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Sunday, September 25, 2022

Siacoin Explained

What if you’ll get paid just by renting free space on your computer? What if you can store your data on the cloud just in 2USD per month? Isn’t it amazing? Now through Siacoin, anybody can earn some money plus the storage problem gets solved. But how did I know? And what storage problem am I referring to? Let’s find out. Hello and welcome to cryptos monopoly, my name is Daksh and this is the 100x crypto series.

In this episode of the 100X crypto series, I will tell you everything you need to know about SIA Coin. Btw, I have already added episodes on a few amazing undervalued projects,  so if you haven’t watched those yet then you can check it out by clicking the I button. And also, I keep on adding content on 1 undervalued project every week so make sure you subscribe to this channel so that you don’t miss out on any new episodes.

Now, I got to know about the Sia network a few years back when  I went to Koh Phangan, an island in Thailand with blue beaches and beautiful scenic views. Let’s start from the beginning. I and my friends started our journey from Mumbai international airport to Bangkok, and from Bangkok, I had to board another flight to Koh Samui and then grab a ferry to finally reach Koh Phangan.

The journey took us almost a day and we reached in the evening of 31st December just at the perfect time for the new year eve pre-party. We’ve spent a week on that island, went to various beautiful beaches, went scuba diving, partied on a luxurious yacht, and much more.

It was the 7th day of my journey and suddenly I realized that all my hard drives were full of content and photos and there was not enough space available. So I decided to upload all my files on cloud storage and to do that two names came into my mind  Google cloud and Amazon cloud services. 

I searched about them, they were all good except few issues like increased demand, hacking risk, data mismanagement, etc. And they were all quite expensive, and  I was looking for something simple and cheap cloud services. After spending some time on the internet I got to know about the Sia network and its coin named Siacoin.

One thing that caught my attention was the line from Sia network’s websites “NO Signups, no servers, no trusted third parties.” How can it be possible? In past, I’ve encountered various blockchain technologies like bitcoin, Ethereum, Zcash, and I know that they are working in a decentralized manner to provide security and privacy to the users. I was already a crypto enthusiast and I knew how powerful blockchain technology is gonna be. But cloud storage without any servers!! That was something new to me.

I was curious to know more about it and also how it will store my pictures and content in the cloud without any servers. After reading the whitepaper of Sia, what I found out was astonishing, According to it, In Sianetwork, any running computer on the internet can rent out its free hard drive spaces, and any users who are looking to store files can use this hard drive as their cloud storage at only 2USD per month.

As cheap as that. And in return, those storage providers will get Siacoin as a reward. I thought “this is nice. I can store my data into Sia network in just 2USD per month” and it will be safe there. But my mind was still searching for the answers like how it’ll do such a big job? What about privacy and security? What if the host turns down his system? How can I get access to my file? To answers these questions myself I read few articles on the internet.

So according to them, it is like cutting an apple into many slices and distributing it to various peoples, Sia network breaks our files into many small slices, encrypt them, and send them to various hard drives so that each hard drive handles a very small portion of that files. Not only that, but it also creates many copies of that slices and sends them to various hard drives so that if 20 or 30 hosts are offline still users will able to retrieve it back.

Amazing isn’t it. I was filled with joy because now I can store all my pictures and content on a cloud without any fear, I was doing all this at 2 am, sitting outside just by the beach looking at the waves and clear sky filled with stars. So, after doing all this research I was all tired and I went to sleep but, I suddenly remembered that I have a computer system at my home,  what if I can turn it into the host and rent out its free space to sia. I’ll also earn rewards and who doesn’t like free money.

Again my hands were running all over the keypad to find the answer to this question. After spending some more time finally I got some answers to that, So to do that, first I have to sign a contract, which they called “File Contract”,  and it is a 90 days contract that consists of a host-user relationship, prices, and uptime, etc. After that, I must provide proof to the Sia network that I am not lying and I actually have enough space to rent out to them and to do that Sia uses the proof of storage method.

In which I have to prove two things first, I will be online, and second, I will preserve all the data. If I can provide this information regularly then I get a reward from Siacoin and if  I am unable to comply too many times I may get terminated. They have one more coin Siafunds which is an income generation token, which provides growth to their network and encourages more and more new users to participate. One major difference between Siacoin and Siafund is,  Siafunds are very limited.

There are only 10000 Asia fund tokens. Sia blockchain is quite similar to bitcoin, it also provides constantly high uptime and ensures that all the users do not trust each other. Sia’s main objective is to compete with existing storage solutions. It sees itself as being in direct competition with major cloud storage companies such as Amazon, Google, and Microsoft.

Currently, it is ranging around $0.011 with the current CoinMarketCap ranking #97,  and a market cap of USD 531M. It has a circulating supply of 48B coins. After doing all this research I know quite a few things about Siacoin and it keeps me thinking about the problems it is solving, like fully decentralized,  cheap, more affordable, files are divided, encrypted, stored on multiple hosts, etc.

I think this is an amazing product and cloud computing is a big industry with a total market cap of around 300 billion USD. And it is projected that the market cap of global  Cloud Storage alone will reach USD 122490 million in the coming years.

Keeping that in mind and if the bull run of the crypto industry resumes we could see the total market cap of the crypto industry increasing and this project could skyrocket. I expect the price of the Sia coin to reach at least 10 cents by the end of this year and only if the bull run resumes.

Read More: 100x Altcoin Moonshot Still Possible!?

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