Posted on April 2, 2018
Sia splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers. Sia coin stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers.
Using the Sia coin blockchain, Sia creates a decentralized storage marketplace in which hosts compete for your business – this leads to the lowest possible prices, on average 1/10th the cost of current cloud storage providers. Renters pay using Sia coin, which can also be mined and traded.
– Since they run their own blockchain, they don’t have to worry about hard forks
– A lot cheaper than other cloud storage solutions (10$/mo vs 100$+/mo)
– No outside company can access or control your files, unlike traditional cloud storage providers, since you’re the only one who holds the keys to your data
– Rеquіrеѕ a dероѕіt оf SC before-hand tо rent space оn thе network
– You can only pay with SC
– More complicated to use than other non-blockchain-based solutions
– Heavily funded competition will make for a hard-fought market
The Sia network has been up since 2015.
– File sharing between Sia users
– File recovery using your wallet seed
Medium Term: – Video streaming
Long Term: – File sharing with people not on Sia
Siacoin uses a PoW consensus algorithm. For the moment, miners have no voting power and the Sia team, Nebulous, can take the project in any direction they want. They do, however, focus a lot on the community and listen to suggestions that people make.
A similar to Storj, Filecoin and Maidsafe which all aim to tackle decentralized file storage.
Sia is partnered with RNDR. They also announced that they will reveal new partnerships in Q4 2018.
Sia Coin Exchange
Sia coin SC is traded on Bittrex, Poloniex and HitBTC.
Sia is a blockchain layer.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.