entirely my own. One should evaluate their options and inform themselves prior to investing in any market, and should only invest after discussion with their financial adviser. I am not a financial adviser and my statements should not be taken as financial advice.
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