How Siacoin is powering the decentralized cloud storage?

How Siacoin is powering the decentralized cloud storage?

By PVMihalache | Mind Puzzle | 4 Jul 2020


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What is Siacoin (SC) ?

Siacoin (SC) is the utility token that powers the Sia Storage Platform, used by hosts and renters for transactions. The current Siacoin price is  $0.0038, being an affordable option for investors. The All-Time-Low was in the early days, in December 2015, when the coin value was only $0.000011. The All-Time-High was at the beginning of 2018, when the price per token reached $0.1118.

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How Sia is reinventing cloud storage?

Sia technology connects users who need file storage with hosts worldwide offering underutilized hard drive capacity, with the help of block-chain technology which secures the data and enables improved economics for both users and hosts. Peers on Sia network can rent hard drive space from one another, for storage purposes instead of renting it from a centralized provider. Not only does this decentralized approach make Sia more secure, but it drastically reduces the overall cost as well so if you have any unused space on your hard drive, then you will be able to rent it in Sia and earn money from it, in the form of Siacoins (SC).

Sia block-chain allows this marketplace to run without an intermediary and secures storage transactions with smart contracts, creating a more reliable and affordable offering when compared to traditional cloud providers. No one person or organization can censor or deny access to data, making Sia’s distributed, decentralized storage technology stronger, more secure, more efficient, and more equitable for the entire ecosystem.

What makes Sia different?

No outside company can access or control the data, making the network completely private. Sia encrypts and distributes file across a decentralized network where users controls the private encryption keys and own the data. 

More affordable than all other options, with the storage price  for 1 TB of files 10 times cheaper than Amazon S3.  The network distributes and stores redundant file segments on nodes across the globe, eliminating any single point of failure and ensuring up-time that rivals traditional cloud storage providers. The up-time and distribution makes Sia highly redundant.

Sia’s software is completely open source, with contributions from leading software engineers and a thriving community of developers building innovative applications on the Sia API. Using the Sia blockchain, Sia creates a decentralized storage marketplace in which storage providers compete, leading to the lowest possible prices.741948029c98b15095199dec49226e00ceb51a14ccc1c2631369030572273979.jpeg

How it works?

You can be a renter, a host, or even both. When you upload files to Sia, you become a renter, using the space made available by a host. Sia creates contracts with the host to store a certain amount of data, for a certain period of time, for a certain amount of money. When you are hosting, you are giving excess storage space to Sia, contributing to the decentralized network. The excess storage space is where renters will upload their data. The host will  earn Siacoin, the cryptocurrency that powers the Sia network. 

When the data is uploaded, the Sia software divides files into 30 segments, each targeted for distribution to hosts across the world. This distribution assures that no one host represents a single point of failure and reinforces overall network up-time and redundancy. Erasure coding allows Sia to divide files in a redundant manner, where any 10 of 30 segments can fully recover a user's files, and if 20 out of 30 hosts go offline, a Sia user will still able to download the files. 

Before leaving a renter's computer, each file segment is encrypted. This ensures that hosts only store encrypted segments of user data, which is different from traditional hosting, where user's data is not encrypted by default. Using the Sia blockchain, renters form file contracts with hosts. These contracts set pricing, up-time commitments, and other aspects of the relationship between the renters and the hosts. Since file contracts are automatically enforced by the network, Sia has no need for intermediaries or trusted third parties. Both renters and hosts use Siacoin, while micro-payments flow between renters and hosts. As individual hosts go offline, Sia automatically moves renter data to new hosts in a process called file repair. Setting up and getting started with the Sia Host Manager is quick and easy, just like setting up Sia-UI.e61d5c63b7d520274d2654d65e766129a9502b9c5d885ff9b90318af5ec62350.png

The team behind Sia

David Vorick and Like Champine are to co-founders and lead developers of Sia. Zach Herbert is the COO, Chris Schinnerl is the Core Developer and Steve Funk is the Head of Support. The team is completed with more Core Developers, Engineers, Testers and Strategy experts.aca61ddd03ed0dc15508b16ac9be49c6f9bcd26f772dae330f43e598dd28ffdb.png

History

Nebulous, Inc. was established in 2014, with the HQ in Boston. The company launched the Sia Storage Platform in 2015 and their the long term goal for Sia is to become the backbone storage layer of the Internet. In 2020, Sia is the leading decentralized cloud storage platform and requires no signups, no servers, no trusted third parties. The block-chain technology is leveraged to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers.

Conclusion

At such a low value, Siacoin can be considered as a valid investment. The constant market growth and a potential bull run will make cryptocurrencies to reach new heights and Siacoin will join the trend. Every coin is different, and some are more volatile than others, but while you are reading this post, Sia is leading the decentralized cloud hosting market and the success is making the project strong and stable. 

Siacoin is one of the tokens which I consider holding for a long time, because the cloud hosting market will grow and bloom in the next years. My investment will not make me a millionaire but I am confident will generate fair profit.3d59278de32c5f52740863f08ad9c79f87f61dcc464968533946ea9a47123532.jpeg

Currently the proud owner of  125 tokens. I grow the Siacoin bounty using TheCryptoFaucet, where I can roll daily for a fair amount of coins.

 

Links and referrals:

Sia official website

Wallets

Binance

Coinbase

Atomic Wallet

Quality Faucets:

Horizen (ZEN)

Tezos (XTZ)

Free-Litecoin.com (LITECOIN)

Stakecube (claim over 20 coins daily)

The Crypto Faucet (SioCoin, Verge, Doge)

MoonDash.co.in (DASH)

MoonBitcoin.Cash (Bitcoin Cash)

MoonDoge.co.in (Doge) 

MoonLiteco.in (Litecoin) 

Moonbit.co.in (BTC) 

Freebitco.in (BTC)

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PVMihalache
PVMihalache

Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


Mind Puzzle
Mind Puzzle

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