![]() This way, only a small portion is stored on a single hard drive. To further strengthen security and ensure that the network does not have a single point of failure, the software divides each file into 30 small pieces. And the only person that can decrypt it is the user which gives users the confidence that their data is secure from authorized access. Luckily, Sia’s software tackles this by encrypting the data before uploading it to the network. Obviously, there are user privacy and data security concerns when storing data on other people’s hard drive. How Sia Protects Users Data and Ensures Continual Cheap Pricing ? Likewise, they can hold until it increases in value before taking profit. On the other hand, hosts decide to cash in their coins for profit by selling to renters. A smart contract on the blockchain protects this deal from any kind of fraud.Īs mentioned above, the Sia project uses P2P network, and it utilizes the technique as follows: renters have to pay hosts to use their storage, and as a result, they must buy SC. Hosts are paid in Siacoin if proof is added to the blockchain that they stored the file within a given period of time. The coin derives its value by being the only currency that can be spent between participants on the Sia network. Siacoin is the cryptocurrency used between network participants (or hosts) and renters on the Sia network. For example, where Sia has a per terabyte cost of $2 per month, Amazon S3, Google Drive, and Dropbox monthly storage costs go for $23.55, $4.99, and $5.99, respectively. In essence, the Sia network is a decentralized P2P marketplace (no one person, organization, or country has control over it) where people can buy and sell cloud storage services and excess bandwidth at a very affordable price compared to centralized cloud storage providers. ![]() In like manner, those in need of cloud storage space can rent via Sia at a fraction of what they would have spent on a centralized platform. ![]() Like how the organization lets property owners rent out their homes to travelers or renters looking for accommodation, Sia lets network participants lease unused hard drive space and get paid for it in Siacoin – the platform’s native cryptocurrency. Similar to how Uber connects consumers looking for rides or shipping with those offering those services, Sia does the same, but in the file storage niche.Ī more apt description would be that of Airbnb. However, creators introduced a unique technical twist that older crypto coins do not have – and that is sharing and the rental economy. Yes, Siacoin operates using P2P and blockchain technology. To explain what the network does, we will use two distinct analogies – Uber and Airbnb. To better understand what Siacoin is, you first need to understand how the platform (called Sia) works. 2.1 How Sia Protects Users Data and Ensures Continual Cheap Pricing ?.
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