What is Siacoin? Siacoin (SC) is an actively developed decentralized storage platform. Users around the world are contributing with disk storage space on their computers to create a centralized network.
Sia is a cloud storage platform like Google Drive, Dropbox and Amazon Cloud.
But what sets Sia apart is that it is an open source, blockchain-based, decentralized cloud storage platform. In short, Sia makes sure that the data stored in the block chain is not decentralized.
Central storage services can cause malicious use of unencrypted data for a single point of failure and higher commercial gains.
Sia aggregates a large amount of unused storage space and combines it with a block chain to perform encrypted and decentralized cloud storage. This eliminates the need to adhere to centralized data centers.
Sia's official website says: "Sia's long-term goal is to become the backbone storage layer of the Internet. We believe that the data must be free. We are aiming to liberate the bits of the unused world and establish the largest storage super server on the planet. "
The decentralized cloud storage Sia idea HackMIT 2013 appeared in Hackathon, and now Nebulous Inc. (headquartered in Boston, USA).
How does Siacoin work?
Siacoin is what you need to know how it works to learn what it is not.
Siacoin is a crypto paradise developed to use the Sia platform.
Everyone can rent extra space to Sia's decentralized network on their PC and receive payment as Siacoin. Similarly, any user who wants to use Sia storage area has to pay with Siocoin.
Siacoin is a special purpose currency for the SIA network and executes file storage contracts on the SIA network. A host has to keep an agreed upon time and an on-the-fly files. Then, after the settlement, payment is sent to the host in Siocoin.
If the host loses the file, it can not receive payment. This file in the Sia block chain ensures that both the host and the user are satisfied.
Sia was put on the market two years ago on June 7, 2015 and started trading at $ 0.000046 per Siacon.
Siacoin Team
The company behind Sia is Nebulous Inc. Nebulous is based in Boston, Massachusetts, USA.
*David Vorick (CEO): In addition to being CEO, he is a leading developer of Sia Core. Rensselaer received a degree in Computer Science from the Polytechnic Institute.
*Luke Champine (Founding Partner): Luke David studied at Rensselaer Polytechnic Institute. He left college to work full-time on Sia. Sia's main developers.
*Johnathan Howell (Sia Temel developer): He started programming at the age of 10. Graduated from Savannah College of Art and Design. Its basic functionality is working on Sia's front-end to provide a clean, well-structured and easy-to-use UX around.
*Zach Herbert (Operations Chief): Specialized in project and product management. He completed his MBA at Harvard Business School and graduated from Boston University, where he studied mechanical engineering. In January 2017 he started working with the Sia team.
Siacoin supply
Sia's supply mechanism is somewhat different. The Siacoins will be infinite. First, developers scored the first 100 blocks. The prize for the first block was 300,000 Siacoin. After the first block, the Siocoin prize will be folded down to form a unit for the next blocks.
This means that:
*The number 1 bloke was 300,00 Siocoin.
*The second block contained 299,999 Siacon.
*The tertiary block contained 299,998 Siacon.
*The fourth blot was 299,997 Siacon.
*... and that's how it goes ... until the block prizes in it fall to 30,000 Siacoin.
After that, for every block removed, 30,000 Siacon will enter the system.
At the moment there is 26.7 billion Siacon in circulation.
Siacoin's market share
According to CoinMarketCap, Siacoin (SC) has a market share of $ 246 billion as of December 2017.
Sia's Future
Unlike other coins or crypto money projects, Sia did not start with an ICO or pre-mining studies. Nebulous Inc has provided total financing up to $ 1.25 million so far. Important investors include angel investors such as Procyon Ventures, Raptor Group, Fenbushi Capital and Xiaolai Li.
Sia's long-term goal is to compete with cloud storage platforms like Dropbox, Google Drive and OneDrive. In the field of Blockchain, Sia's direct opponents are Storj and MaidSafe, but Sia claims to be better in areas of encryption and localization.
The developer community thinks they do not need mass marketing campaigns for promotions because they have created a highly talented product.
Sia came in at the right time because data privacy, security and on-the-go management requirements are at the highest levels in the market.
And, needless to say, the future of Siacoin is about the success of the Sia cloud storage area, which looks promising right now.
Would love to see Sia on some bigger exchnages. I think it's got huge potential and if they have no plans to market it themselves particularly a bigger exchange will help the idea and product spread naturally. I think it would suit KuCoin very well. HitBTC is a good platform, but the fact you have to pay a fee to deposit puts me off.
I really like this post uzay! keep it up!
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