In the decentralized storage space market, Sia is fast-emerging as a lead player. The decentralized, P2P and encrypted cloud storage platform was created by David Vorick and Luke Champine of Nebulous Inc. It is a Boston-based VC-funded startup. Sia is aiming to challenge the might of top storage platforms in the industry today that includes iconic names like Google Drive, Amazon S3, Dropbox, and others. Sia is different as the data you store is encrypted, multiplied and converted into small bits and sent to various hosts. The bits are recompiled appropriately when a client wants to access the file or document. Sia is powered by Siacoin (SC), its cryptocurrency.
Sia splits and distributes your files across a decentralized network after proper encryption. The data is secure as the keys of the system remain with the user. Unlike conventional cloud storage systems, third-party companies cannot access or control the files and documents of a client. As the process involves placing multiple pieces of files on dozens of nodes across the globe, the chances of a single point of failure are virtually eliminated. This also can dramatically improve uptime while taking the security of data to a whole new level.
By building the framework to a robust finish and by outsourcing storage to anyone with internet connectivity and a hard drive, Sia has managed to reduce overhead costs dramatically. This makes Sia run their storage operations at a much lower cost. The bits are multiplies in the event of any node holding some portion of the data or file happens to be offline.
Sia powers its capability and capacity by using blockchain technology. This helps the distributed networks to reach consensus in a secure manner. The smart contracts are secured cryptographically. These contracts make encryption and transfer of data easy and quick and importantly, without the risk or chances of any third party to interference.
Sia brings a whole new approach to the concept of cloud storage platforms. It has completely transformed the idea of cloud storage in which all datacenters are being owned and operated by one enterprise. Sia makes it possible for anyone to rent out their hard drive space and make money. Data integrity is not an issue at all with Sia as it is amply protected by cryptography and redundancy.
Trading in Sia started at $0.000046 per Siacoin. The current worth of SC is $ 0.017867 per unit which is viewed as an impressive increment in just two years. It has helped SC achieve 14th place in the list of the top 20 cryptocurrencies in terms of market cap.
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