Review on Siacoin by Robiul Islam
Sia is the leading decentralized cloud storage platform.
One of the core functions of the platform is to distribute as an open marketplace. With additional space on a device has the expectation to earn money by renting unused storage capacity to those that need it. It is also possible to mine Siacoin by participating in the network, validating transactions and maintaining the blockchain.
It’s also allowable to buy Siacoin without actively participating in the Sia network. If the network increases and the value of the currency goes up, coins purchased on an exchange will increase in value regardless of whether or not you are active on the Sia network. Cryptocurrencies are known for being volatile and it’s important to understand the potential risks involved when it comes to purchasing any digital currency.
For a beginner who is wanting to invest in crypto, it may not be the best choice due to its inflationary currency, but for anyone who is looking to make a passive cryptocurrency income, it could be a promising place to start.
Updated 5 years ago
Rating has not been changed
The Sia network reached a record in May, having 310 TB of data stored on the decentralized cloud. This number is still climbing, and as of this writing is over 325 TB.
Sia will bring seed-based file recovery to light. This will take the current backup method and tie it to your seed, which means a single string of words is all you’ll need to ensure your files can be recovered at any time.
Pros
- It is a cheaper option than current centralised solutions.
- Allows downloading to be super fast even if the system is overworked or overloaded.
- As an open-source platform, it allows developers and engineers to add applications on the Sia API.
- It allows you to control your encryption keys and completely own your data.
- It is a revolutionary technology that threatens to disrupt lucrative centralised utilities like Google Drive and Dropbox.
- It has a hard working team and devout community behind it.
- It costs 90% less than centralized cloud storage providers.
- Less costly than other storage options like dropbox.
- It is one of the strongest real-use cases for blockchain technology.
- The network is decentralised which empowers peer-to-peer.
- Completely Private, Far More Affordable.
Cons
- It is an inflationary currency with an limitless cap on how many coins can be mined, which may water down prices from an investor’s long-term perspective.
