Sia review: Everything you need to know about it
The crypto space is booming and becoming crowded each and every day as the list of options for investors and traders are thriving rapidly. Every investor strives for lucrative and huge benefits but due to the massive availability of countless altcoins, price prediction of any coin has become almost non-viable. Sia coin, a fairly new decentralized storage platform has been in the limelight for the past few months and is on the verge of putting a dent in the realm of Microsoft, Google, and Amazon. Here, we have dug deep and researched about Sia and what it is capable of. So, let’s dive right into this review and explore more.
What is Sia?
Sia is a Blockchain initiative service which offers a decentralized, secure and private cloud-based storage on the top of Blockchain at a reasonable fraction of the price as compared to other cloud storage platforms like Amazon S3, Dropbox and Google Drive. The company incorporated the concept of Blockchain technology in cloud storage sector and aims to endow a feasible and inexpensive service to their customers. Instead of building huge servers spending millions on its maintenance, Sia introduced an innovative idea where people can earn money for lending out their free space to others. The concept is brilliant as we all have free space on our computers which we can lend securely on the Blockchain technology to others for making some money. With this revolutionary thought and the announcement of Obelisk ASIC, the platform is in the buzz right now.
This decentralized storage platform to utilize the unutilized hard drive capacity of users is acting as a major setback for centralized competitors. However, it is needless to say about the competitors which include the companies with the biggest reputation and trust level like Google, Amazon, etc. Using this platform, anyone can distribute or access the encrypted storage irrespective of their location and be secured with the Sia Blockchain’s public ledger.
SC is a special cryptocurrency which is offered for successful utilization of network and for executing file storage contracts on its Blockchain. All the decentralized payment on the Sia Blockchain is done through SC and it facilitates many other advantages to users as compared to traditional payment systems. SC can be obtained through mining or using cryptocurrency exchanges platform. The host who provides the unused storage space has to keep the files securely in the space for the specified time as per the contract. After completion of the contract, the payment is released to the host in the form of SiaCoin (SC). If the file gets corrupted or if he loses the file, he will not be entitled to any payment as per the rules of the contract. The file contracts which take care of the integrity of the Sia Blockchain and maintains the compliance between the host and the renter is called as smart contracts. The set of rules which is enforced on the host is also called SiaFund. This is a digital asset which is used for fundraising and maintenance of projects and for the expense of the development team.
SiaCoin advancement and current value
The process of renting out the unused data hard drive to earn money itself is an appealing idea to interest many users. Along with their strategic marketing techniques and associations are acting like a bonus for them. These are the reasons why it is gaining so much traction from the media and investors. It hit the market at the end of August 2015 with a well-documented whitepaper and Roadmap. Sia coin has a circulating supply of 33,258,364,854 and a single coin amount to $0.014 as of now. The market cap is around 454.5 million which comes to be 50,000 BTC and is a mineable currency.
The Siacoin (SC) was introduced and designed for Sia platform and is a VC- funded startup which is run by Nebulous Inc. with its headquarters situated in Boston, USA. With the centralized storage, there is always a risk of losing the unencrypted data and you don’t have the control over your funds. 150 SCs will be enough for purchasing 1 terabyte of hard drive storage which just comes to be around 2 USD per month which is substantially lower than 23 USD on Amazon S3 for the same storage space. They did not launch any ICO but, still managed to attract many investors and raised a lot of funds to launch accompanying SCs with the mining of Genesis block. They raised a fund of 1.25 million USD without an ICO. The developer started with mining 100 Blocks where the first block reward was 300,000 Siacoins. After the first Block, each subsequent Block released 30,000 SC.
The Team behind Siacoin
This VC-funded startup is backed by a strong and talented team which comprises of some major names in the industry. It was founded by David Vorick, the CEO and Luke Champine, the co-founder of Nebulous Inc. The project experts and core team focused on to create a decentralized infrastructure to present a blend of security, stability, and affordability. Todd Miltenberger, the founder of Nebulous is an American entrepreneur, venture capitalist, and investment banker. Currently, he serves as an Associate at Stifel Nicolaus for the Private markets group. David and Luke were talented developers who had a keen interest in programming. David completed his Computer Science degree from Rensselaer Polytechnic Institute while Luke is a dropout from the same university but had an innovative approach to come up with this interesting concept.
Jonathan Howell is the Core Developer who had a proliferating interest in programming since he was 10. He is the front-end developer who designed the sleek and user-friendly Siacoin interface. Zach Herbert has exceptional expertise in handling projects and is the head of operations there. Jan Heller and Drew Volpe are entrepreneur and marketing specialist with a strong Technical background to tackle the real-world issues.
How does Sia work?
