What is Siacoin (SC) and Why it Has Potential - Future of Cloud Storage? 2018 Altcoin Pick
January 21, 2018
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9:37Now PlayingWhat is Siacoin (SC) and Why it Has Potential - Future of Cloud Storage? 2018 Altcoin Pick
YouTube Description
as posted by the channelWhat is Sia? Sia is a decentralized cloud storage platform that uses a blockchain to facilitate payments. On Sia you can rent storage, get paid to host files, mine Siacon, or contribute to the project!
What Problems Does It Solve
Existing cloud storage providers are centralized. Costs are high, data is often unencrypted, and each provider typically runs only several large data centers. Sia, by contrast, allows for private, decentralized, distributed cloud storage at a far lower price. Businesses could use this platform to reduce their cloud storage costs. Also its provides anonymity, let’s say you use Google Drive, Google displays Ads to you based on your content.
What is Siacoin
Sia uses a cryptocurrency, Siacoin, to enable decentralized payments via file contracts. All payments on the network happen in Siacoin, which is a critical component of our cryptographic SLAs. Siacoin allows us to do things that would not be possible with Bitcoin or traditional online payments.
Quick Takeaways
Could potentially remove the need for Amazon web servers while being much cheaper
Open source
Allows you to anonymously upload your files to the cloud and then through an algorithm and encryption being distributed all throughout the world
Take a file upload it and parts of that file is being stripped apart and being stored on different servers across the world with redundancy. More uptime
Provides privacy, security, anonymity and stability
You are going to hold the keys that unlocks the files and brings it back off the cloud.
2018 Price Prediction
$5 by the end of 2018
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