Closer Look: Sia Coin, The Decentralized Storage Platform

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Closer Look: Sia Coin, The Decentralized Storage Platform

Posted on August 6th, 2018 in Closer Look,Altcoin by Tom Whitbread

Sia coin is a decentralized cloud storage solution, powered by blockchain technology. Essentially a dropbox for the bitcoin era, highly affordable in comparison to competitors and takes the control out of a few data providers, putting the power back into the hands of the users.

  • Huge Savings - Only $2 per TB of storage and $1 per TB of bandwidth (Amazon, Google, Microsoft cost over $20 + huge bandwidth fees)
  • Decentralized - Unlike the competitors, Siacoin provides a decentralized cloud with multi-region redundancy
  • Privacy - Being a cryptocurrency Siacoin offers encrypted anonymity and users retain exclusive control of their private key 

How does it work?


In a nutshell, It's highly affordable cloud storage running on peer-to-peer networking that enables you to rent out your spare hard disk space. Usage is paid for in Siacoin and all transactions and proof of storage is secured by the miners on the network.

Siacoin could be real trouble for Dropbox and Amazon S3 in the future once the Siacoin network grows, as it provides an incredible functionality for a fraction of the cost.


Free market

There are two primary participants on the Siacoin platform, providers (people providing hard disk space) and clients (users who consume hard disk space).

Providers are compensated in Siacoin for hosting the disk space, in an entirely free market economy where providers set their own fees, level of reliability and set the rules for penalties in case their hardware goes down, files are lost and so on.

 

What about illegal content?

In the case of illegal or sensitive material, Hosts have the option to actively deny people from uploading to their storage if they are not comfortable with the data. 

 

What if my data gets lost?

Users have some ways to protect themselves from data being lost such as splitting uploads between several providers, in case one provider goes down the user can still retrieve their files from another host. 

Penalties regarding withholding data or loss of data can also be created in the Siacoin system so that the host and user have complete transparency.

Rewards can also be given to hosts who maintain uptime so that the providers are incentivized to provide the best service possible. 

 

The future of Siacoin

Long-term video streaming is on the cards as well as large file support (over 10TB single file uploads) as well as a plethora of updates to the client, including a mobile and light client. 

In the nearer future, the aim is at creating a better ecosystem with improved UI/UX experience, shortened processing times (contract processing down from 1 hour to 5 mins) and adding partial downloads. 

 

Conclusions

Siacoin is an interesting David and Goliath-like project, that takes on the big tech companies and puts power back in the independent enthusiasts' hands.

For any system admin, or used computer parts traders with hard drives lying around. Like Burst coin, another hard disk mining project. Siacoin provides the investor with a interesting new revenue for income.

Siacoin ASIC miners are available from Bitmain and Obelisk, and have proven highly popular and sold out rapidly due to demand. 

To learn more about Siacoin follow their official twitter: @SiaTechHQ

Sia Source code: https://gitlab.com/NebulousLabs/Sia

Official website: https://sia.tech