The platform offers peer- to peer decentralized cloud storage service by acting as a mediator between the host and the renter. One side is the buyers or renters who want free space to store files and on the other side is the host of suppliers which can lend their free hard disk space to earn some money in form of SC on monthly basis. When someone wants to store their data, the files are first encrypted and then split into many blocks and are send redundantly over the network to offer optimum security and privacy of the files. Splitting of file ensures that no one person can hold the significant part of the file and the redundant storage ensure that the files are preserved forever and are never lost even if one of the hosts decide to exit the network and break the smart contracts.
Siacoins, in addition to being rewarded on monthly basis for storage, can also be mined easily with the help of an ASIC machine called as Obelisk. Although the price of the device is $2,499, the company claims that anyone can recover its cost in just 1 or 2 months. This is because the miners can get around 170,000 units in a month and if we calculate with today’s price of 0.014, the miners can earn more than $2,300.
Advantages of using Siacoin:
There is not just one feature which makes it stand apart, but, there is a list of benefits which attracts thousands of customers every month towards it. Here is what makes it unique.
The Company offers cheap and affordable cloud storage option as compared to the big names in storage providers like Dropbox, Amazon S3, Google drive, etc. Dropbox is around 8 USD for 1 TB of free storage space; Amazon S3 takes 23 USD while Google Drive asks for around 10 USD for 1 TB of free memory. Siacoin, on the other hand, takes only 2 USD for 1 TeraByte of free storage space making it much affordable over its competitors.
Sia incorporates many features to assure absolute privacy and security of your sensitive data and personal information by using redundancy storage, decentralized network, encrypted file storage and file splitting. You have complete authority and control over your documents with the decryption key.
The open source code allows independent developers to contribute to the software and enhance the features by building new applications on top of the Sia API. The MIT licensed software is aimed to act as a backbone storage layer of the internet and enhance the Blockchain technology.
In comparison to other cloud service providers, Sia provides better uptime as it allows storing fragments of encrypted data in different nodes all over the globe.
How to rent out our hard drive space?
First, you have to download their wallet which is a digitally secured wallet allowing sending, storing and receiving digital assets directly into the wallet. The Crypto coin wallet also stores private and public keys to interact with various Blockchain which you will need for trading. Also, the wallet can be used for monitoring the balances. After creating the wallet, you have to fund your wallet with SC by using many exchanges which will be shown below. You need more than 50,000 SCs in your wallet to host the storage space. However, you have to add a little more because of exchange cost, transaction’s fee, and collateral. Once the wallet is loaded, you can provide hosting by using the “hosting” tab on the left screen. Set the Storage location and the amount of space and click on “Add Storage Folder”. The process is low and has few glitches which can cause Transaction error. So, you have to be patient and you will be good to go.
How much can you earn by renting storage space?
The average rate fluctuates but on average you can earn 50 Siacoins per month for 1 TeraByte of storage renting. This comes to be around $0.8 per month according to the current price of SC. It is not that bad as you just have to give the space and do nothing for the rest of the month. However, for smooth functioning, it is said to have the PC on for the entire time. So, this does not look like a profitable deal at all as of now.
Where to buy Sia?
For buying Siacoin, you can use a number of exchanges first to convert your fiat currency to Bitcoin or Ethereum and then convert it to SC. Here are the cryptocurrency exchange platforms which you can use.
1) HitBTC – With a lot of coin selection, you can exchange Sia with a lot of trading pairs and at a low transaction fee.
2) BitPanda – BitPanda is currently limited to European countries but, it is a great place to exchange your fiat currency for Bitcoin or Ethereum and then convert it to SC.
You can also use Bittrex or Shapeshift as they support Siacoin transaction and is a reliable and secure platform.
Sia has a very ambitious plan of targeting the big Cloud storage giants like Dropbox, Amazon S3, Google Drive, One Drive, etc. The company has a long way to go before competing against these well-established and trustworthy companies. Although the price for renting is significantly lower than its competitors, it does not like a lucrative deal for hosts. Many Hosts are even working at a loss and consider this to be a worthless choice for earning money. The competition is extremely fierce for Sia but the company is improving on all these flaws and attracting more and more customers.
The Sia coin has a lot of potential as more than 98 percent of 1.1 Petabyte of storage is available to the renters. So, there is a vast opportunity for renters on this platform as the service is around 10 times cheaper than major cloud storage service providers. However, the idea of competing with the major players in the market looks kind of absurd. Nevertheless, the company is improving and if we look over its progress in the last year, we have to admit that the company has endowed a resilient and bullish asset to the customers. There have been many spikes in the SC value which have been an area of concern for the team. However, its innovative approach and the smart features is surely a point to consider when looking for cloud storage options.
Sia Website – https://sia.tech/