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What Is Siacoin ?
SIACOIN is a decentralized cloud storage platform that is built using the blockchain technology. It hopes to change the game for the big cloud storage companies like Amazon, Google and Microsoft. It’s basic working principle is that whenever a user plugs in and wants to store certain files on the cloud, the file is divided into many tiny bits, then these tiny pieces are multiplied, encrypted and sent across its network to be stored over dozens of nodes.
SIACOIN aims that with its entry into the Cloud Storage industry, we will see prices for cloud storage slashed to a fraction for the user. An example being that storage on the big cloud storage providers costs $10 to store 1TB while on the SIACOIN network that will only cost $2!
SIACOIN is a product of Nebulous Inc from Boston, led by David Vrick and Luke Champine
SIACOIN’s only use is in the practical realm of things, being the liberalization of cloud storage. With SIACOIN, a user stands to gain many benefits to their cloud storage experience among which are:
Affordability: Prices of using cloud storage will crash with SIACOIN. This is only possible because instead of chunking up a file at a single storage facility, SIACOIN will chop it to pieces, multiply it and send the very tiny encrypted pieces of it to its miners and individual storage providers.
Privacy: With SIACOIN the user’s file are only accessible to them alone and not anyone else! Unlike the traditional cloud storage companies where your file is open and at their mercy. After being encrypted and sent on the cloud, the user is the only person that has the key to recall their file, reassemble it and decrypt it for use.
Uninterrupted Access: The fact that the file is multiplied and sent over dozens of nodes means that the user has several backups instead of just one. Downtime is extremely unlikely unless the whole network is shut down which is virtually impossible due its decentralized nature. Therefore the user has uninterrupted continuous access to their file whenever the need arises.
There are presently just over 26 Billion SIACOINs mined with a total of 48 billion expected to be the maximum cap for the cryptocurrency. SIACOIN is mined using industry standard ASIC miners that are used in mining other cryptocurrencies as Bitcoin and Ethereum. The mining is veered towards SIACOIN though the use of software that is available on their site for download.
Notes for Investors
SIACOIN is one of the cryptocurrencies with very real world applications and aims to serve a very real need for cheaper and more private cloud storage. Both its attractive prices and high encryption will likely win it a large following. However, it remains to be seen if there will be further blockchain start-ups pursuing the same industry. SIACOIN looks set to become one of the key players before any competitors begin to emerge.
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