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Siacoin

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Description

What does Sia do?

Sia is a decentralized cloud storage platform that uses blockchain technology to compete with traditional centralized cloud-based storage providers like Amazon, Dropbox, and Microsoft. To do so, the project offers a peer to peer storage platform that allows anyone to rent or buy digital space. Sia uses smart contracts to give its buyers and sellers the ability to do business with each other quickly and easily.

Users that elect to buy space take advantage of Sia by storing their data on a network of computers all over the world without the worries of centralization that come with options like Amazon, Dropbox, and Microsoft - there is no single company or entity that controls data stored on Sia. This network is supported by people and organizations that contribute data storage space and are paid for their contributions in SC, or SiaCoin.

What are SC coins used for?

There are two coins native to Sia: SC and SF. SC (SiaCoin) is needed to pay for storage space. If you have data that must be stored and wish to use Sia to store it, you buy storage space from a peer and pay them with SC coins.

SF, short for SiaFund, is a secondary coin that is sold by Sia to raise funds for development. Only 10,000 SF coins exist. Holders of SF coins receive 3.9% of all successful SC payments. This means that when 100 SC coins are spent by a user for storage, 3.9 SC coins are distributed (proportionally) to the holders of the 10,000 SF coins.

How can SC and SF coins’ value appreciate?

The amount of data that is being created is always rising. With increased data comes increased need for storage. Sia may be a platform perfectly positioned to meet this need. Since SC represent the only method of payment for data storage on Sia, the price of SC coins may rise significantly as more users flock to Sia for a data storage solution.

The demand for SC coins will result in a huge boost for SF coins, as well. Since all payments for data storage with SC coins reward individuals that hold SF coins, holding SF coins represents an opportunity for passive income.

What is the difference between the project and its competitors?

Sia’s main competitor is a blockchain project named Storj. The main difference between Sia and Storj is in their main use. Since data is not always easily accessible on Sia, the project may only be useful for backing data up rather than using it in real time. Storj, on the other hand, backs data up while keeping it accessible. However, Sia’s storage services are cheaper than those offered by Storj.

Traditional cloud hosting providers like Google and Amazon can also be considered competitors of Sia. Sia's main advantages over the traditional competitors are its flexibility, affordability, security, and privacy.

  • Mainnet Launch: -
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 34,369,215,795
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Description

What does Sia do?

Sia is a decentralized cloud storage platform that uses blockchain technology to compete with traditional centralized cloud-based storage providers like Amazon, Dropbox, and Microsoft. To do so, the project offers a peer to peer storage platform that allows anyone to rent or buy digital space. Sia uses smart contracts to give its buyers and sellers the ability to do business with each other quickly and easily.

Users that elect to buy space take advantage of Sia by storing their data on a network of computers all over the world without the worries of centralization that come with options like Amazon, Dropbox, and Microsoft - there is no single company or entity that controls data stored on Sia. This network is supported by people and organizations that contribute data storage space and are paid for their contributions in SC, or SiaCoin.

What are SC coins used for?

There are two coins native to Sia: SC and SF. SC (SiaCoin) is needed to pay for storage space. If you have data that must be stored and wish to use Sia to store it, you buy storage space from a peer and pay them with SC coins.

SF, short for SiaFund, is a secondary coin that is sold by Sia to raise funds for development. Only 10,000 SF coins exist. Holders of SF coins receive 3.9% of all successful SC payments. This means that when 100 SC coins are spent by a user for storage, 3.9 SC coins are distributed (proportionally) to the holders of the 10,000 SF coins.

How can SC and SF coins’ value appreciate?

The amount of data that is being created is always rising. With increased data comes increased need for storage. Sia may be a platform perfectly positioned to meet this need. Since SC represent the only method of payment for data storage on Sia, the price of SC coins may rise significantly as more users flock to Sia for a data storage solution.

The demand for SC coins will result in a huge boost for SF coins, as well. Since all payments for data storage with SC coins reward individuals that hold SF coins, holding SF coins represents an opportunity for passive income.

What is the difference between the project and its competitors?

Sia’s main competitor is a blockchain project named Storj. The main difference between Sia and Storj is in their main use. Since data is not always easily accessible on Sia, the project may only be useful for backing data up rather than using it in real time. Storj, on the other hand, backs data up while keeping it accessible. However, Sia’s storage services are cheaper than those offered by Storj.

Traditional cloud hosting providers like Google and Amazon can also be considered competitors of Sia. Sia's main advantages over the traditional competitors are its flexibility, affordability, security, and privacy.

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