How Siacoin Could Decentralize Cloud Storage (And Claim a Chunk of Google’s Market)
What if you could use blockchain technology to utilize hard drive space around the world to create a decentralized storage platform that’s cheaper and more reliable than current web-based platforms like Google Drive? Siacoin may provide such a solution. Since its emergence and launch into the market in June 2015, Siacoin has experienced tremendous growth– a 38,700% increment in just two years.
Currently, Siacoin (SC) has 26 billion Siacoin. According to calculations, by 2023, Siacoin could have about 48 billion Siacoins. What this means is that at the price of 2,000 Siacoin per terabyte per month, Siacoin will have a capacity of 24.23 Exabyte when all the 48 billion Siacoins are mined. This means that more people are buying into the idea of this new cryptocurrency and that in the near future, cloud storage will be almost entirely decentralized.
Decentralize Cloud Storage
Sia is a platform that houses decentralized storage (storing data with different hosts), unlike the traditional cloud storage system where every data is stored in one host and in a single server. Sia also gives room for security; if one of the hosts goes down, there would be backups in the remaining hosts. Additionally, there’s a massive need for decentralized storage, given the numerous breeches in centralized data storage. Yahoo was breached in 2016 and affected over 500 million Yahoo! user accounts. Equifax also experienced a breach in 2017, which affected about 150 million people.
Whether or not Siacoin has the potential to decentralize cloud storage is the big question. Sia currently has the number 19 fastest growing community in cryptocurrency and is ranked the 4th most active developer team on coingecko.com.
What is most fascinating about the coin is that the community and the team are very dedicated in ensuring that the value of the coin is not inflated artificially. Reports show that they actively work to watch the Siacoin grow naturally. So far it has. What is also noteworthy is the fact that the Siacoin was able to raise 1.25 million dollars in funds without an ICO.
According to CoinMarketCap, the coincap market price for Siacoin $0.016 per coin with a Market Cap of $555,471,062 USD and a circulating supply of 34,839,970,025 SC. This shows the reach of this coin.
The Sia developers have also created a model where they can outsource storage to anyone with a hard drive. This means that, if you have extra space on your personal computer and are willing to earn some Siacoins, you can sell that space.
According to their information on their website, monthly cost of cloud storage costs about $10 and the download bandwidth cost about $5, as opposed Amazon B3 which goes for $115 per month and $400 dollars download bandwidth cost.
The principles adopted by Sia are quite impressive. Outsourcing storage, not inflating their coin merit artificially, and staying true to their values, this showcases the potential influence and value of Siacoin has in the market– and its potential growth. Sia has a future; it shows in their documentation, in their support, and in their community. Sia also has very busy Reddit community and continues to generate buzz.
Unique Selling Point
Sia is not the only coin offering decentralized storage. But what makes them different is that potential to totally revolutionize the cloud, their constant transparency, and communication. It’s safe to say that Sia has the potential to offer unheard of value for both users of online cloud storage and the miners who they partner with to outsource storage.
On their official website, Sia states “the long-term goal of Sia is to be the back cone storage layer of the internet. We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage super server on the plane.”
The future looks bright for Sia. They arrived at the right time when the need for decentralized cloud storage was (and continues to be) on the rise. Individuals are now keener to better alternatives to data privacy and security.
The comments, views, opinions and any forecasts of future events reflect the opinion of the quoted author or speaker do not necessarily reflect the views of Frontier Desk or any partner of Frontier Desk. This post is not a guarantee of future events, returns or results and are not intended to provide financial planning or investment advice.
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