There are more and more platforms in the cryptocurrency world with practical and useful ideas. Siacoin (SC) plans to oust the existing cloud storages and to occupy a worthy place in this niche.
Sia project aims to create a convenient platform for decentralized data storage. The idea is simple — some computer users (host) provide free space on the hard disk for use and get the reward. Others (renter) rent the correct amount of space leased from a network for a fee. You can combine these two roles if you want.
How it works
Nebulous Inc. company created Sia platform. This platform allows you to store decentralized files. The idea of the project appeared in 2013. The network launched in may 2015. Blockchain system stores not only conducted a transaction but also concluded contracts between the users. Moreover, Sia supports two-way contracts and two-way payment channels. Transactions occur instantly in the network, and there are no additional fees.
The network functioning is based on the algorithm of POW (proof-of-work) and smart contracts. When you download the file, you agree with the system for storage.
Hosts are interested in the stable storage because if you break the contract, they will not receive remuneration.
You will need Sia-UI regardless of whether you want to become a lessee or you will provide free space. The users can download the application from the official website. There are versions for Windows, macOS, and Linux.
All files are encrypted securely. The entire data and is parts code at the initial stage. The host owners cannot guess what is stored on a dedicated shared disk.
- storing the data decentralized;
- storing the files much cheaper;
- high network bandwidth.
Computer owners are interested in the stable operation of PC, as they obtain remuneration for storage. Let’s compare the price of data storage. Amazon and Google take $100 per month for 5 terabytes. With Sia, you pay only $10. It is ten times less. The price will be lower if more users join the system.
Sia platform has internal currency — Siacoin (SC). It gives access to all platform features. For example, it receives a fee for data storage on the hard disk. There already have been produced more than 29 billion coins.
The system has less known cryptocurrency – Siafund. The total number of coins is 10 thousand. They all were released by pre-mining, and 8750 coins belong to the project team. The remaining part was sold during the launch to attract funding for the network development. The token holders receive about 4% of remuneration for the network’s data storage.
The developers mined the initial 100 blocks. For the first block reward was about 300 thousand. Then reward for each block decreases by 1 token. The minimum is 30 thousand SC.
Coins mining occur by the graphics card. On average, a new block appears every 10 minutes. Hashing blocks use algorithms Blake2b and p2pool.
Storage for tokens
Sia official app is Sia-UI. It is the safest option to store the token SC. If you want to create Siacoin purse, you should click "Wallet" on the left side tab and select "Create a new wallet."
The app will generate you a key to access the wallet, which looks like a sequence of words. Keep it in a safe place. Then the purse will synchronize with the network starts for some time. Once the process is over, you will be able to send and receive coins.
Today prospects are optimistic. The platform founders set the goal to change the field of information storage entirely and to create the largest SuperServer on the planet. It can keep all your data starting from movies, music, photos to important documents, files, business projects. Developers think that even Youtube and Netflix will use Sia to improve the service.
The platform creators are planning to take 70-90% of the market in the future. They believe that this idea is useful and beneficial to all parties. Besides, the source code is open. Therefore anyone can create applications there. Sia platform has internal currency — Siacoin (SC).
Thus, if more users join the system, the higher demand Siacoin has. And the price will increase.