Cloud Storage Platform For Traders

Sia has no intermediaries, no vendors, and is borderless. They are built with the aim that individuals entirely own their data. It facilitates a trustless marketplace where peers can buy and sell cloud storage directly.

It is a platform secured by blockchain technology. It is comparatively reliable and cheaper than traditional cloud storage providers. It has its blockchain and utility token that powers it, the Siacoin (SC).

The main features of this blockchain include privacy, high performance, and robust engineering principles. Their primary aim is to bring the power of decentralization to data storage. They aim to provide exclusive control over the data. 

How Sia Works

While uploading a file to Sia, it undergoes through the process of fragmentation, encryption, and global distribution. Those who upload the files are called Renters and those who store files are the host and the whole operation is automated.

After uploading the files, the network guarantees continuous accessibility by creating multiple copies. The hosts do not have access to the files; they receive encrypted fragments of the complete files.

As a renter, anyone can upload files on the network. The term renter is given because Sia initiated contracts with these hosts. These smart contracts show the quantity of data to be stored, the time of storage, and the associated cost.

The hosts signify the commitment to provide maximum storage capacity to the network. This will safeguard the data in the hands of rightful owners. By providing the hosting services the user earns Siacoin. 

Siacoin is the native currency of the platform. The user can exchange other cryptocurrencies or fiat currencies with it on various crypto exchanges. Hosts play an important role within the ecosystem.

Software used in Core

The Sia Foundation has developed a scalable, high-performance, easy-to-integrate software suite. It has 3 types of software.

renterd: It is aimed to serve the needs of users and developers. The users need a simple interface for storing the data. And, developers want powerful, flexible, and reliable API for building apps on Sia.

hostd: The software is designed to enhance the experience for storage providers. It facilitates a user-friendly interface and a strong API which empowers their storage resources and revenue efficiently. 

It incorporates embedded web UI. It simplifies deployment and enables remote management capabilities that enhance the user experience across various devices.

Walletd: It serves as a watch-only wallet server within the Sia ecosystem. It functions without access to private keys. Its main function is to observe the blockchain for events.

Siacoins Utility, Price Analysis

Siacoins (SC) are utility tokens that facilitate network operations. It is used in uploading the files. It means it is used to provide space for storage. Users have to Siacoins for storage. 

The user can also earn Siacoins by storing other data. It is used as a mode to transfer them by sending them to other users or any user can receive them at the user wallet.

SIA had a market cap of $441,862,621 at press time. It has a circulating supply of 55,917,267,362 SC. It has a total supply of 55,941,585,000SC. The fully diluted market cap was $442,683,867 at press time.

How to Obtain Siacoins

Siacoins can be obtained by uploading a file on the decentralized cloud or by offering extra storage space to the network. Siacoins are needed to facilitate the transfers. To obtain Siacoins the user has to make a wallet. Once the user makes a Sia wallet the user can mine them otherwise can buy them.

Siacoins are available on most of the prominent exchanges. The exchange wallets are not always the ideal choice for storing cryptocurrencies and will also not serve the needed purpose of using Sia.

By sharing the Sia wallet address the user can receive the sent Siacoins. The full address of the wallet is without any extra spaces. The user can also share the QR code for others to scan and send funds to the wallet.

Mining on the Network 

When the user mines a cryptocurrency on the network it means the user is contributing computing power to help process and verify the transactions. Miners maintain the integrity of the network hence they are rewarded for their services.

Block Rewards

The Block rewards are the miners’ incentives. When miners contribute their computing powers and the block is verified then Siacoins are rewarded to them. Unlike Bitcoin and many other cryptocurrencies Sia block rewards never end. This means the miners are always incentivized on Sia. If the block reward reaches 30,000 coins, then it stays there forever.

What are Sia Blockchain’s Safeguards?

The Sia blockchain works on a Proof-of-Work mechanism. It serves as the strong mechanism that deters any attempts to change the history of the blockchain. It confirms the safety of transactions and smart contracts. It enhances the immutability of the blockchain.

So it can be said that Sia serves the safest way by establishing a trustless marketplace where users can buy and sell cloud storage directly. The platform is secured by blockchain which works on PoW. Thus, it has enhanced privacy and yields high performance.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.