SiaCoin: The world of cryptocurrencies is evolving and revolutionizing the technology in past few years.
There is an enormous amount of cryptocurrency in the market. Not all of them are worth investing your valuable time and money. Right?
Categorising it according to your need is one such difficult task too.
We here, at coinscage.com, help you and guide you with every valuable info that is reliable to you.
So are you ready?
While there are already many giant cryptocurrencies available in the market, unlike them, Sia is one such cryptocurrency which is emerging quickly in the crypto world. It is known by the name of SiaCoin (SC).
The idea behind SiaCoin is that using your ample space of hard drive by renting it to other users. It allows you to share your data with another host securely while giving the confidence that your data is safe.
We all have a lot of valuable files we want to store in the cloud for safe keeping. Don’t we?
Of course! yes.
Today in cloud storage a single company controls your data and you are wholly relying on them which makes you somewhat unsure about your data.
Unlike other platforms, Sia is decentralized which means you always have the full control your data.
Powered by blockchain, Sia is safer, faster and cheaper than other data storage platform.
Isn’t it a great in comparison to many other alternatives to choose from?
Let’s talk about what actually Sia is and how it works?
What is SiaCoin?
Sia is a peer-to-peer network formed of many hosts located around the world. With a good access speed and reliability, your encrypted files are spread across portable hosts. No single hosts hold any significant files.
Sia works on decentralized and distributed storage network that is followed or guided by smart contracts.
You are going to hold a key from which your data is encrypted. You are back in control with Sia traditional way of storage.
Currently, cloud storage providers are centralized with high cost, data is often unencrypted, and each provider typically operates on several large data centers.
Sia, on the opposite side, allows for private, decentralized, distributed cloud storage at a far cheaper price.
It is also very easy to understand and straightforward to new users. Its security is highly maintained by decentralization and end–to–end encryption.
How Sia works?
Sia uses a new cryptocurrency, called the Siacoin. The developers will mine their first 100 blocks or so before releasing the code + miner to the public.
Other than present first blocks, there is no premise for siacoins.
300,000 Siacoins will be the first reward. Every block reward after that will be one siacoin lesser than the previous reward block.
ie. 299,999, then 299,998, and so on.
When the reward of blocks reaches 30,000, all leftover blocks will give a 30,000 siacoin reward. The block time is 10 minutes. Each siacoin is consist of 10^24 indivisible units.
Every Sia payment and every storage contract channels require owning siacoins. This requirement means that as Sia flourishes in usage, so too will demand siacoins and hence the price of SiaCoin will increase.
As demand grows, the price will also add up. If Sia is getting used for billions of dollars of storage, billions of dollars worth siacoins will be needed.
Any user with Siacoin can rent storage from hosts on Sia. This is attained via “Smart storage contracts” that are already on the Sia blockchain.
The smart contract gives a payment to the host only after the host has kept the file for a considerable amount of time.
If the host, by any chance loses the file, the host will not get paid. distributed characteristics of the Sia network gives many optimizations in latency, throughput, reliability, and security.
The decentralized nature of the Sia network enables anyone with storage to get paid, eradicating the boundaries to entry and minimising the overall cost of cloud storage.
What is Sia Wallet?
The Sia wallet constitutes all of the basic functionality you need in order to function with the service including the options to update contracts and upload files as well as to access them or to lease your free disk space to users needing that.
Thus, the wallet needs to be operated all the time and that goes as well if you want to be able to mine SiaCoins as well in a proper way.
What made Siacoin so popular suddenly?
It’s cost. Sia aims to provide 1 TB storage at just $2 per month, cheaper than anything on earth currently.
As the administrator of a huge data-handling website, this is seriously low and that too with cloud storage technology where no one can delete or access your files and documents without your permission. No stupid copyright, no trolls etc.
About Idea and Team behind Sia project?
Do you want to know where it all started from?
The idea of a project of Siacoin was emerged back in 2013 at HackMIT, at the Maasachusetts Institute of Technology and was released at the end of June 2017.
The company behind Sia is Nebulous Inc. Nebulous is based in Boston, Massachusetts, USA.
Team Sia: Core team of SiaCoins Cryptocurrency(SC)
David Vorick (CEO): Besides being the CEO, he is also the lead developer of Sia Core. He had finished his graduation from Rensselaer Polytechnic Institute with a BS in Computer Science.
Luke Champine (Co-Founder): Along with David, Luke also studied at Rensselaer Polytechnic Institute. He dropped his college to work at Sia full-time. He is Sia’s core developer and loves playing with different computer programmes
Zach Herbert (Operations Head): He excels at project and product management. He is currently pursuing MBA at Harvard Business School and has graduated from Boston University where he also completed his mechanical engineering. He started working with Sia as a team in 2017, January.
Johnathan Howell (Sia’s Core developer): He started programming in the world of internet at the age 10. He has a degree of M.A. from Savannah College of Art and Design. He is working on the front-end of Sia to deliver a clean, well-built, and easy to use UX around the core functionality.
Wrapping Up with SiaCoin(SC) Cryptocurrency
“The promise of Sia is a decentralized network of data centers that, taken together, comprise the world’s fastest, cheapest, and most secure cloud storage platform.”
Do you want to know why Sia is next big thing and you should go ahead with the use of it?
Here is some concluded benefit which makes different from others.
- Affordable cloud storage
- Easily minable.
- Eull control over your data.
- Host your PC storage to earn siacoins.
It assumed to be next big Cryptocurrency because it would become the world’s cheapest private cloud storage blockchain platform. You can check out their website(Sia.tech).
There are hardly few decentralized cloud storage solutions operating or functioning on the earth.
Let’s see, we have Google Cloud, Amazon Web Services, and Microsoft Azure, as cloud backup. Yet, they are still costlier for an average person.
Sia is aiming to provide 10x cheaper than existing provides. Like $2 for 1 TB per month. Not only cost, the technology is more reliable, advanced and better as, the files would be stored in small pieces all over the earth increasing availability, reliability as well as access the power to destroy files without permission by the issues of copyright.
Here we at, Coinscage, concludes that such a system has the potential to become a disruptive force in the enormous cloud storage market, posing a threat to industry giants.
Although other Quorans have pointed out that many holders of Siacoin only mean to promote the currency to benefit their personal investments, the potential impact of crypto projects like Siacoin is undeniable.
Discover a new standard of data storage at www.sia.tech and explore more about it according to your convenience.
What do you think about Siacoin? Do share your views below and we would love to get into a conversation!
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