Future of Data Storage? Siacoin
This service is very interesting. With many computers laying around all over the place, Sia tech offers to rent out your unused space on your hard drive. Since Sia's decentralized private cloud for a tenth of the cost of Amazon Web Services (AWS or Amazons S3), Microsoft Azure, Google Cloud, or Dropbox. Not only that your files are encrypted and secure, your files are broken up into pieces and stored on dozens of nodes across the globe. No one can tamper with them and they won't be accidentally leaked onto the internet, which just happened with Verizon. In this case Verizon had 14 million customers private info like cell phone numbers and account Personal Identification Numbers (PINs) were breached.
Another reason why centralized data storage is not secure and has many flaws. The first major flaw is single point of failure. If the building holding your data storage loses power, gets damaged, floods, etc. your data is gone. Also your data can be tampered with by anyone in the building, even if it is encrypted. Recently Amazon S3 went down and so did many parts of the internet during that time period. These just show you the many issues faced with centralized storage.
Your decentralized cloud backend
Welcome to a new era of cloud storage on the blockchain
Sia splits apart, encrypts, and distributes your files across a decentralized network. Since you hold the keys, you own your data. No outside company can access or control your files, unlike traditional cloud storage providers.
Far more affordable
Sia's decentralized cloud is on average 10x less expensive than current cloud storage providers. Storing 1TB on Sia costs about $2 per month, compared with $23 on Amazon S3. Calculate your savings below!
Highly redundant
Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers.
Open source
Sia is completely open source. Over a dozen individuals have contributed to Sia's software, and there is an active community building innovative applications on top of the Sia API.
Marketplace on blockchain
Using the Sia blockchain, Sia creates a decentralized storage marketplace in which hosts compete for your business – this leads to the lowest possible prices. Renters pay using Siacoin, which can also be mined and traded.