On which platforms can Siacoin (SC) be bought and sold?
Siacoin (SC) comes to us from the Sia project, which is a different blockchain from the Bitcoin or Ethereum in that it allows you to store your personal files in a decentralized way. A project that is not found in other crypto currencies.
So where do these files end up? In reality, the Sia network uses a system for sharing storage space between its different users. Other people lend you the available space on their hard disk and are paid in Siacoin SC. A pretty smart system, right? And above all, quite original, in a world where the only two ways to obtain crypto currencies are mining and exchanges.
This is referred to as a peer-to-peer storage system, or between individuals. What about security? It is there because your files are in fact cut and encrypted at the different network nodes independently. Of course, the users who host your files do not have access to them and have no idea what they are hosting. They actually host pieces of files that are encrypted. There is also a system of contracts between the host and the person who needs free space.
In addition, file pieces are duplicated and stored in multiple locations, so the system is not threatened by the flaw in a single block. You will still be able to access your files (and this condition is obviously key to Sia’s success). It should also be noted that “hosts” receive heavy penalties if they have to stop their storage.
How it works: for what purposes can Siacoin (SC) be purchased?
The big advantage of Sia is that you can store tons of files at a lower cost and in a decentralized way. Sia’s main currency is Siacoin and it should be known that the quantity of Siacoins will increase permanently.
Indeed, for the moment, one validated block corresponds to a reward of 300,000 tokens. However, the number decreases by 1 token each day… until the sum of 30,000 Siacoin per validated block is reached. An unfinished quantity of tokens therefore.
What Sia wants to do? Disrupt the cloud storage market and bury giants like Microsoft Azure or iCloud. If Sia’s technology is properly developed, we will be able to access a reliable, fast and cost-effective storage system. The idea is quite brilliant: to recycle the unused memory of the network members
Our review: should we buy Siacoin (SC)?
Siacoin is a rather promising currency as the underlying technology is very ambitious. The Sia project offers a new paradigm for the cloud industry and proposes to disrupt traditional players, which offers costly and imperfect solutions.
Once again, we have a crypto currency whose project proposes to change the deal. It is an optimistic thought that we appreciate. In addition, the blockchain technology ensures that the data remains secure: each node is validated by a community of miners.
In addition, Sia is hyper scalable and may contain potential double-digit growth. It offers an unprecedented opportunity: to recycle unnecessary computer memory. The more members, the more memory available, the easier it is to grow.
Since BitTorrent had revolutionized the art of file sharing, Sia may well have the potential to democratize cloud storage. We are therefore rather “bullish” on this crypto currency for a long-term investment.