Siacoin Cryptocurrency Review – What Is Siacoin?
Sia was created by David Vorick and Luke Champine of all Nebulous Inc, a VC-funded startup in Boston.The idea of Sia was originally conceived at HackMIT 2013.
Siacoin brings the blockchain technology to the cloud storage space. Instead of building large servers that cost a great deal of money to maintain, they are in fact building a network of people that everyone can join and give their free area to other people and make some cash.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
Siacoin looks to interrupt the cloud-storage industry using a truly decentralized information storage option. Rather than a centralized static server the Sia system offers decentralized blockchain storage.
Siacoin’s wallet is the sole means to store SC, along with the money is utilized to power trades in the Sia ecosystem. Basically host servers are providers and customer servers are users. Users compensate hosts in Siacoin for hosting consumer data within an free-market crypto-economy.
There are currently over 1.1 petabytes of storage that can be found on the Sia system from which only 2 percent is now being used. If Sia would manage to become at least a single big company on board which available space would immediately disappear, which might mean a higher need for distance, then the price of the Siacoin would skyrocket, because more people are buying coins to be able to rent their space.
Sia’s unique p2p storage version could interrupt the cloud sector exactly like the transportation industry was interrupted by ride-sharing platforms like Uber.