Over a week ago I wrote about Siacoin and how it could see huge gains from it's current price of a few hundred Satoshi. I won't go into too much detail about why in this post; you can read the blog for yourself if you want (link at bottom)...
Since then there's been a huge development, the added functionality of filesharing.
Here's what Sia write on their blog:
"We launched Sia Bounties two weeks ago with a bounty for a Sia + Minio integration, and received an overwhelmingly positive response! David Gore (user dvstate) quickly submitted a high-quality integration only two days later, and has been working diligently with several testers from the Sia community to refine and improve the Minio integration. Today we are thrilled to announce that the integration is ready for wider use, and it brings some very exciting new file sharing features to Sia!
"Minio is a distributed object storage server, which allows users to connect to any data source (like S3, Azure, GCP), create buckets for file storage, and then share URLs to the files. It also provides an external S3-compatible API.
With the Sia integration, Minio users can now store their files on the Sia network for a fraction of Amazon’s price.
"Here’s how the integration works. First, on Sia, the user deposits Siacoin and creates an allowance for storage on the network. Then, on Minio server, the user launches the Sia gateway, creates buckets, and starts uploading files.
Uploaded files are first stored locally on the Minio server, and then uploaded to Sia. The upload is marked as complete once the file reaches 1x redundancy on Sia. From there, Sia will naturally boost the redundancy to 3x, storing the data across 30 hosts all over the world.
"When downloading data, the files are first downloaded from the Sia network to the Minio server, and then downloaded from the server to the user. Minio server caches the file for quick downloading. As the cache fills up, it will automatically delete the oldest files. This ensures that popular, frequently downloaded files will be fast, while less frequently accessed files will have a slight delay.
"Here’s a great example. We created a public bucket in a Minio server (thanks Luxor for hosting!) called “public” and added some files. You can view through the Minio web interface: http://minio.luxor.tech/minio/public/ or you can download or embed the files directly from a URL. Everything is being stored on the Sia backend."
This is huge news and will likely see the storage utilisation of the Sia network soar when word gets around, which will raise the storage price and although the storage price is not directly tied to the Siacoin price; the Siacoin price will likely rise as well. This could be a very good time to buy a few hundred or thousand to hold just in case the price skyrockets.
As I covered in my other blog you can use https://siahub.info/network to track the network. The total storage utilisation is fast approaching 100 TB which is a mere drop in the ocean compared to big storage companies, but a promising start nonetheless. There's still some kinks that need ironing out (the UI needs urgent work) but I'm feeling quite positive about Sia's future and the future price of my Siacoins.
As always this blog is about what I'm doing with my money, do your own research before buying any altcoins.
Here is a link to my earlier blog:
https://steemit.com/cryptocurrency/@purpleprose/what-s-the-next-coin-that-will-make-millionaires
