What is Sia?
Sia is a decentralized blockchain-based. cloud storage solution. Sia’s peer-to-peer network enables peers to rent hard drive space from one another, for the purposes of storage rather renting from a centralized provider. This decentralized approach makes Sia more secure but also reduces overall costs drastically as well. To put it simply, you can rent unused hard drive space in Sia and earn Siacoins (SC), Sia’s cryptocurrency.
Sia is leveraging on blockchain technology to bring decentralization into cloud storage. Sia’s vision is to create a storage server that is not under the control of a centralized authority, therefore won’t have a single point of failure. In addition to decentralizing control, Sia plans to create a platform where data stored in the cloud cannot be misused.
Siacoin Cryptocurrency Basics
For quite a while, development of the Sia system and cryptocurrencies has been ongoing but in 2015, the project received widespread recognition. The Siacoin history began.
Nebulous Labs, created Sia after it chose to settle on cloud storage space, an industry worth over $170 billion dollars and with heavy hitters such as Google, Dropbox, Amazon, Microsoft and others competing to convince users to store data on their cloud servers.
Sia was created to disrupt the cloud-storage industry by providing a data storage option that is truly decentralized. Rather than use a centralized server address, Sia offers a decentralized blockchain storage system.
The basis of the modern internet is based on an ecosystem of computers and networks sharing data and Sia’s peer-to-peer blockchain storage as a service solution is by far one of the greatest representation of internet 4.0.
About the Siacoin (SC)
Siacoin is Sia’s main utility token, and designated SC. Its peak price since release is $0.104318 on January 6, 2018. Siacoin has no maximum supply and mining is done using a Proof of Storage (Post) just like the common Proof of Work algorithm. Mining rewards decrease exponentially and to control inflation, a Proof of Burn (PoB) is implemented.
Siacoin (SC) can only be stored in Siacoin’s wallet and it is used to power transactions in the Sia ecosystem. In essence, the providers are host servers and the users are client Servers. Hosts are compensated by users for hosting their data in a free-market crypto-economy.
Even though Sia is a strong technology, it is yet to gain mass adoption the likes of startups like Dropbox did. Dropbox used referral bonuses to incentive users to spread the word about their great product and today, it generates up to one billion dollars in revenue yearly.
In the meantime, every day $2 million worth of Siacoin is traded and some of the exchanges where SC is being traded include. Binance, Bittrex, HITBTC, LBank, and Upbit. It is traded in pairs with BTC, ETH, and USDT.
Siacoin (SC) will be Listing on Atomars
Siacoin (SC) will be listing on Atomars on the 12th of November and trading pairs will be: SC/BTC and SC/ETH.
Atomars is a new digital assets trading platform on the cryptocurrency marketplace that is currently bridging the gap between fiat and cryptocurrencies. The Atomars platform is a fast, safe, secure and user-friendly platform that seeks to make trading easy for everyone. You can find any of the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, DASH, USDT and more on the platform. Their web and mobile apps makes it easy and fun trading on the go.