Siacoin is a cryptocurrency and technology ( Sia ) that was innovated at MIT at a hackathon in 2013 by David Vorick and Luke Champine of Nebulous Inc, a VC-funded startup in Boston.
You might have heard about Amazon and Dropbox . They are both centralize cloud storage platform and the data is stored on a third party server. Conversely, Sia is a decentralized remote cloud storage that put control of personal data back into the hands of its users.
It removes the centralized server, which reduces the storage costs and at the same time protects the user’s data privacy. A group of data is contained by keys that only the uploader holds. Sia put the users in the control, rather than the server itself.
The distributed nature of the Sia network enables many optimizations in latency, throughput, reliability, and security.
Data files on the Sia network are securely and automatically encrypted with industrial-grade algorithms, using blockchain technology to track and ensure full integrity of the network. The encrypted files are spread across multiple nodes. Nodes are simply referred to data communication equipment.
The decentralized nature of the Sia network enables anyone with storage to get paid, lowering the barrier to entry and reducing the overall price of cloud storage. Their technology could be backing the next Dropbox or Amazon AWS . Siacoin’s blockchain technology could be the solution to the high hosting and storage costs of Amazon and Dropbox .
Breaking into this market is a multi-billion dollar endeavor. The long-term goal of Sia is to be the backbone storage layer of the Internet.
Sia uses a cryptocurrency, Siacoin ( SC ).
Siacoin is the designated cryptocurrency used on the Sia decentralized data storage platform which is essentially a peer-to-peer network of hard disk drives individually connected to the network allowing the disk space on those hard drives to be used or recovered for data storage by people all over the world.
All payments on the network happen in Siacoin, which is a critical component of the cryptographic Service Level Agreement (SLA). Siacoin allows them to do things that would not be possible with Bitcoin or traditional online payments.
Should I Buy Siacoin ( SC )? Is It a Good Investment?
The Siacoin ( SC ) is the token used in the smart contracts to pay the hosts. When a smart contract is created, the renter and the host both put Ssiacoins into the contract. The host gets the Siacoins only if they still have the data when the contract expires.
Siacoin is subject to speculation and there have historically been large price movements. Because the host adds collateral to file contracts, the host assumes most of the risk of a volatile price. Price increases can only benefit the network, but price drops can impact the host’s revenue.
Severe price drops, where the price cuts in half or worse, can put files at risk of being dropped by hosts, but even large price drops such as 25% do not put data at risk.
If you take account all the hard drive waste we have that lies useless all over the world, the price of Sia cloud memory being fraction of the today’s standard and income that can be easy enough to be generated by anyone just by connecting computers to the network.
The developers of Sia have a clear vision of next few coming years of the technology. Taking into consideration that 90% of the world’s data is produced in last 2 years, we can imagine the amount of data to be produced in next few coming years.
Buying Siacoin means that you buy a future on a peer-to-peer storage network called Sia . If Bitcoin replaces gold bars, Siacoin replaces hard-drives. Siacoin is a storage currency that can be considered as crypto-commodity with strong fundamentals and P-o-W mineable.
I personally believe that the Sia project has a bright future. Therefore, I have acquired Siacoins before and am buying more today adding them to my long-term cryptocurrency investment portfolio.
CALL TO ACTION: I’ve never officially recommended SiaCoin before. However, due mainly to the recent 10% drop in price, this is a good buy in window for us and the indicators show that it is about to break the downtrend it’s been in all year. Buy SiaCoin ( SC ) via the Bittrex, Upbit, or Binance as they all have much higher over any other exchanges.
Buy Between 0.00000015-0.00000025 satoshis
STOP LOSS: None. Go naked!
TP 1: 0.00000274 or 37% ROI
TP 2: 0.00000370 or 85% ROI
TP 3: 0.00000560 or 180% ROI
Be aware that there often isn’t much Siacoin for sale at the very lowest price, so you may need to repeat the process and place multiple orders a few times until all your Bitcoin is exchanged.
Sia Intoduction: https://youtu.be/B4YGpWxyn6Y
Stay ahead of the masses,