Having dealt with the top-ten cryptocurrencies on the market, The Coin Shark goes further, and talks about interesting and promising altcoins that may be interesting for miners, traders, investors or just those who are interested in virtual currency trends. Today we will review Sia cloud storage platform and its cryptocurrency – Siacoin. Ready? Let’s go!
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- What is Sia?
- Who developed Sia and Siacoin virtual currency
- Where to buy Siacoin?
- Siacoin cryptocurrency rate
- Forecasts and prospects
“Sia is reinventing cloud storage” – as stated on the official website of the project. The idea of the project is to create a cloud storage based on blockchain technology, which will have a number of advantages over ordinary cloud solutions that have been on the market already for quite a long time. Dropbox was launched back in 2007, Apple introduced its iCloud in 2011, and another popular service – Google Drive, started operating in 2012. However, Sia obviously offers something different, and The Coin Shark will tell what.
Most cloud storage services are centralized, and user files themselves are stored on third-party servers. In a nutshell, if you saved the table of this World Cup matches on Google Drive, this table will be stored somewhere on the Google server. Sia’s blockchain stores data in a distributed way so that each user provides their own part of resources. Transactions in Sia are powered by smart contracts.
If you upload a file for cloud storage in Sia, it will be divided into 30 segments, encrypted using Twofish algorithm and distributed among many network users. Any 10 of 30 segments can completely recover the source file, which means that even if 20 out of 30 users who store a particular file go offline, this file will not be lost.
The long-term goal of the project is to become “the backbone storage layer of the Internet”.
The concept of a decentralized blockchain based cloud storage first appeared in 2013 during the annual student hackathon. Sia project was launched in 2015 by a company Nebulous Inc., founded in 2014 and headquartered in Boston, USA. David Vorick and Luke Champine were the founders of the project.
Currently, Hong Kong based cryptocurrency exchange Fex is a leader by Siacoin trading volume. Moreover, users can buy this cryptocurrency on other major exchanges, including Bittrex, Poloniex, Binance, Upbit, QBTC, OKEx, HitBTC, CoinEx, etc. Siacoin is represented by cryptocurrency pairs with Bitcoin, Ethereum, Tether, Binance Coin, and fiat pairs with Chinese yuan, South Korean won and Indian rupees.
As of June 18, one Siacoin costs only $0.012. Shortly after the launch of the project, coins were traded at an extremely low price of hundred thousand times less than a dollar. The coin experienced its first increase in June 2016, but then fell again. The stable growth of the cryptocurrency rate started in spring, 2017, and then Siacoin reached $ 0.02 in June 2017. After that, the rate went down again, and Siacoin managed to get to its new peak by the end of 2017, when it set its all-time record – a record $0.09. However, the coin was not able to keep this position and soon Siacoin rate decreased again. Without considering minor fluctuations, the rate has been staying between $0.01 and $0.02.
Sia is indeed a rather unique blockchain project. Decentralized and secure file storage is actually what every user of the Internet needs – people store their documents and photos in the cloud businesses or, for example, scientific institutions transfer huge amounts of data to cloud storages. Unlike many cloud storage providers, Sia encrypts user files, which makes the storage even more secure. All transactions for storing files between users of Sia are powered by smart contracts. In addition, it is much cheaper to use Sia if compared to many cloud providers, which is suitable for users who need to store a large amount of data.
However, it is definitely too early to make firm statements, whether Sia manage to become popular all over the world and whether developers really achieve their final goal of making it a backbone storage of the Internet. The platform is at the very beginning of its development, however, it already has what is necessary for any project on the way to success – a unique and demanded idea.
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