What is Siacoin?

Siacoin (SC)

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Siacoin (SC) is a collaborative cloud for data storage. It is a peer-to-peer network formed of many hosts located around the world. Host refers to the computers that are only accessible in a network. It removes the centralized server, which reduces the storage costs and at the same time protects the user’s data privacy. SC also improves the speed and its reliability to users. The encrypted files are spread across multiple nodes. Nodes are simply referred to data communication equipment.

It is a decentralized data center, which is a Blockchain. SC claims to be ten times cheaper than Amazon storage. It allows users to calculate their savings on their site. It stops companies from having the ability to access your files as they are stored in a Blockchain.

No host holds any significant piece. It is a decentralized storage network that’s tracked by smart contracts- these are protocols that verify, enforce, and facilitate the performance of the contract. A group of data is contained by keys that only the uploader holds. SC put the users in the control, rather than the server itself.

Siacoin Video Explanation

How does it work?

It breaks your data into multiple parts and stores these in nodes to provide its cloud service. The users are paid for renting out their hard drive space without changing location. It’s across multiple nodes, so all of your data will not be stored on a single computer, it’s going to multiple hosts. That’s the whole concept of decentralized data storage, meaning you are in full control of your data.

SC also allows their users to share their unused hard drive space and as a result, it is actually cheaper to store files. All of your data will not be stored on a single computer and yet SC makes it safer for you through encryption technology- keeps your files extremely safe and private without a key. The user is entitled with a key, so others will not be able to gain access to the data without it.

 

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