The cloud storage industry is a massive industry that was estimated at $178 billion as of 2018. Companies like Microsoft, Dropbox and Amazon are key players in the cloud storage industry. The term “cloud storage” basically refers to the storing of data. The Siacoin network seeks to disrupt the cloud storage industry by creating a decentralized network for data storage. Unlike the other cloud storage networks that make use of centralized storage, the Siacoin seeks to create a decentralized platform for the storage of data.
This new platform would eliminate the creation of large centralized data centres that consume a lot of electricity and other resources. The Siacoin network would let people rent out their storage space and get rewards from doing so. It will create a market where users are able to buy and sell cloud storage. This means that anyone can rent out spaces on their computer to people on the network. The network makes use of the Siacoin which is used as the currency for the payment of storage spaces. All payments on the network are made with the SC.
Asides the fact that the Siacoin network seeks to improve the cloud storage industry, it also seeks to solve one problem that has faced the network which is security. Unlike the traditional cloud storage platforms, the Siacoin network offers users security as well as privacy. It allows all users on the network to store their data without losing any form of control. Once a data is uploaded to the network, it will be stored in a number of hosts. This will ensure that no one is able to manipulate or even have access to the stored data. It holds payment until the host has fulfilled all contract terms.
Features of Siacoin
- Open source project; this means that third party developers are able to give or make improvements on the network as well as build new applications.
- It is a peer to peer platform that allows users to be able to buy and sell storage space. On the network, there are host and buyers. The host offer storage spaces to the buyers. The network ensures that all transactions are transparent, that is why payments are not made until all storage contracts have been fulfilled.
- Reward system; unlike the other cloud storage platforms, the Siacoin network offers hosts rewards when they put up their storage space for rent. It eliminates the need for various data centres.
- Price $0.0027
- Market Cap