The odds are very good that you heard at least a little bit about the crypto currency BitCoin, and if you have you’ve likely heard about the technology behind it going known as blockchain.
It’s also likely that you’ve heard about other crypto currency option, the kind of blockchain technologies that take advantage of this flexible programming language and rapid block times. At the same time, there are hundreds of other blockchain based protocol options on the market today that you may not have heard so much about – and Sia Coin is certainly one of them!
Part of that is because the people behind Sia Coin have been working diligently behind the scenes to create a powerfully effective crypto currency that is more secure and more robust than any other available previously, but part of that is also because Sia Coin has expanded beyond being a simple crypto currency and is now establishing itself as a decentralized file storage solution as well.
One of the most impressive uses of blockchain in recent times, Sia Coin has the opportunity to disrupt industry titans Amazon S3 and Dropbox. Let’s highlight below how this new technology plans to break into file storage industry today and turn everything on its head.
Highlighting the Sia Coin advantage
Utilizing blockchain to enable anyone and everyone to leverage decentralized file storage space, Sia Coin provides customers the opportunity to invest in access disk space securely at less than a 10th of the cost of solutions like Amazon S3 and Dropbox.
Part of this is because the Sia Coin technology is still relatively new compared to the solutions that already exist, but another part is because Sia Coin has been able to leverage new technology in a way that speeds up and streamlines decentralized file storage for effortless upload and download transactions.
On top of that, the Sia Coin solution is still relatively “ugly” at least from a user interface and user design standpoint. We are still talking about a product in its infancy, and we are seeing a development team that is working overtime with relatively limited resources to produce as pragmatic and as functional a solution before they were to “pretty things up”.
Blockchain transforms file storage completely
The other huge disrupting force behind Sia Coin has to be the fact that they have decided to create an entirely new blockchain, something that hasn’t been done in quite a while.
While the developers originally planned to use the same blockchain that powers BitCoin, the scripting language behind BitCoin just wouldn’t have supported a script that Sia Coin needs to be robust and scalable and the entire platform would have been slowed down dramatically and a lot less efficient than a starting from scratch solution could be.
The new Sia Coin blockchain relies on proof of work mining and leverages the Blake2b hashing algorithm. This is an ASIC friendly technology and not used by other platforms in the space, and while this kind of approach definitely opens up Sia Coin to more security attacks (industry insiders believe Sia Coin to be 51% less secure than BitCoin right now), individuals would need more than $50 million in hardware to produce an attack that would be capable of stealing even just one single decentralized file.
How Sia Coin plans to disrupt the file storage industry?
The reason that Amazon S3 and Dropbox are so concerned about Sia Coin is simple and straightforward – this new approach to file storage takes the control over data and digital file away from companies and instead puts it in complete control of users, providing them with plenty of encryption and security features that simply wouldn’t have been available otherwise.
Secondly, users that take advantage of everything Sia Coin has to offer will also be able to enjoy an ownership stake in the technology. Because Sia Coins have to be purchased to use the platform, their value fluctuation (hopefully upwards) will produce dividends for those that invest in the technology. Your ownership stake in Sia Coin (as opposed to your customer relationship with Amazon and Dropbox) can prove to be quite profitable!
Finally, when you choose to go in the direction of Sia Coin you’re able to cut costs dramatically. A P2P filesharing solution based off of blockchain is fundamentally going to drop the cost of filesharing dramatically, and you’ll be able to save a considerable amount of money across the board.