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All Cryptos > Siacoin (SC)

Siacoin (SC)

#53

On a fundamental level, Sia takes cloud storage out of the hands of monolithic providers and puts it back into the hands of individuals. This offers users a peer-to-peer storage ecosystem that allows anyone to rent out or take advantage of spare hard drive space. All services on the network are paid in Siacoin, and all transactions in the Sia ecosystem are secured through filing contracts and storage proofs.


Siacoin (SC) Pros | 7

On average, Sia's decentralized cloud storage costs 90% less than incumbent cloud storage providers. Storing 1TB of files on Sia costs about $2 per month, compared with $23 on Amazon S3.

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Sia encrypts and distributes your files across a decentralized network. You control your private encryption keys and you own your data. No outside company can access or control your files.

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Sia offers a scalable solution to cloud storage which introduces free memory into the sharing economy, by allowing its users to financially benefit from their spare computer memory.

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Sia distributes and stores redundant file segments on nodes across the globe, eliminating any single point of failure and ensuring uptime that rivals traditional cloud storage providers.

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Sia’s software is completely open source, with contributions from leading software engineers and a thriving community of developers building innovative applications on the Sia API.

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Siacoin (SC) Cons | 2

Sia’s settlement currency is Siacoin. Siacoin is an inflationary currency, where supply will increase permanently. Sia uses, and will continue to use, a proof of work scheme.

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Limited market size (DropBox is estimated to be worth USD 10 Billion). The entire market is estimated to reach USD 75 Billion in 2021.

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