Would you rent you hard drive space to other users?
Do you watch the television program Silicon Valley? It is a very similar concept to the Pied Piper, it is almost identical. It is allowing users to download the app and then rent out their unused hard drive space on their device or computer.
Its security is by decentralisation and encryption.
So, if I upload a file to the Sia network, what happens is the file is chopped up into thousands of little pieces and then a little bit of that data is then stored on each device. What this means is that no one person or device has the complete file, and the only way to get that file back is with your private encryption key.
It is more reliable because it is not centralised, and it's rentable at a lower cost than traditional cloud storage providers. Storing 1TB on the Sia blockchain network costs about $2 per month, compared to $23 on Amazon S3! and Storj at $0.15 for 1GB a month.
You control your private encryption keys and your own data, unlike Amazon S3 or Google. So to be clear, no 3rd party company can access of control your data. For me, this is very important.
Sia networks service features and smart contracts are available now. Professionals consider Siacoin as an underestimated asset. The price will grow along with the increase of files storing number on the Sia network.
One of the things I see as a huge benefit of this technology, is that you're relying on a platform with encryption rather than an individual company.
Look at Gmail for instance, Google read through your emails so it can figure out how to better target ads for you. So from a privacy aspect, switching from a Google or Amazon service over to Siacoin is a HUGE deal.
Now you can be 100% responsible for your own files, you are relying on the protocol and encryption, which would be my preference over completely relying on Google and Amazon to look after my data!
The current Siacoin price $0.006 is a 50,777.19% increase from it's all time low price 3 years ago.
Siacoin's highest price was $0.097 this was achieved on Sunday, January 7th 2018.
The current Siacoin price is a 93.37% decrease from it's all time high price 10 months ago.
I see Siacoin as really interesting technology with a lot of potential and currently the
price of the coin is so small, the risk is very low, and being 93% down I topped up my bags.
LET ME KNOW IF YOU ARE ABOARD THE SIA TRAIN!
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