Siacoin
Sia is a decentralized cloud storage platform conceptually similar to Dropbox and other centralized storage providers. Rather than renting storage space from a centralized entity, clients rent storage space from other peers. The difference is that Sia uses blockchain technology to facilitate transactions: nodes provide storage to clients through contracts on the Sia blockchain. Before data is stored, it is encrypted, split into many pieces, and uploaded to different hosts. Siacoin was created by David Vorick and Luke Champine of Nebulous Inc. Traditional storage platforms have higher costs, are more expensive, and do not adequately protect data. Siacoin promises secure storage transactions through smart contracts that are more affordable and reliable. Moreover, it is completely open source, meaning that many individuals have contributed to Siacoin’s software; therefore, an active community can build innovative applications on top of the Sia API. In 2018, Siacoin aimed to introduce file sharing and become the preferred cloud storage platform for companies. Its goal was divided into 3 time frames: short-term, medium-term, and long-term development. Short-term development focused on file sharing between Sia users. This allows Sia users to share files on the platform without removing them from the cloud, while increasing network utilization. The goal of medium-term development was to enhance partnerships. This means reaching out to large companies such as Netflix and Dropbox in the hope of becoming their storage and distribution framework. Lastly, long-term development aimed to expand its scope to enable file sharing with non-Sia users and support mobile wallets.
Overview
Sia is a decentralized cloud storage platform conceptually similar to Dropbox and other centralized storage providers. Rather than renting storage space from a centralized entity, clients rent storage space from other peers. The difference is that Sia uses blockchain technology to facilitate transactions: nodes provide storage to clients through contracts on the Sia blockchain. Before data is stored, it is encrypted, split into many pieces, and uploaded to different hosts. Siacoin was created by David Vorick and Luke Champine of Nebulous Inc. Traditional storage platforms have higher costs, are more expensive, and do not adequately protect data. Siacoin promises secure storage transactions through smart contracts that are more affordable and reliable. Moreover, it is completely open source, meaning that many individuals have contributed to Siacoin’s software; therefore, an active community can build innovative applications on top of the Sia API. In 2018, Siacoin aimed to introduce file sharing and become the preferred cloud storage platform for companies. Its goal was divided into 3 time frames: short-term, medium-term, and long-term development. Short-term development focused on file sharing between Sia users. This allows Sia users to share files on the platform without removing them from the cloud, while increasing network utilization. The goal of medium-term development was to enhance partnerships. This means reaching out to large companies such as Netflix and Dropbox in the hope of becoming their storage and distribution framework. Lastly, long-term development aimed to expand its scope to enable file sharing with non-Sia users and support mobile wallets.