1 Level
41 Review
50 Karma
Review on Siacoin by Arun Kaul
Decentralised Cloud Storage Project
Overall, I think that Sia is a very interesting project and in a time where data decentralisation, privacy and security are becoming more and more important companies like Sia will become hugely valuable.
Decentralised cloud storage using blockchain technology is inevitable and the ability to securely store files on a blockchain provides huge advantages over standard cloud storage.
Being the first company that succeeds at providing a usable and reliable decentralised cloud storage system will likely be huge for the coins price and could therefore be a great investment opportunity.
A lot of the value of Siacoin and Sia will come from user adoption and currently this is looking quite promising. With the low prices that Sia is offering this is expected to continue.
Pros
- Sia Storage Cost – Being able to store 1TB of data at a less than 10% of the price of Amazon S3 could be potentially huge! It’s a fantastic deal for the customer and if knowledge of spreads and the platform grows successfully then it could easily become the go-to for cold storage of data.
- Privacy – All data that is ever uploaded to the Sia network is encrypted which means that only you will ever know what is on it.
- Security – Having redundant storage on a blockchain by splitting the users file into several segments means that backups of the data will always be safe. Add this to the encryption of the users data and the plans to add wallet seed backup probably makes using Sia the most secure way to store data.
Cons
- Complicated Process – Makes the process of storing files more complicated that traditional methods so may put some people off.
- Can only use Siacoin – Only allowing Siacoin payments decreases the likelihood of user adoption as it adds another, somewhat complicated, step to the process.
- Wallet – The Sia wallet could definitely be improved, and as it’s the only way to store coins, it needs to be improved.
