SiaCoin: Everything You Need To Know About The Future Of Cloud Storage
What is Siacoin?
Siacoin is a peer-to-peer cloud storage network and digital currency that was created to disrupt the global cloud storage market. It uses the power of blockchain technology to not only make its storage blockchain secure, but also transparent. To do so, Siacoin utilizes a modified version of the Proof of Stake algorithm called “InstantStake”. To make a transaction on the Siacoin network, a user must secure a stake in the network by staking their device’s processing power to the block. Siacoin’s current market cap is $1.7 billion dollars and its growing fast. The future looks bright for the digital currency and its perceived as a “safe haven” of sorts. How is Sia decentralized? Sia uses an open-source distributed, self-governing system to run the backend of the storage network.
Also read :- What is Bitcoin Diamond? Everything You Need To Know
How Siacoin Works
People rarely delete data, but when users download files to their computers or phones, a copy of the data is stored on the cloud. Storage space on servers increases the closer one is to the servers, and when a user requests files, a file server aggregates all the files on one network and returns a file to the user. Since the cloud storage has to use the network’s storage space, the file servers need to be closer to the user than the servers used for regular content. Because of this problem, file servers had to be built near a user’s geographic location to mitigate the problem. This further increases the overhead of running a file server, which leads to high costs. What happens is that the cost of hosting a file server increases over time.
Siacoin Transactions
These are different from traditional blockchain transactions. In traditional blockchain transaction, users send money to each other. In Siacoin, the transaction is only for storage. Basically, a user decides to “rent out” their drive to someone else, who “rents” their drive to someone else. It takes 10 minutes for a user to release a file that is being rented out. The rent-a-drive becomes “un-rentable” when the drive is full. The “rent-a-drive” part of the system is what makes Siacoin so disruptive. The Future The majority of organizations have software and some hardware sitting in back-up storage units. Siacoin will be at the core of a decentralized, more efficient network of decentralized, peer-to-peer storage space.
Siacoin Wallet
A number of wallets are currently available for Siacoin, the most popular of which is the Sia-Jaxx Wallet. Other wallet options include SiaCore, Sia-reward, Sia-mining and SiaCoin. These wallet options will give you options that best suit your needs and are easy to use. As of this writing, Will Healy did not hold a position in any of the aforementioned stocks.
Siacoin Mining
As we stated previously, Siacoin is a decentralized network. Although there are users, users are not nodes. As a network, Siacoin ensures that every user has a fair share of the network’s resources. In order to confirm and store files using Siacoin, the network automatically sets up tasks to scan and verify the ownership of hard drive space and disk space. As the network scans the storage, new files are automatically placed into the appropriate buckets. In exchange for a percentage of the network’s resources, users are able to “sell” their hard drive space and disk space to other users, which will help bolster the network’s ability to validate files. How Does Siacoin Work?
Siacoin’s Competitors
We can now start to see how Siacoin stands out from the current cloud storage industry. Unfortunately, many competitors to Siacoin are unlikely to be interested in its cutting-edge encryption. As a result, users will have to decide on one of the other 7 major cloud storage companies to use Siacoin or an equivalent.
Conclusion
At this point in time, with many cryptocurrency protocols and coins, there are very few that can be considered “decentralized” or “private”. The crowd and competition push these protocols towards further centralization. People simply are not willing to trust large scale organizations with their personal information. Saicoin allows users to use their personal data without having to trust a company or a cloud storage platform to handle this data safely. This gives an opportunity for those in the bitcoin community to benefit from this innovative platform. If you’re still skeptical about this technology, here’s a brief primer on Siacoin.