Sia is a blockchain-based decentralized and distributed cloud storage platform whose native token is SiaCoin (SC). The current market price of SiaCoin is 0.0455, with a market capitalization of nearly $2.6 billion.
The platform is quite trustless and secure, where users can lease their unused storage space. It is the medium to pay for storage where the transactions are enforced with smart contracts.
It was officially launched in 2015 to become the internet’s backbone storage layer. It also offers competitive storage rates due to its decentralized nature. The Sia blockchain uses a proof-of-work consensus algorithm to secure the network where the miners compete with one another for adding new blocks to the blockchain. This consensus algorithm prevents the attack of any malicious entity to the network due to hardware expenses and substantial energy requirements.
SiaCoin (SC) can be traded on Huobi Global, FTX, Upbit, Binance, and OKEx. Recently it surged nearly 70% within a week and moved a little up in market ranking. During the start of the year 2021, SC traded at $0.005. The coin is expected to follow a bullish trend by the end of the year to reach more than $0.7. SiaCoin can prove to be a good investment if you are considering it for the long term because it is pretty efficient, stable, and has the ability to deliver outstanding profits.
This crypto software allows any computer running it to rent the unused drive space to the users required to store the files. For this, the files are sliced into small pieces so that a bit portion of each is stored on one hard drive. To ensure the safety of their data from unauthorized access, these files are entirely encrypted. On the network, renters pay the hosts for utilizing their space in the hard drive, and the hosts will be paid only after it is proved that they are storing the files.
The platform uses smart contracts for this purpose where host-renter relationships’ parameters are established in price and uptime commitments. People should start talking about it because it has a leading role in decentralized storage.