What is Siacoin. What is it's potential? Is it the future of cloud storage?
Sia was originally conceived at HackMIT 2013. Sia leverages the capacity of blockchain technology to enable distributed networks to reach consensus in a secure and trust-less way. Cryptographically secured smart contracts ensure the encryption and transfer of data with no possibility for a third party to interfere in any way.
Sia is a new approach to cloud storage platforms. Instead of all data centers being owned and operated by a single company, Sia opens the floodgates and allows anyone to make money by renting out their hard drive. Data integrity is protected using redundancy and cryptography.
The promise of Sia is a decentralized network of data centers that, taken together, comprise the world's fastest, cheapest, and most secure cloud storage platform. The long term goal of Sia is to be the backbone storage layer of the Internet.
thanks for the post. never heard of sia but it sounds very similar to this project: https://storj.io/
Thanks for the reply, I heard about Storj as well...
Storj - a decentralized, end-to-end encrypted cloud storage that uses blockchain technology and cryptography to secure your files.
Users act as decentralized cloud nodes essentially.
https://storj.io/index.html
Siacoin - a decentralized cloud storage platform that uses a blockchain to facilitate payments. You can rent storage, get paid host files, mine Siacon, or contribute to the project.
http://sia.tech/faq/
I am interested in how the community feels about each project. The two projects seem very similar. What are the pros and cons of each?
All in all i think both projects are great. It's always a good idea to take away a monopoly where you can do. And this is definitely one of the next areas where this will happen.
But i haven't used one of them till now. But whould be very interesting in how easy it is to earn money there. Although i'm a little bit skeptical because of the privacy right now ...