Chief's Open-Source Overviews | Siacoin

This Chief's Open-Source Overviews analyzes the major benefits and advantages of the open-source blockchain based platform, Siacoin (SC), with the goal of helping provide value to the community about this open-source storage platform.

Siacoin is Proof-of-Work blockchain that uses storage contracts to facilitate the buying and selling of data storage.

It's ultimate goal is to become a storage layer of the Internet with anyone being able to store data efficiently in a decentralized manner.

Currently priced at $0.039, SC ranks #30 in terms of market capitalization of all cryptocurrencies and tokens.

This guide will explain five major reasons to pick Siacoin (SC) out of all cryptocurrencies & blockchains:

Instead of paying the high prices of centralized data solutions, Siacoin has a P2P (Peer to peer) marketplace of data storage renters that compete for your data storage.

So instead of paying whatever Amazon of Microsoft tells you to pay, you can evaluate a marketplace full of available data storage and select the best option for yourself, business, and/or organization.

This is a huge benefit of Siacoin in that is has solved a major problem with the current data storage industry of few hosters and centralized data solutions.

With the Siacoin platform when you upload your file, a storage contract is created between the renter and buyer of the data storage. This storage contract details duration length, reward of the contract, and other specifics such as penalties for not executing contract properly.

This securely brings together unused hard drive space and people, businesses, and organizations willing to pay for it in a decentralized manner.

Siacoin does this by storing the data across the nodes all over the network. This makes sure that one point of failure does not take down the entire network and also makes sure the maximum data speeds are reached.

This is another advantage Siacoin has over current data solutions in that data outages across the network will be less frequent as it is much harder to take down a majority of a lot of nodes compared to a few centers of centralized data solutions.

In recap, Siacoin's distinguishing difference as a blockchain that's focus is data storage in a decentralized manner through a P2P marketplace makes it stick out among data solutions. This solves problems with current centralized data solutions and creates more value proposition to the Siacoin network.

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Siacoin uses a decentralized network for data storage leads to other benefits of why pick Siacoin.

When a file is uploaded, it is spliced and encrypted to be distribute across all the nodes of the Siacoin network. No one node has the entire file on it.

To access the file only the one with the private keys related to that file can access that information.

So unlike current data providers who can access your data, only the person holding the private keys to the file (the individual, businesses, or organization storing the data) can access the data.

This creates a truly private way to store your data and is a huge benefit that Siacoin has to offer.

And it will drive traffic of users storing data that value privacy and knowing they are the only ones that can access the data.

In recap, Siacoin offers a layer of privacy that distinguishes itself from others and provides immense value to individuals, businesses, and organizations who value truly private data storage solutions.

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One major advantage Siacoin has it that it saves its users money. Compared to the traditional data services like Microsoft and Amazon, Siacoin its extremely cost-effective as you can see below:

The result is a data storage solution at one-tenth of the price of what individuals, businesses, and orgaizations pay now.

And as the amount of data that needs stored increasings expontenially cost-effective data solutions like Siacoin will be a huge problem solver for these users who want to offload a portion of their data and save money while doing it.

And the marketplace ensures the prices stay competitive allowing users who want to use Siacoin as a long-term data storage provider to know that they will receive the most competitive prices.

In recap, Siacoin provides individuals, businesses, and organizations a solution to off load data in a cost-efficient manner saving them in the short and long-term.

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Originally to mine Siacoin, you had the Obelisk SC1 ASIC miner which was created by the Siacoin founders and used by most of the community.

ASIC mining has plenty of benefits including protection from a majority attack that would compromise the network. This happens sometimes when there are centralized mining pools within a community.

But now Bitman has released a new Antminer A3 ASIC miner that is specially made for mining Siacoin. After it was released it had great popularity and has created a media blitz.

It has caused a rift in the community but the founders has released the plan moving forward and have welcomed the new mining hardware into the community.

This new hardware will be able to harness the 1.4 PH/s hash rate currently of the Siacoin network and is driving more awareness and investment in the the Siacoin community.

The ability to use either hardware to mine Siacoin is an awesome advantage and harnessing ASIC miners leads to more long-term investors which the Siacoin network is attract more of because of this new mining hardware release.

In recap, the release of the newest ASIC miner by Bitman has driven awareness and investment of the Siacoin community and provides an additional benefit to Siacoin because of the effectiveness of mining and the increased awareness of the Siacoin message.

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The Sia community's goal is to create the world's best decentralized storage network with the ultimate goal of becoming a storage layer of the Internet.

It has a community that cares abut the message and is one of the reasons they came out in protest of the new miner hardware released with a recent open-letter on Medium written and signed by a lot of the Siacoin community.

It proves to me that the community can rally around its values and help come together to solve crucial situations that help the long-term stability and sustainability of the network.

Ultimately Siacoin has decided against a soft-fork option to potentially invalidate the newest mining hardware with the community coming together under the premise of keeping the platform truly decentralized.

In recap, this proves the community can rally to handle hard situations and formulate long-term solutions for the Siacoin network. This should get investors a peace of mind that there is a community that cares behind Siacoin and is a tremendous advantage to have.

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So why pick Siacoin out of all the cryptocurrencies and blockchains?

It:

• is a decentralized peer-to-peer storage marketplace,
• a truly private data storage solution,
• saves users, businesses, & organizations money,
• has new ASIC mining hardware, and
• a community that cares about its message.

This concludes Chief's Open-Source Overviews of the the major benefits & advantages of Siacoin.

Hope this provides value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the open-source Siacoin.

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Series

Here are links to the other overviews part of this series, Chief's Open-Source Overviews:

• NEBL | Open-Source Overviews
• STRAT | Open-Source Overviews
• NEO | Open-Source Overviews
• PPY | Open-Source Overviews
• ARK | Open-Source Overviews
• STEEM | Open-Source Overviews
• Utopian.io | Open-Source Overviews
• Steemit Part #1 | Open-Source Overviews
• Steemit Part #2 | Open-Source Overviews

Sources:

• https://coinmarketcap.com/currencies/siacoin/
• https://sia.tech/
• https://cryptocurrencytalk.com/topic/42433-ann-sia-decentralized-storage-working-beta-currency-has-been-released/
• https://steemit.com/siacoin/@sayyedraza/let-s-think-about-siacoin
• https://steemit.com/bitcoin/@crypt0.critic/siacoin-full-review-everything-you-need-to-know
• https://blog.sia.tech/response-to-the-sia-community-and-bitmain-653a12284098
• https://medium.com/@nitronick600/message-to-nebulous-labs-7c42df1f86d5

Image Sources:

• Blog headers created by myself
• https://cryptocrimson.com/sia-coin-sc-reaches-0-08-grows-over-800/
• https://sia.tech/

Namaste

@chiefmappster

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Posted on Utopian.io - Rewarding Open Source Contributors

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