Siacoin: Cloud Storage or Cryptocurrency – What is it?

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The modern cryptocurrency market allows users to evaluate the benefits of existing coins. Their choice is vast. However, there is a project that differs from others. It guarantees users an unprecedented level of data protection and access to storage tools.

 

Cloud data storage, as it is commonly called, has already become an integral part of our reality. With its appearance, external hard drives and flash cards have become a thing of the past. Today, storage of all kinds of data is possible in the data centers of the company.

 

The leaders of this market are well-known corporations that are very difficult to compete with – Google, DropBox, Microsoft, and Amazon. However, technology development is proceeding rapidly, and today, companies are already offering innovative ways of storing information.

 

Our article will discuss Sia, a new decentralized cloud storage platform, and the Siacoin digital currency created for this project. You will learn everything about the safest, fastest, and most importantly – inexpensive way to store information and convert gbp to thb.
 
What is Siacoin

What is Siacoin (SC)?

Sia can be categorized as a decentralized cloud storage platform. You can keep your files using free hard drive space anywhere in the world because of its utilization. And although this service appeared relatively recently, it can be called a worthy competitor to other world-famous platforms.

 

It is worth noting that today there are 894 active hosts in the worldwide network; in total, 213 TB of information is stored on them. As for the available volume of such storage in total, it reaches 4.7 PB. Users can track this data online. You can do this by going to the main page of the site. There is also a map where you can see where the hosts are located.

 

Let’s now examine what Siacoin is. This came from the platform that was used to store data on the blockchain. This alternative currency is made to cover the cost of cloud storage.
 
Let’s take a look at an example: Sia hosts rent out properties to anyone who has a particular quantity of SC accessible. The Sia blockchain’s smart contracts can be used for this. The payment is not given to the host if he misplaces the file.
 
The smart contract will distribute the cash if the file was kept on the host for a predetermined amount of time.

 

The Sia network we are contemplating is dispersed, making it feasible to maximize its capacity, security, and stability, as well as shorten reaction times. Additionally, the overall cost of storage is taken into account since every user has the option to rent space for data storage.
 

Distinctive features of Siacoin

The digital coin Siacoin in the project is used as a convenient payment instrument when drawing up agreements regarding the lease of free disk space between users.

 

In addition, the Siacoin crypto coin is the only payment method used by users. In the Sia network, this coin is one possible reward instrument. The low cost of information storage is among the most important distinguishing features of Siacoin to USD.

 

For example, you only need to pay $2 per month to store 1000 GB of information. This is the best combination of quality and price compared to all possible competitors.

 

In the Siacoin network, user files are cut, encrypted, and transmitted to hosts. To become a host and be eligible to offer users storage space, you need to have at least 2000 SC and install special software called Sia-UI.

 

Distributed data is necessarily copied several times – this helps them to be mobilized at any time. Sia’s blockchain economic system makes it possible to use a similar service offered by competitors – Dropbox and Google Drive.

 

However, in Siacoin, the user will need to pay a much smaller reward. In SC, it is based on smart contracts, which are automatically installed on the blockchain and paid for by the user.

 

The owner agrees to rent storage space for a set time (usually calculated in weeks). The amount of remuneration is affected by the amount of data storage provided and the speed of the connection. Miners provide processing, whose functions differ from those of the owner.