SIACOIN: What is it and is it a good time to invest?
Sia is a cloud storage platform, similar to Amazon Cloud or Dropbox
What sets Sia apart is that it goes one step further and is a block-chain based, open source, decentralized cloud storage platform. It's decentralized cloud where data is stored on the blockchain.
The idea originated back in 2013, the goal was to allow anyone to rent out their storage space and receive financial rewards for the effort. SIACOIN is the cryptocurrency developed to use the Sia platform.
Currently cloud storage services are typically centralized and the data is protected on a third party server.
But, Sia isn't the only decentralized storage project is it?
Nope!
Storj and Maidsafe are some of Sia's strongest competitors.
So what's different?
One important feature is that Sia supports on-blockchain smart contracts encourging hosts to store files if they want to get paid. Creating such a contract ensures the hoster gets paid, even if the client decides not to acces the files. The contracts also allow for punishing misbehaving hosts. This is probably one of the most deferentiating features of Sia compared to the rest.
The team behind Sia
The core team is a company called Nebulous, based out of Boston, USA. It includes:
1.) David Vorick
2.) Luke Champine
3.) Johnathan Howell
4.) Zach Herbert
All very dedicated and experienced players that believe Sia can be a direct competitor to Google and Amazon, so much so that they discouraged unecessary pumping and media exposure of Sia until it's truly ready.
Trading
Siacoin ICO happened in June 2015
It currently sits at #23 on coinmarketcap
Looking at it's recent trade history
Siacoin seems positioned for a good short term or long term trade depending on your personal trading strategy.
Cloud storage is no small market sector and if they can establish themselves as the leader in decentralized cloud storage, there's great profit to be made in this story.
Please upvote/follow/resteem if you enjoy this content.
Check out my other post on GOLEM
https://steemit.com/bitcoin/@dpt-darkfox12/golem-gnt-what-is-it-and-is-it-a-good-investment
Todd Miltenberger (founder) is a full time Investment Banker and VC. Lets see, all he cares is about money. Jae Heller (SVP of business development) has a stalking criminal record and had mental evaluation. No thanks. I have no faith nor trust the leaders of this project.
Appreciate your insight, good to know. I've only seen David Vorick and Luke Champine as the head of Sia and they're active with the community as well.
I'm very big on SC. Thanks for posting!
Awesome, glad to hear it! My pleasure.
Love what SIA coin has to offer, have already owned plenty. Do question the scalability with the current SIA application, time it takes to run and install, and other issues. What do you think about Filecoin ?
Resteemed and 100% upvoted. Thank you for using my service!
Read here how the new green bot from Berlin works.
@resteem.bot
I got a bellyRub and this post has received a 5.76 % upvote from @bellyrub thanks to: @dpt-darkfox12.
This is a great write up of your opinion, thanks!! ill have to add the coin to my watchlist, data storage is big business decentralized or centralized.
Appreciate it, thanks for reading!
Storj has working product , if only they get there act together!!!and golem shud win long term
Yep, I was preparing a Storj write up for later in the week as a comparison to SIA.
Very interested in Golem. I actually did a write up for GNT yesterday.
https://steemit.com/bitcoin/@dpt-darkfox12/golem-gnt-what-is-it-and-is-it-a-good-investment
This post has received a 2.21 % upvote from @booster thanks to: @dpt-darkfox12, @dpt-darkfox12.
I hold a small amount of SIAcoin. I think they are aiming to do interesting things, but are going through a tough time right now. I actually hold out more hope for IPFS - though they have different goals.
IPFS, is that the project that wants to evolve the infrastructure of the internet or something similar?
IPFS wants to replace most aspects of the web, yes. But, that's only one of its uses. I already use IPFS. Their ICO for filecoin, which is a direct competitor to SIA, launches in a few days.
Ahh, that's good information to know. Thanks.
This post was resteemed by @resteembot!
Good Luck!
Learn more about the @resteembot project in the introduction post.