Review on Siacoin by gregori cordova
a fully decentralized project, offering a novel alternative for file storage
We have already seen that most of the projects on the market are aimed at particular audiences, and almost all seek to improve the scalability problems of the blockchains on which they are executed. Siacoin, is one of those very atypical projects that does not have much competition in the cryptomarket, since its main objective is to allow users to rent space on their hard drives to other users and be rewarded in the platform's native cryptocurrency. It may sound risky to have a space on your hard drive to rent to strangers, but in reality it is a very safe process that uses all the capabilities of the blockchain to run through all computers connected to the network, and in which Files are not stored entirely on a single hard drive, but are stored in small, fully encrypted chunks, scattered throughout the network, and in which no one but you can have access to them. To achieve this functionality, Sia executes a kind of smart contract called an archive contract, where the price and duration parameters are established between the tenant and the host and usually last 90 days. Sia shares certain similarities with bitcoin, such as its POW consensus protocol and a block generation time of 10 minutes.
The sia project has created an economy with very high levels of decentralization in which any user who wants to rent a small space on their hard drive that is not in use, can do so and receive rewards with it, eliminating the hegemony that large projects have centralized cloud storage such as amazon or google and allowing users to have full control over their files
Pros
- All files are distributed in small encrypted chunks throughout the entire network, which avoids the risks of failures that may exist in centralized servers and are uncensored
- The development team of this project are experts in the area, and even its CEO has collaborated with bitcoin core, the main software of the bitcoin node network
- Users who rent a certain space on their hard drive will be rewarded with the Siacoin coin
- Offers a cheaper and more reliable data storage alternative
- Siacoin ranks high in the top 100 coins with the highest market capitalization
- Sia software can run on Windows, Mac and Linux operating systems
- When using the service, a smart contract is used in which the conditions of storage and payment of the services are reflected and only at the end of the requested storage time, the money is released to the host when verifying that the agreement has been made efficiently
Cons
- Its price is still very devalued
