What is Siacoin?

Sia is a decentralized cloud storage platform that uses a blockchain to facilitate payments. On Sia you can rent storage, get paid to host files and mine Siacoin

Existing cloud storage providers like Amazon are centralized.
Costs are high, data is often unencrypted, and each provider typically runs only several large data centers. Sia, by contrast, allows for private, decentralized, distributed cloud storage at a far lower price.

Is not only the cheap price that will make this coin a winner within an industry of millions of TB of data used by most people and media but the PROTECTION most people will get on their data as is not hackable.

What's the utility of the SiaCoin?

Sia uses a cryptocurrency, Siacoin, to enable decentralized payments via file contracts. All payments on the network happen in Siacoin, which is a critical component of our cryptographic SLAs. Siacoin allows us to do things that would not be possible with Bitcoin or traditional online payments.

Siacoin will be the coin to facilitate the transactions in the Sia Platform

Who created Siacoin?

Sia was created by David Vorick and Luke Champine of Nebulous Inc, a VC-funded startup in Boston.

The idea of Sia was originally conceived at HackMIT 2013. What if you could liberate the unused storage space of the world and unite it into a worldwide free market for data. That was the main concept.

Sia leverages the capacity of blockchain technology to enable distributed networks to reach consensus in a secure and trustless way. Cryptographically secured smart contracts ensure the encryption and transfer of data with no possibility for a third party to interfere in any way.

Sia is a new approach to cloud storage platforms. Instead of all datacenters being owned and operated by a single company, Sia opens the floodgates and allows anyone to make money by renting out their hard drive. Data integrity is protected using redundancy and cryptography.

How many millions have free storage data in their computers that wouldn't mind to lend for a fair price?

The promise of Sia is a decentralized network of datacenters that, taken together, comprise the world's fastest, cheapest, and most secure cloud storage platform. Today, being a major cloud storage player requires having datacenters, building trust within the market, reaching customers, and competing with giants such as Amazon, Google, and Microsoft.

Breaking into this market is a multi-billion dollar endeavor. The long term goal of Sia is to be the backbone storage layer of the Internet.

They believe data should be free. They aim to liberate the unused bits of the world and construct the largest storage superserver on the planet.

What are the biggest strenghts of Siacoin?

· Privacy
Sia splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers.

· Affordable
Sia's decentralized cloud is on average 10x less expensive than current cloud storage providers. Storing 1TB on Sia costs about $2 per month, compared with $23 on Amazon S3.

· Highly redundant
Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers.

· Open source
Sia is completely open source. Over a dozen individuals have contributed to Sia's software, and there is an active community building innovative applications on top of the Sia API.

· Marketplace on blockchain
Using the Sia blockchain, Sia creates a decentralized storage marketplace in which hosts compete for your business – this leads to the lowest possible prices. Renters pay using Siacoin, which can also be mined and traded.

· Private, Decentralized Cloud Storage
Sia is a blockchain-based, encrypted, decentralized cloud storage platform. It provides a marketplace for individuals with spare disk space to rent out their free space to individuals who wish to upload to the network. This is achieved through a myriad of technical wizardry, the most important of which is erasure coding and encryption. At around $2/TB/mo, Sia offers an incredible value proposition on top of the technical benefits.

Source

How can you get Siacoin?

In order to securely pay for storage on the Sia network, you must use the Sia cryptocurrency, Siacoin. The use of Siacoin is necessary to facilitate a trustless, decentralized storage platform. It’s used in Sia to pay directly for storage space and bandwidth, but also to penalize bad hosts who drop data or have disk failure.

What should you expect in the near future about the SiaCoin price?

Source

Siacoin is looking quite bullish long term. At the minute is trading around the 0.02$ and has potential to go to 0.4$+ within a year which is a solid x20 of your investment.

Conclutions

Siacoin is a relatevely new project that used blockchain technology to store data. Has a real use and a huge marketplace potentian in an industry in clear uptrend (data storage and internet safety of data)

Get involved with Siacoin Community here:
https://sia.tech/
https://www.reddit.com/r/siacoin
https://github.com/NebulousLabs/Sia

Thanks for Reading!