Review on Siacoin by Fanuel PORPORTY
Siacoin, a data storage project that uses blockchain to set up a decentralized storage system
Siacoin offers a decentralized cloud storage option that competes with former centralized competitors such as DropBox, Amazon, Apple and Microsoft. Thanks to Sia, anyone can host or access encrypted storage via the platform, and all contracts, proof of storage and transactions are verifiable using the public blockchain registry. The Sia platform is made up of both suppliers (hosts) and customers (users). Thanks to the platform, users order storage space from hosts and hosts are paid for their services to Siacoin. The ecosystem will offer flexible storage options and will be largely oriented towards the open market. Suppliers can set their own prices, advertise their level of reliability, and set penalty standards for storage problems or file loss. In addition, they can choose to refuse the storage of a client if they are not comfortable with the nature of the client's data (for example, sensitive, illegal or ethically questionable documents).
Siacoin is a fairly promising currency because the underlying technology is very ambitious. The Sia project offers a new paradigm for the cloud industry and proposes to disrupt traditional players, who offer costly and imperfect solutions. Again, we have cryptocurrency, the game-changing project. It is an optimistic thought that we appreciate. In addition, blockchain technology ensures data security: each node is validated by a community of miners. In addition, Sia is hyper-scalable and may contain possible double-digit growth. It offers an unprecedented opportunity: to recycle unnecessary computer memory. The more members, the more memory, the easier it is to grow. As BitTorrent has revolutionized the art of file sharing, it may well be that Sia has the potential to democratize cloud storage. We are therefore rather “bullish” on this cryptocurrency for a long-term investment.
Pros
- All data processed on the Sia network is encrypted. Unless a provider has the private data key, it cannot access the stored files, which means that you are always in full possession / control of any material that you agree to store on the platform. Sia. According to traditional models, the companies that host cloud storage have full access to all the data that you transfer to their servers.
- Siacoin offers its users flexible price options adapted to the market. There is no universal option for customers. For example, 1 TB of data storage using Sia can cost as little as $ 2 per month, compared to Amazon services that cost $ 23 per month.
- Again, all data on Sia is encrypted and processed through a decentralized network, thereby protecting users' hardware from the vulnerabilities of a centralized system. In addition, Sia offers redundant storage. By distributing downloaded documents among several suppliers, Sia protects customer data from a single point of failure.
Cons
- Data access time is longer than in a traditional cloud system.
- Even if the classic competitors cost more, they are already well known and have proven themselves.
- The total amount of SC coins is unlimited.
