What is Siacoin?

What is Siacoin (SC)?

Siacoin (symbol: SC) is a decentralized cloud storage platform developed based on Blockchain technology. Siacoin was born as a competitor to centralized online storage platforms such as Amazon, GDropBox, Apple, and Mircosoft. Sia’s platform leverages unused hard drive space globally to create a more reliable data storage market and lower costs than traditional cloud storage providers.

Siacoin’s blockchain protects users’ data and allows economic improvement for users and servers. Sia secures storage transactions with smart contracts, offering a service that guarantees safety and is cheaper when compared to traditional cloud providers. No person or organization can censor or deny access to data.

SiaCoin’s goal is to become a product that serves businesses. Therefore, SiaCoin’s protocol is quite flexible and highly customizable enough to meet all data storage requirements of businesses.

Siacoin technology

Siacoin has a security level designed specifically to facilitate decentralized payments, and can also provide support for contract files. They will be encrypted and distributed by Siacoin throughout the homeowners, but only the person who holds the secret key will have access to the data.

File Contract allows a landlord and a tenant to agree, when Siacoin is available, anyone can rent a memory from the server hosted on this network. However, the landlord must keep the contract until a certain period of time before requesting payment, and if lost, they will not receive money anymore.

Storage on Siacoin’s platform will be 10 times lower than traditional payment costs. For example, 1 TB on Amazon services will cost about 23 USD, but on Siacoin system only cost 2 USD.

Features of Siacoin

Completely private: Sia’s technology will split, encrypt and distribute user data throughout the Blockchain system. Only a user who holds a private key has full access to that data. Unlike other cloud services, with Sia’s technology, no one can control your data.

Affordable: Siacoin’s cloud technology is 10 times cheaper than other cloud storage providers. Storing 1TB of data on Sia costs only $ 2 / month and Amazon S3 is $ 23 / month.

Always work: Siacoin stores your pieces of data on dozens of servers around the world. Commit to always having access to that data without fear of losing your connection.

Open source: There are hundreds of individuals who contribute to the development of Siacoin software, and a community of developers of applications based on the Sia application programming interface.

Building on the Blockchain: Using the Blockchain platform, Sia creates a storage market for your work cheaply. Storage renters will pay in SC coins – available by mining or Trade.

Siacoin project’s development team

The idea of ​​Siacoin originated in the summer of 2013 by David Vorick – Co-founder and CEO at Siacoin; he started sending a letter to Luke Champine – Co-Founder of Siacoin, his idea about the project. Both are members at Rensselaer Polytechnic Academy. At the HackMIT competition held in September the following year, Vorik drafted an initial whitepaper for the Sia project and began sharing it with the community and his friends.

David Vorick – Co-founder and CEO at Siacoin

After receiving a lot of positive feedback about the project, Vorick and Champine decided to pursue the project. The Siacoin project does not organize ICOs but raises funds through venture capital funds such as Procyon Ventures, Fenbushi Capital, James Pallota, Raptor Group and angel investor Xiaolai Li.

In addition to Vorick and Champine as the co-founders and core developers of the project, Siacoin also has a number of other members.

Conclusion

SC is a cryptocurrency to look forward to because it is still on the right track with its development goals, although the growth rate is not fast. In addition, SC has outstanding features such as low fees, high-security technology, experienced development team.

If you want to find this answer, based not only on what you are seeing, each investor must have his own feelings to make the best and most appropriate decision.

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