Siacoin
Siacoin is a decentralized blockchain-based cloud storage platform that allows network participants to rent and use storage space and excess bandwidth from other users. Sia network lacks a central authority, therefore the entire system is democratized through the use of P2P technology and decentralization.
Siacoin cloud storage is more secure than typical cloud storage services and also more cost-effective, with much-reduced storage rental fees when compared to centralized cloud storage providers. Anyone with additional storage space may rent it out on the Siacoin marketplace and receive Siacoin tokens as payment from consumers who use the rented bandwidth and storage space.
Initially conceived in 2013, Sia was one of the earliest efforts to offer blockchain-based decentralized data storage services. David Vorick and Luke Champine launched Nebulous Inc. in 2014, and the Sia Storage Platform was introduced in 2015. Nebulous focuses on providing hardware and software blockchain solutions that work toward a completely decentralized internet. Nebulous is also responsible for developing Skynet, Sia's layer 2 solution, and SiaStream, a platform for storing and streaming video files.
Nebulous is based in Boston, Massachusetts, and has received funding from large investment firms like First Star Ventures, INBlockchain, and Raptor Group. In 2019, Nebulous earned $3.25 million in seed funding from investors including Dragonfly Capital Partners, Hack VC, and SV Angel. The team has said that they plan to use the money to "scale and speed up the development and adoption of the tech platform."
During the HackMIT Hackathon in September 2013, co-founders Vorick and Luke Champine came up with the idea for this amazing project. At that time, Vorick and Champine came up with a plan to free up all the unused storage space in the world and put it all together in a free global data market. So, its creators focused on making a completely decentralized infrastructure that would let users rent out their available storage space. With this, users can rent out space for money and get paid with the Siacoin token.
Hosts or Providers - Each new computer that is installed with this software joins the network's nodes. This helps it work together with the services that the network needs. Most of the time, these nodes receive on behalf of hosts or providers. Providers are the ones who decide how much storage costs, how much storage packages cost, and how reliable their service is. That is, the hosts are the ones who place their storage resources in order for clients to rent them. Suppliers are responsible for keeping the data accurate and up-to-date. Renters or Customers - The other people who take part in the network are customers or renters. These are the people who actually need the storage services that Sia offers. To gain access to this service, they will pay in Siacoin tokens for a specific storage on the network. Once renters have access to the service, they can put whatever data they want in the Sia cloud until they reach the limit of their storage. The best part is that the client always has complete control over their data.
Siacoin is the network's native currency, and it is the only form of payment accepted for Sia's storage services.
Siacoin is used by everyone in the peer-to-peer system, and it also acts as a reward for miners.
Siacoin, in addition to being a reward and a native cryptocurrency, can be sold on the market for a profit based on the difference in purchasing and selling prices.
To pay for storage services on the Siacoin blockchain, renters must purchase SC, which is then used to create a File Contract, similar to a smart contract, that specifies the rental pricing and other relevant details. Hosts are paid in SC and can benefit from selling SC at the correct market price.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -45% Decrease 15/03/2021 Sia tweeted on March 15 about TikTok creators and their earnings and as well as indicated that this week may have important announcements +60% Increase 27/02/2021 Skynet Labs partnered with Streambed with the aim to give control of the content back to the creators +26% Increase
Siacoin is one of the largest peer-to-peer cloud storage platforms that also serves as a marketplace for cloud services. Even though Siacoin has a lot of competitors with blockchains that do similar things, Siacoin is still one of the most popular service networks of its kind. It offers low-cost storage space for rent as well as a safe and decentralized environment for its peer-to-peer marketplace. As long as the system is functional, and the marketplace is active, the value of SC has the potential to increase with the expansion of the blockchain.
