Review on Siacoin by Temitope Babatunde
Helping To Lessen The Problem Of Cloud Storage.
Sia is a blockchain platform that tend to provide a decentralized cloud storage for both enterprise and individuals. Instead of renting cloud storage from centralized organizations, users of Sia platform will have the opportunity of renting free space from each other, where the one that have underutilized space will lend it out to the one in need for a minimal fee. Proof of storage will publicly verifiable on the blockchain, so it is network that will be doing the verification and not the individual users.
This project was founded in 2015, by the Sia team lead by it's co founder David Vorick as the CEo and Matt Sevey as the head of the developers. The project publicly released its's public code on github on October 2014. Since then the project has been moving from strenght to strenght. If adopted globally then it will be competing well with big name like dropbox, Netflix, Amazon etc. The team want to make the platform as faster as possible.
The platform has a native token named Siacoin with SC as the symbol, the coin will be using to pay for any services carried out through the platform. But because of the inflationary nature of the coin the price is still low in the market but if proof of burn which the team is planning is integrated into the system of the coin, then large number of it will be burn and this will reduce it's volume and with the adoption of the platform this will push the price up. Presently, the coin is traded in many major exchanges and the present price is 0.00367.
In conclusion, Sia as a platform and siacoin as a token is a good project that still have much to do in other to make it publicly acceptable.
Pros
- It has large communties accross various sociam medias.
- The project has very active and dynamic team, that are always busy at attaining their objective.
- It serves as a plaform where host, can freely meet with the person who wanted to higher the disk space.
- Their services is very cheaper compare to their traditional competitors.
- The storage is decentralized.
Cons
- The competitors are stronger.
- Not much people have come to know about blockchain technology to take the advantage of it.
