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Friday, September 30, 2022

Siacoin Expained in 1 Minute

Let’s learn about Siacoin, a decentralized file storage solution. Sia is a decentralized cloud storage platform secured by Blockchain technology. The Sia network leverages underutilized hard drive capacity around the world. Sia was founded by developers DavidVorick and Luke Champine in 2013.

They were computer science students together in New York at the time. They first had the idea for the decentralized file storage network at a hackathon held at MIT during that year. Sias public beta first launched in March 2015, with the live network coming online in the Summer of the same year.

Users pay to store their files with Siacoinor SC, the native coin of the network. In turn, renters earn Siacoin for their services. Siacoin has no maximum supply. It is designed to be used to power file storage transactions via smart contracts.

The project stated that there must be a limitless supply in order to match the effectively limitless amount of data that can be created and stored. The Sia network also incentivizes more users to participate with Siafund tokens, which are not Siacoins. The special tokens give holders a 3.9% share of each funding source after a hosting contract is completed.

If you’re wondering if it’s practical or safe to have your files housed on random people’s computers, it’s fair to wonder that. Fortunately, the files are sliced into small encrypted pieces, so only a portion of each file is stored on anyone renters device. Network users can be confident their data is safe from attackers and cyber-criminals.

The Sia software further uses a technology called erasure Coding, which builds in redundancies to ensure a user can always access their files, even if two-thirds of file hosts are offline. Nice.

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Read More: Siacoin Dropbox Squared

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