Overview

12/10/18 06:56 UTC-4

Siacoin, as an alternative to the cloud service

Cloud service Siacoin
Cloud service Siacoin

The shell called Siacoin acts as a cloud service that provides decentralized content management and blockchain process operations. Any member of this network has access to the functions of storing, moving and developing various kinds of files and information. The Siacoin project was conceived as a modern alternative to such monsters of cloud service as DropBox, Apple and Microsoft.

 

Work principles

At the forefront of the Sia network is the leasing of cloud storage for large data centers to its users. Acting as an intermediary, Sia allows each participant in the system to have a peer-to-peer repository with the subsequent leasing of free space to third parties. The operations on the platform are paid for in the Siacoin cryptocurrency, and Blokchain is used to provide evidence of payments and smart-contracts.

Interesting in the section: 0x: development and prospects

The ecosystem of Sia is designed in such a way that the owners of the hosts benefit from the transfer of part of the storage to customers who pay for it in Siacoin coins. The platform is focused on an individual approach to using hosting, where providers can set their own rules for an unwanted customer. Regulation of relations between the two stakeholders is through smart-contracts.

At the time of coordinating the details of the cooperation, both parties prepare a textual contract that describes the options and conditions for storing and distributing content. The reliability and details of the contract at any time can be coordinated through open access to the Blockchain. As you can see, file contracts guarantee a decent level of security, because to confirm the storage of files you need the right amount of unique evidence of the network.

 

Capitalization

So what are the main advantages of Sia over classic cloud storage? The answer lies in the privacy of network users who can work with the cloud service without disclosing their personal data. Another factor in favor of Sia can be attributed the availability of the cloud for ordinary users. The cost of 1TB of data is estimated at $ 2, which is several times less than for the same amount of competitors.

Interesting in the section: Rchain: Project Perspectives

Siacoin refers to cryptocurrency assets, which can easily be found on large trading floors. Popular pairs for this virtual currency are BTC and ETH. The only purse where you can store coins is a branded purse, located on the platform of the same name. To date, the main objectives of the project can be considered as reducing the time of maintenance operations and correcting errors in the network.

In the long term, Siacoin developers want to carry out a number of updates and improvements to the functionality and capabilities of the network, including the launch of the mobile version of the platform.

 


Without a doubt, Siacoin is of interest to investors who see the prospects for the development of cloud services on a decentralized basis. At the start of 2018, Siacoin's digital asset is among the TOP-50 most promising cryptocurrencies in the world.

Editor: Yuliya Soroka

#sc #sia #siacoin #cryptocurrency #blockchain

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