Hello Friends,
Hope you are doing great. Let us talk about Sia Coin in this blog. At the time of writing this post, Sia coin is standing at number 31 on coin market cap with price $0.0104 and market cap of $369,262,031. This is one of those undervalued cryptocurrencies having very bright future and can give you huge returns which you would never think of.
Sia coin basically is a cloud storage platform secured and backed up by blockchain technology. It looks for unused hard drive capacity around the globe and utilizes it to create a data storage which is more reliable and available at lower cost. It is world's first decentralized storage platform.
There are many other centralized cloud storage platforms available such as Amazon,Google, Yahoo which cost around $23 per month to store 1TB of data. Also as it is centralized, you don't have access to your data and always there is a possibility of tampering with your data. But Sia cloud storage platform costs only $2 per month to store the same amount of data. This cost is 90% lower than traditional cloud storage platforms. Here if you are string your data, then no need to pay in dollars but you need to pay using Sia coin itself.
How it works?
Files are divided before uploading to cloud storage - The Sia software divides the file into 30 similar segments and each segment is allocated to hosts across the globe. The segments are created in such a way that 10 segments can recover data in all the 30 segments. That means if 20 out of 30 segments go offline, data in the files is still stable and can be recovered.
Encryption - Once the segments are created, each segment is encrypted. This makes data more secured as only encrypted data is stored on the cloud.
File smart contracts - Once the files are encrypted, renter and host form the file contracts with each other. This is a type of smart contract. These smart contracts contain rent, maximum server uptime and other important aspects and the files are then sent to host using these smart contracts.
Payment using Sia coin - Once the file contracts are done, renter pays the rent in sia coin to acquire the storage capacity on the cloud. Also hosts deposit sia coin as a collateral.
Contract renewal - Each contract is made for 90 days usually and if the renter wants he/she can renew by paying more sia coins. This process is automatic and sia renews the contract when the expiration date is approaching. If the contracts are not renewed, unused sia coins are returned to the renter.
Storage proof - As the host is storing the data on the clould, he/she has to declare the storage proof about the renter's data. If the storage proof is provided, hosts are paid otherwise not. This storage proof is also stored on sia blockchain.
If we talk about the team, David Vorick is CEO, Co founder as well as Core Developer in Sia. Luke Champine is also Co founder and a core developer. Sia has got a very strong team and continuously working on the development.
Sia coin can be mined and can be traded on many top exchanges such as bittrex, poloniex etc. Recently binance also listed sia coin. Sia coin was first introduced in August 2015 with a starting price of 46 Satoshi and since then its all time high is 844 Satoshi in June 2017. Currently it is trading at 172 Satoshi and available at discounted rate.
Hope you like this article about the sia coin. Please follow me on Steemit, upvote the article and comment down below.
Source: https://sia.tech/technology
Image Source: https://www.google.co.in/search?hl=en&authuser=0&tbm=isch&source=hp&biw=1517&bih=705&ei=i1IwW8-5NsrxvgT70YaoCA&q=sia+coin&oq=sia+coin&gs_l=img.3...1560.2514.0.3106.9.7.0.0.0.0.387.717.3-2.2.0....0...1ac.1.64.img..7.2.711.0..0j35i39k1.0.jiDLbgMlFYw#imgrc=t-sCybQXJ2cnUM:
Disclaimer: I am not a financial adviser. Please do your own research before investing in any cryptocurrency. You are whole and sole responsible for your profits and losses.
