SiacoinSC
$ 0.00088206Latest price
-1.99 %Change 24H
$ 49.42 MMarket cap
SC
$ 0.00088206
$ 49.42 M
-1.99 %
Minable cryptocurrency
Proof-of-Work
Unit: SC
Current Supply: 32,438,153,235
Created in 2015
Created by Neboulous Inc. that was founded by David Vorick and Luke Champine
Algorithm: Blake2d
Consensus Mechanism: Proof-of-Work
Supported Platforms: Linux, macOS, Windows
Sia is platform known to be decentralized storage system with peer to peer solution for interaction. The whole platform is secured by using blockchain technology and claimed to offer the cheapest storage solution in the market with higher capacity and lower cost in comparison to data storage market.
Sia platform has its own currency siacoin which is used to pay for the storage. Sia provides 1TB storage for only 1$/m which is quite lower than traditional storages i.e. Amazon.
Sia has one of the most talented team with all tech specialist instead of traditional analysts. Here is the list of gems:
Sia is a combination solution for P2P and enterprise businesses as well. It works in divisions where all files are divided in the segment before uploading to the storage drive. The actual reason behind these segments is to avoid any failure because each segment is sent to all hosts across the world to improve the overall upload time.
Sia uses Reed-Solomon erasure coding technology to ensure the redundancy to avoid any loss of data
Sia published its whitepaper in 2014 which are quite old but are never updated since after. Instead of updating whitepaper they are expanding their roadmap yearly to forecast upcoming features.
In September 2017, sia has signed a partnership to integrate Sia and Duplicati. Sia is full storage solution and Duplicati is open source backup software; so, this combination allows users to generate backup and upload directly to sia.
Sia uses an algorithm where every host provides a proof of storage by showing a file segment. Because in very start the file segments are redundantly shared on all locations; that help to verify that the provided segment for proof of storage is part of the actual file.
Sia platform uses encryption mechanism while distributing each segment of the file over the decentralized network. Each user has its own private key to access its data which avoids any malfunctioning in access control flows. Sia is considered to be secure platform because the private key is user’s property and no one else can access the data unless user shares it key.
Sia storage solution was aimed to provide security with a combination of blockchain and cloud storage services. It doesn’t share your data to any third party for backup i.e. azure and other traditional storage parties replicate your data to centralized place for the sake of security. But Sia eliminates the data replication need by redundantly sharing its segments over global ledger which is accessible only by single private key.
Sia has not held any ICO but instead, they did crowdsale with the name of Siafunds. 1000 siafunds were sold out whereas the rest 9000 were kept for the development team. Siafunds are not more purchasable now but can only be obtained from a holder. Here is the list of exchanges where the coin is listed and can be purchased or sell.
Sia coins are minable and same as bitcoin this platform also needs more miners to pool for computing power. On their contribution to the pool, they are awarded sia coins which can be used to buy the storage.
There is no official siacoin wallet for web or mobile but the only sia-UI client to set it up. This is the only way to store siacoins and use them for payments on the ecosystem.
Here is the complete guide to set up sia-UI client on your machine locally.
⚠️ Disclaimer: Cryptocurrency investment carries risk. Never invest more than you can afford to lose.
