What is Siacoin (SC)?

Siacoin (SC) is a decentralized cloud storage platform developed based on blockchain technology. Siacoin was born as a competitor to centralized online storage platforms like Amazon, GDropBox, Apple and Mircosoft. Sia’s platform leverages unused hard drive space globally to create a more reliable and lower-cost data storage market than traditional cloud storage providers.

SC blockchain protects user data and enables economic improvement for users and servers. SC protects stored transactions with smart contracts, provides a secure service, and is cheaper than traditional cloud providers. No person or organization can censor or deny access to data.

SC’s goal is to be a product that serves businesses. Therefore, the Siacoin protocol is quite flexible and highly customizable, enough to meet all data storage requirements of enterprises.

Siacoin Technology

Siacoin has a level of security specifically designed to facilitate decentralized payments and can also provide support for contract files. They will be encrypted by Siacoin and distributed throughout the owners, but only the holder of the secret key will have access to the data.

The file contract allows owners and tenants to agree that, once Siacoin is available, anyone can rent storage from a server hosted on the network. However, the owner must hold the contract until a certain amount of time before claiming payment, and if lost, they will no longer receive the funds.

Hosting on the Siacoin platform will cost 10 times less than traditional. For example, 1 TB on Amazon services will cost about 23 USD, but on the Siacoin system only 2 USD.

Features of SC

Completely private: SC technology will split, encrypt and distribute user data throughout the blockchain system. Only the user holding the private key has full access to that data. Unlike other cloud services, with Sia technology, no one can control your data.

Good price: Siacoin’s cloud technology is 10 times cheaper than other cloud storage providers. Storing 1TB of data on Sia costs just $2/month and Amazon S3 $23/month.

Always active: SC stores pieces of your data on dozens of servers around the world. Commit to always have access to that data without fear of losing connection.

Open source: There are hundreds of individuals contributing to the development of Siacoin software and the community of application developers based on the Sia application programming interface.

Building on blockchain: By using the blockchain platform, Sia creates a storage marketplace for your work at a cheap price. The tenant will pay in SC coins – always available by mining or trading.

Siacoin project development team

The idea of ​​Siacoin originated in the summer of 2013 by David Vorick – Co-Founder and CEO at Siacoin; He started sending a letter with the idea of ​​​​the project to Luke Champine – a co-founder of Siacoin. Both are members of Rensselaer Polytechnic Institute. At the HackMIT competition held next September, Vorick drafted an initial whitepaper for the Sia project and began sharing it with the community and his friends.

David Vorick – Co-Founder and CEO at Siacoin

After receiving a lot of positive feedback about the project, Vorick and Champine decided to pursue the project. The Siacoin project does not hold an ICO but raises capital through venture capital funds such as Procyon Ventures, Fenbushi Capital, James Pallota, Raptor Group and angel investor Xiaolai Li.

In addition to Vorick and Champine as the co-founders and core developers of the project, Siacoin has several other members.

Conclude

SC is a cryptocurrency worth looking forward to because it is still on track with its development goals, although the growth rate is not fast. In addition, SC also has outstanding features such as low fees, high security technology, and experienced development team.

If you want to find your own answers, not just based on what you are seeing, each investor must have their own emotions to make the best and most appropriate decision.

You can see SC prices here.

According to AZCoin News

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