Sia, Siacoin (SC), and Cloud Storage

1532 4 1 1 1 1 (0)


Siacoin (SC) is a newer and somewhat obscure altcoin that has some unique properties. It is both mineable through the Blake 2b algorithm and stakeable on its own wallet, Sia-UI. This gives users a lot of options for accumulation, though at the present time the coin isn't worth much at 0.14 USD. Where Sia's potential profitability comes from is the manner in which it is staked. So let's talk about that.

Airbnb of Hardrives

Some people might have extra storage space or an unused hard drive laying around, some may have a lot of them. Sia-UI can put that to use. By putting 2000 Siacoin (SC) up as collateral users can then rent their unused storage space for SC. Effectively creating a new node on the network, the more storage space one has the more SC can be accumulated.

You may be wondering why SC must be put up if storage space is being provided. The reason: Providing storage space is voluntary and can be withdrawn at any time, the chance to lose the collateral upon doing so discourages that from happening. SC assumes everyone involved is greedy and works on that principle to keep things in check. As a host, you compete to attract clients that will pay in SC for space. This keeps prices low and clients on the network. From the client side of things, your files will be broken apart and encrypted on the network, maximizing security and uptime, if a node were to fail your files will still be retrievable.

                                                             Default settings for a host.


Sia makes the promise its storage solutions are cheaper and more secure than renting from major companies. It seems to hold true so far. Long-term SC seeks to become "...the storage layer of the decentralized internet, ensuring privacy and redundancy through decentralization, and entirely replacing existing cloud storage providers." Right now features are basic, send/receive and share files on the Sia network. However, the roadmap lays out more advanced features for the future such as sharing with users off of the Sia network, video streaming, a new UI, and proof of burn mechanics for hosts.

While Sia is a new coin, the project developed quickly and proved it's functionality. In my opinion, SC is worth taking a look at as a potential long-term investment. Working as a host could be a nice stream of passive income, or maybe you just need to store some files on "the Airbnb of hard drives". There is a lot going on with Sia, too much to talk about here, so I recommend checking out their website and other projects like Sia Daemon.

Visit Sia's website here to learn more about it: https://sia.tech

Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content.

Comments (0)

Recent Updates

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - Consumables Revenue

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - Europe Revenue

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - United States Revenue

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - Rest of World Revenue

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - Technologies and Equipment Total Net Sales ex. PM sales Revenue

  •   
    Mar 6, 2019 11:15 PM

    DENTSPLY SIRONA Inc - Technologies and Equipment Revenue