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Review on Siacoin by Marlena Kaźmierska
Siacoin cloud storage on blockchain
The concept of Siacoin itself is unique because it offers storage at low cost to the crypto community.
The user can use the Siacoin cryptocurrency to carry out the peer-to-peer transactions. Unlike bitcoin, this has been employed for making transfer between the host and the user.
It has also employed the application of contracts which can be quite similar to the smart contracts on the ethereum. These contracts ensure the terms between the user and the host and of the payment as well.
Siacoin provides for the most secure and cheapest platform for cloud storage. The long term motive of the developers of Sia is to give tough competition to the already existing cloud storage platforms in the market.
Pros
- Sia works on a cloud storage model which is cooperative and decentralized.
- Siacoin technology allows the saving of data on various devious which ensures that no information is lost in case of any failure.
Cons
- Major con of Siacoin is that the development team has failed to provide any clear public roadmap to adoption. Also, at present, the Sia network just has 2% storage. Since Siacoin is comparatively new, there might be other drawbacks which haven’t come to notice.
