siacoin

Sia is a platform functioning as a cloud platform such as Google Drive, Dropbox, Amazon Cloud.

But what makes Sia different is that it is an open source, blockchain-based, decentralized cloud storage platform. In short, Sia makes sure that the data stored in the blockchain is not decentralized.

Central storage services can cause the malicious use of unencrypted data for a single point of failure and higher commercial gains. Sia has a massive space to store lots of information in it, which indicates that it makes this feature and the blockchain’s functions together in order to operate cloud storage with no centre more efficiently. This eliminates the need to adhere to centralized data centres.

Sia’s official website says:

“Sia’s long-term goal is to become the backbone storage layer of the Internet. We believe that the data must be free. We are aiming to liberate the bits of the unused world and establish the largest storage super server on the planet.”

Reference: https://steemit.com/steemit/@uzay/what-is-siacoin

How does Sia technology work?

What is siacoin
What is siacoin

First of all, users who want to host files on their computer will download the program called Sia UI to their computers and become ready to store data by becoming integrated with the system. Customers who want to keep their files in the Sia network then download the Sia UI again and select the files they want to keep in the cloud and set a fee. This fee then goes to the account of the users on the network called “I store this file on this money,” and the files of the customer are encrypted and divided into thousands of pieces and started to be stored on these users’ computers. Thus, the customer pays low fees and stores their files in a cloud network where they can access them at any time, and users can earn by renting the space they do not use on their computers.

In order to learn what Siacoin is, it is required to know how it works.

siacoin review
siacoin review

As we said before, Siacoin is a crypto paradise developed to use the Sia platform.

Everyone can rent extra space to Sia’s decentralized network on their PC and receive payment as Siacoin. In a situation very similar to that, everyone that is interested in storing data in Sia storage area should pay for Siacoin.

Siacoin is a special-purpose currency for the SIA network and executes file storage contracts on the SIA network. A host has to keep an agreed upon time and on-the-fly files. Then, after the settlement, payment is sent to the host in Siocoin.

If the host loses the file, it can not receive payment. This file in the Sia blockchain ensures that both the host and the user are satisfied.

Siacoin Team

What is sc coin
What is sc coin

The company behind Sia is Nebulous Inc. Nebulous is based in Boston, Massachusetts, USA.

David Vorick (CEO): In addition to being CEO, he is a leading developer of Sia Core. Rensselaer received a degree in Computer Science from the Polytechnic Institute.

Luke Champine (Founding Partner): Luke David studied at Rensselaer Polytechnic Institute. He left college in order to work full-time on Sia. He is Sia’s main programmers.

Johnathan Howell (Sia Temel developer): He started programming at the age of 10. Graduated from Savannah College of Art and Design. Its basic functionality is working on Sia’s front-end to provide a clean, well-structured and easy-to-use UX around.

Zach Herbert (Operations Chief): Specialized in project and product management. He completed his MBA at Harvard Business School and graduated from Boston University, where he studied mechanical engineering. In January 2017 he started working with the Sia team.

Siacoin supply

sc coin review
sc coin review

Sia’s supply mechanism is somewhat different. The Siacoins will be infinite. First, developers scored the first 100 blocks. The prize that will be given after the first block was 300,000 Siacoin. After the first block, the Siocoin prize will be increased to form a unit for the next blocks.

 

This means that

The first block bloke was 300,00 Siocoin.
The second block contained 299,999 Siacon.
The third block contained 299,998 Siacon.
The fourth blot was 299,997 Siacon.
… and that’s how it goes … until the block prizes in it fall to 30,000 Siacoin.
After that, for every block removed, 30,000 Siacoin will enter the system.
At the moment there is 26.7 billion Siacoin in circulation.

Sia’s Future

Nebulous Inc. Sia, financed by the company and backed by major investors, has entered the market, unlike other crypto parlors. Among the biggest goals of the Sia platform is to compete with big cloud storage platforms like Google Drive, Dropbox, and OneDrive. Sia’s competitors in the blockchain, which also has competitors in the field of Blockchain, include storage platforms such as Storj and MaidSafe. Siacoin’s future will be in direct proportion to the success of the current cloud storage area.

Unlike other coins or crypto money projects, Sia did not start with an ICO or pre-mining studies. Nebulous Inc has provided total financing up to $ 1.25 million so far. Some of active investors and partnerships are Procyon Ventures, Raptor Group, Fenbushi Capital and Xiaolai Li and the other many companies.

Sia’s long-term goal is to compete with cloud storage platforms like Dropbox, Google Drive, and OneDrive. From the view of Blockchain, we can say that Sia is working with Storj and MaidSafe; however, it is thought that Sia’s quality is higher in the subjects of encryption and identifying an excellent location.

The developer community thinks they do not need mass marketing campaigns for promotions because they have created a highly talented product. Sia came in at the right time because data privacy, security and on-the-go management requirements are at the highest levels in the market.

So, we can say that Siacoin’s future is based entirely on its cloud storage quality and amount. The most storage you can use, the most you like it. That’s easy.

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ROADMAP

2018

Sia becomes production-ready for cold storage begins to be used by companies, and introduces file sharing.

2019

Sia starts to approach Amazon S3 speeds, moves to warmer storage, and introduces content distribution features.

2020

Sia becomes a true competitor to Amazon S3 and companies start to switch to Sia as an alternative.

Reference : https://sia.tech/roadmap

About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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