The world of cyrpto currencies is becoming more and more crowded every day. There are already 900+ cyrpto currencies on the market, and this number continues to grow.
In addition, there are so many ICOs and new projects coming every day. It could be overwhelming to pursue all these cyrpto currencies and projects.
And not all projects or currencies are worth noticing, like most fizzle out and die, while others later turn into frauds.
What is Sia Cryptocurrency?
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, block-based, decentralized cloud storage platform. In short, Sia is a decentralized cloud in which data is stored on the block chain
Centralized storage services are prone to single points of failure and also the misuse of unencrypted data for higher business profits.
Sia combines a large amount of unused storage space and connects it with a block chain to make encrypted and decentralized cloud storage. This eliminates the need to rely on central data centers.
Sias official website says:
“The long-term goal of Sia is to be the backbone storage layer of the Internet. We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage super server on the plane”. The idea of sia cloud storage was conceived at the Hack MIT 2013 Hackathon and is now supported by Nebulous Inc. (headquarter in Boston, USA).
What is Siacoin?
Siacoin is the cryptocurrency developed to use the Sia platform. Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin.
Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host. This is a special currency for the Sia network that performs file storage on the Sia chain. A host must keep the files for an agreed time and in an agreed space. Later, after the end of the agreement, the payment will be released to the host in Siacoin.
If the host loses the files, they are not paid. These records on the Sia block chain ensure that the host and the user are both satisfied.
Sia was launched on the market two years back on June 7, 2015, and it began trading at $ 0.000046 per Siacoin.
Currently, the Siacoin is worth $0.010921per unit, which is a 38.700% price increase in just two years.
This increment is so great that it has put Siacoin on the 14th place in the list of the top 20 crypt competitions by market cap.
Team Sia: Core team of SiaCoins (SC)
The company behind Sia is Nebulous Inc. Nebulous is headquartered in Boston, Massachusetts.
David Vorick (CEO): In addition to the CEO, he is also the leading developer of Sia Core. He completed the Rensselaer Polytechnic Institute with a BS in Computer Science.
Luke Champine (co-founder): Luke studied with David at the Rensselaer Polytechnic Institute. He fell out of college to work full-time at Sia. He is Sia's core developer and loves programming.
Johnathan Howell (Sia Core Developer): He started programming around the age of 10 years. He has a M.A. From Savannah College of Art and Design. He works at the front of Sia to provide a clean, well-built and easy-to-use UX to provide the core functionality.
Zach Herbert (Head of Operations): He is characterized by project and product management. He studied for an MBA from Harvard Business School and studied at Boston University, where he studied mechanical engineering. He started working with the Sia team in January 2017.
Siacoin Supply:
Sia's delivery mechanism is unique. There will be an infinite number of Siacoins. To begin with, the developers extracted the first 100 blocks. The reward for the first block was 300,000 siacos. After the first block, the Siacoin reward will decrease exponentially by one unit for subsequent blocks.
This means that:
• The 1st block had 300.00 Siacoins.
• The second block had 299,999 siacos.
• The third block had 299,998 siacos.
• Fourth block had 299,997 siacos. ... and so on ... until the block prizes are reduced to 30,000 siacos.
After that, for each block extracted, 30,000 Siacoins will enter the system. At present, there are 26.7 billion Siacoins available.
There are few major exchanges from where you can exchange BTC / ETC for Siacoin:
- Poloniex
- Shapeshift.io
- Bitsquare
The future of Sia
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Unlike many other currencies or crypto projects, Sia did not start with an ICO or pre-mining.
However, to date, Nebulous Inc. has raised $ 1.25 million in total funding. Prominent investors include Procyon Ventures, Raptor Group, Fenbushi Capital and angel investors such as Li Xiaolai. Sia's long-term goal is to compete with cloud storage platforms like Dropbox, Google Drive and One Drive.
In the space of the block chain, Sia's direct competitors are Storj and MaidSafe, but Sia claims to be better with encryption and decentralization.
The developer community is confident that they are making a highly competent product and do not believe in mass marketing campaigns for promotion. Sia- Decentralized cloud storage
I think Sia has arrived just at the right time because the need for data privacy, security and decentralization is at a high point in the market. And it goes without saying that Siacoin's future depends on the success and adoption rate of storage in the Sia cloud, which looks promising at the moment.
The future is bright for Sia. What do you think of Sia and Siacoin? Are you intrigued by its potential? Do you think it's an exaggeration? Let me hear your comments and thoughts in the comments below!
Credits to: Jakkk