Sia is a cloud-based blockchain technology designed to provide a decentralized storage solution. Rather than buying storage space from a particular vendor, peers on Sia’s network can lease it from one another for storage. This decentralized method ensures security, and also dramatically lowers the total cost. If you haven’t utilized your hard drive storage space, you can lease it out in Sia and start earning in the form of Siacoins (SC).
Sia has been in beta since May 2015, and the latest version, v1.1 ‘Andromeda,’ has substantial enhancements to the basic data transport methods. This article will walk you through the procedures you’ll need to take to begin sharing your data with the network.
Sia is a decentralized cloud storage platform built on the blockchain. It acts as a marketplace for those who have extra hard drive space to lease it out to people who want to attach to the network. This is accomplished via a variety of technological tricks, the most essential of which is erasure coding and encryption. Additionally, with the technological advantages, Sia delivers a fantastic pricing proposition at about $2 per terabyte per month.
What is Siacoin [SC]?
Siacoin (SC) is a cryptocurrency peer-to-peer (P2P) network that acts as decentralized cloud storage. Users and consumers of Siacoin rely on participating nodes to supply and rent storage services. Users of Siacoin and network members can rent storage capacity from one another in the Siacoin network. In comparison to centralized data centers, this alternative is more cost-effective and efficient.
By 2020, Sia’s network capacity will have surpassed 2 petabytes (about 2,256 terabytes). It also has about 333 active node controllers safeguarding the network. Siacoin has around 766 TB of data in July 2021.
Who Are the Founders of Siacoin [SC]?
David Vorick, a computer science student at Rensselaer Polytechnic Institute, originally developed Sia in mid-2013. He discussed the notion with his friend, Luke Champine, via email, and he started the project’s creation immediately after Vorick unveiled the idea at a HackMIT hackathon in September 2013. In early 2014, the project was given the moniker Sia, after the Egyptian deity of vision.
The next year, David and Luke founded Nebulous Inc., with investments from Xiaolai Li and Procyon Ventures totaling $750,000. David Vorick has previously worked on projects such as Bitcoin Core, which is the main software used by nodes on the Bitcoin network, before starting on Sia.
What Makes Siacoin Unique?
Sia’s long-term objective, according to its whitepaper, is to compete with conventional storage systems. It views itself as a direct competitor to Amazon, Google, and Microsoft when it comes to cloud-based data storage. Sia can offer competitive storage prices because of its decentralized nature.
The Sia network divides files into 30 encrypted segments, each of which is sent to a different node for backup. Siacoin operates as a network transaction with hosting users paying SC and holding SC as collateral in intelligent contracts.
The firm has received investment and grants from Bain Capital Ventures, Paradigm, and INBlockchain, among others. Furthermore, each space transaction on the Sia network is subject to a 3.9 percent charge, which is allocated to holders of Siafund, the company’s second cryptocurrency, with Skynet owning about 85 percent of all Siafund.
Where Can You Buy Siacoin [SC]?
Siacoin may be traded on a variety of cryptocurrency exchanges, including Binance, Huobi Global, and Upbit, and OKEx. It may be exchanged for fiat currencies like the US dollar and the South Korean won, cryptocurrencies like Bitcoin (BTC) and Ether (ETH), and the stablecoin Tether on market prices (USDT).
Frequently Asked Questions
How Do I Purchase Siacoin?
The first step is to open a free account with a crypto exchange that handles Siacoin (SC), such as Kriptomat. After you’ve created an account, you’ll be able to place a buy order and acquire Siacoin at a price that suits you.
Is the Sia Network’s Data Safe?
Yes, Sia is completely secure. Data hosts are rewarded monetarily for providing enterprise-level service. Before uploading, files are split into 30 pieces and then distributed globally via the Sia network. As a result, there is no single point of failure, ensuring data security
Is It a Good Investment?
In 2021, SC is a good investment. Overall, SC has a greater chance of exceeding its current ATH of $0.1117 from 2021 to 2023.
Siacoin Official website – https://sia.tech/
Siacoin Twitter – https://twitter.com/SkynetLabs