SiaCoin VS Traditional Cloud Storage (Amazon,Microsoft,Google)
Sia is attempting to enter the enterprise cloud storage industry which is currently dominated by massive players like Amazon (Amazon S3), Google (Google Cloud Storage), Microsoft (Microsoft Azure) and Dropbox (Dropbox for Business).
Currently sitting at 19 on www.coinmarketcap.com Sia is starting to get some well-deserved mainstream attention.But let's take a step back
What is Sia and SiaCoin and how does it work?
Sia is a platform that allows a user to put data into the cloud while still retaining in control of that data. The SiaCoin token is used in smart contracts to pay the hosts and when a file contract has been created, the renter and the host will both put SiaCoins into the contract. The host gets the SiaCoins only if they still have the data when the contract expires.
What makes Sia better than traditional cloud storage
Traditional cloud storage today works something like this - Once you have uploaded your data to the cloud - all that data sits with a single company such as DropBox or Apple - they therefore have access to all of your data, and therefore all of the control of your data.
And with privacy being such a necessity nowadays (due to the fact that corporations cannot be trusted due to issues such as database leaks and privacy policy changes)
What does Sia do that is different?
Sia allows a user to store their data in the cloud without losing control.
Once a file is uploaded to Sia, it is encrypted, and then uploaded to a large number of hosts, none of whom are able to manipulate any of your data or violate your privacy or prevent you from retrieving the original file that you uploaded. This is achieved through smart contracts that are used to ensure that the hosts do not get paid unless they store your data.
What makes Sia different from other cloud storage services using blockchain technology
Sia is the only platform that will hold the payment for the host in escrow until the host has finished the file contract. And if you had to ask me - I believe the team behind Sia are one of the best out there - A true highly capable engineering team.
What are your thoughts on Sia and SiaCoin?
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I wonder how the pricing works. It looks like a great idea but the economics would have to work as well.
Just to get our minds running, how much would storing 5GB of photos for 1 year cost?
This should give you a good idea @wekkel
hi there, where did you find that calculator?
@wekkel46 by my calculations it would cost about 12 cents for a year based on that screenshot.
I believe Sia is addressing a market which is almost monopolized by the bigs (Microsoft, Google), so it may have a hard time, expecially at the start. I really like their vision though, and the fact that their developement team includes Harvard and MIT ex-students makes me very confident.
I purchased some SC when it was .006 and I can't be but happy for now :)
I agree with you that it is gonna be tough to squeeze in between the big players already dominating the field but I also love their vision and idea and if they can get it right (which I believe they can with the team they have behind them) then it could mean big things in the future. I also purchased around the time and will def be holding on to my SiaCoin.
A bright future ahead for SiaCoin and it's team!
Where did you track down information on the team? I have been looking into SIA and had trouble finding much more than some informal videos on youtube to prove they exist. I like the project and own SIA but I like seeing direct content from representatives.
@j-o-n-t
http://sia.tech/about/
https://blog.sia.tech