cryptocurrencies

Sia Network (SC) - A Complete Guide

Daksh Murkute | | |

In the world of Cryptocurrency, What if you’ll get paid just by renting free space of your computer? What if you can store your data in the cloud for just 2USD per month? Isn’t it amazing?

 

Siacoin project has many benefits like the storage problem will get solved plus anybody can earn some amount of money from it,

 

The motto of Sia is "No sign-ups, No servers, No trusted third parties, and it is based on one of the first blockchain technology, Bitcoin.

 

These are some features of Sia, In this blog, we'll know about Sia Network and its token  SC.

Contents

The storage problem in our phone and cloud storage

What are Sia and Siacoin?

What is the use of Sia?

How Siacoin works?

How Sia Network can be used?

What Sia wants to achieve?

How does Sia make money?

Should you invest in it?

 

Well, I got to know about it a few years back when I went to Meghalaya, an Indian state with lush green forest and beautiful scenic views famous for its rainfall, as we reached Meghalaya’s capital Shillong, the rain was at its peak.

 

We all were happy just to see the forests, waterfalls, mountains and all that rains pouring onto them were icing on the cake, they were so beautiful that I couldn’t stop taking photos.

 

Siacoin logo

 

The Storage problem in our phone and cloud storage

I remembered, it was the 4th day of my journey and suddenly I realized that all my hard drives were full of videos and photos, and there was no enough space available.

 

So I decided to upload all my files on cloud storage, and to do that two names came into my mind, Google cloud and Amazon cloud services,

 

I’ve searched about them, they were all good except few issues like increase demand, hacking risk, data mismanagement, etc.

 

And I m not gonna lie,

 

For me, the main problem was their price. They were all quite expensive, and I was looking for something simple and cheap.

 

So, I kept searching.

 

 

 

What are Sia and Siacoin?

 

what exactly siacoin is

 

      

 

After spending some time on the internet I got to know about the Sia network and its coin named Siacoin SC.

 

 One thing that caught my attention was the line from Sia network’s websites

 

“NO Signups, no servers, no trusted third parties.”

 

How can it be possible?

In past, I’ve encountered various blockchain technologies like Bitcoin, Ethereum, Zcash, Zilliqa, and that much I know that they are working in a decentralized manner to provide security and privacy to the users.

 

But cloud storage without any centralized servers!!  That was something new to me.

 

I was curious to know more about it and also how it will store my videos in clouds without any servers.

 

After reading from Sia, what I found out was astonishing,

 

What is the use of Sia?

 

what is the use of siacoin

 

In Sianetwork,

 

  1. Any running computer on the internet can rent out its free hard drive spaces and in return, those computers will get Siacoin as a reward,
     

  2. Any users who are looking to store their files can use this hard drive as their cloud storage at only 2USD per month.

All I wanted was a simple and cheap method and Siacoin lived up to my expectations.
 

I thought “this is nice. I can store my data into Sia network in just 2USD/TB per month.”

 

But one side of my mind was searching for the answers like

  1. How does it’ll do such a big job?

  2. What about privacy and security?

  3. What if the host turns down his system?

  4. How can I get access to my file?

To answer these questions myself, I read a few blogs on the internet.
 

How Siacoin works?

 

working of siacoin crypto

 

It is like cutting an apple into many slices and distributing it to various peoples, just like that

 

Sia network,

 

  1. Breaks our files into many small slices,

  2. Encrypt each one of them,

  3. Send them to various hard drives so that each hard drive handles a very smart portion of those files.

  4. It also creates many copies of that slices and sends them to various hard drives so that if 20 or 30 hosts are offline still users will able to retrieve it back.

Amazing isn’t it.

 

I was filled with joy because now I can store all my videos into a cloud without any fear,

 

So, after doing all this research my eyes were all tired and I went to sleep but, I suddenly remembered that I’ve also a computer system at my home, what if I can turn it into the host and rent out its free space to Sia. I can also earn rewards from it.

 

How Sia Network can be used?

way to use siacoin network

 

Again my hands were running all over the keypad to get the answer to this question.

 

After spending some more time finally I got some answers to that,

 

 So to make our personal computer host,

 

  1. First I have to sign a contract, they called it “File Contract”, it is a 90 days contract consists of host-user relationship, prices, and uptime, etc.
     

  2. After that, I must have proof, in front of the Sia network that I am not lying and I really have enough space to rent out to them, and to do that Sia uses the proof of storage method.

 In which I have to prove two things

 

  1. I will always be online, and
     

  2. I will preserve all the data.

And I have to prove these two things regularly because if I provide this information to them regularly, I get rewards but if I am unable to comply I may get terminated.

 

All these rewards come in the form of Siacoins SC, then I can exchange Siacoin into Bitcoin, and from Bitcoin, I can convert it into fiat money.

 

What Sia wants to achieve?

 

What Sia wants to acheive

 

After doing all this research know quite a few things about Siacoin and it keeps me thinking about the noble cause of it, like fully decentralized, cheap, more affordable, files are divided, encrypted, stored on multiple hosts, etc.

 

Now it’s four o’clock in the morning and started to get light outside, so went to sleep for an hour, thinking of exploring few more places and take back memories of this wonderful land of Meghalaya with its wonderful people.

 

If you ever get time for traveling, must visit Meghalaya once.

 

So I’ve got to know few things about Siacoin after that trip.

 

How does Sia make money?

 

"It earns from the renter by providing its storage to him, and also by host in the name of host agreements. And all the transaction held within Sia using Siacoin token SC."

 

They have one more coin named Siafunds which is an income generation token, which provides growth to their network and encourages more and more new users to participate.

 

One major difference between Siacoin and Siafund is, Siacoin doesn’t have an upper limit but Siafunds are only 10000 in numbers and most of them are in the custody of Sia members.

 

Its blockchain is quite similar to Bitcoin, it provides constantly high uptime and ensures that all the users are unaware of each other, its main objective is to compete with existing storage solutions.

 

It sees itself as being in direct competition with major cloud storage companies such as Amazon, Google, and Microsoft.

 

History of Sia.

 

David Vorick and Luke Chapine were responsible for this beautiful invention; both were from computer science backgrounds.

 

The distributed network of Sia.

History of Siacoin

 

Should you Invest in it?

Sia coin has everything that an investor wants,

 

  1. It is among the top 100 cryptocurrencies,

  2. It has a practical use case,

  3. It is decentralized, and

  4. It is among the first of its type,

  5. Currently, it has a 3.3PB capacity with 1029TB of used storage. (1PB=1000TB)

Everything is in Sia’s favor, it has all the parameters to become a very good crypto, still, I think it is not a get-rich type coin, there are many reasons for this, the main reason is its competitors.
 

It has many competitors in the decentralized market who are in the same business-like Filecoin, and they are providing so many features along with this facility.
 

I am not saying that Siacoin is bad but I think we should be patient about it.

 

It will grow if it starts taking some real companies renting out its storage.

 

In my opinion, there is nothing wrong to hold some Siacoin in your hand.

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