Review on Siacoin by Olugbenga Ajayi
Good project that offers Infrastructure As a Service(IAAS)
In this our time of advanced computer technologies, there are new paradigm in computing like cloud computing, data science, big data data and many more. Bringing the Blockchain technology into one or all of these will be a welcome idea.
Siacoin is a crypto currency project that introduce block chain technology in on of the cloud computing facets which IAAS that is infrastructures as a service. It is believed that some people or corporations bought hard drives with capacity beyond what they can really exhausted. With IAAS, it is possible to rent out such underutilized hard drive. Hence Siavoin become the first decentralized storage platform.
I believe this concept is very timely and it will help owners of such large disk space to regain the lost value of the extra sized disk space. Siacoin uses a proof of storage algorithm and a file contract type smart contract to setup what I will refer to as rentee to renters relationship. Rentees host being the owners of the hard drives and renters being those that want to rent it.
Siacoin will be used as the utility token to be used for the payment of the host. The project also has another token that serves a different purpose. The second token is known as siafund which is used as incentive to attract more people to participate.
I love the project in particular because of the way it breaks the files for nto chunks and encrypt each fraction before it is uploaded. Hence even in the case of network breach, only a fraction can be breached and it will be useless.
Pros
- The project is the first to implement infrastructure as a service in blockchain
- Owners of oversized disk space can now enjoy value
- It gives incentives to encourage participation
- The project is safe and cannot be breached since files are encrypted from end to end
- Users enjoy high uptime since it does not depend on iSPs
Cons
- No negative comment
