What is Sia?
Sia is a cryptocurrency that helps someone with a device to rent out surplus hard drive space to other people who need to store data.
Sia, dubbed an “AirBnB for hard drives,” is comparable to cloud storage systems like those provided by tech giants Amazon and Google, but instead of entrusting their data to a firm, its consumers depend on the software and a distributed network of global computers.
To do this, data stored through the Sia network are cut into tiny bits, with just a limited portion of each being stored on each hard disk. The files are often secure, ensuring that network users’ data is protected from unauthorized entry.
Siacoin, the platform’s native cryptocurrency, is used to compensate for the privilege of storing data on another Sia user’s hard disk.
Sia’s network bandwidth is expected to exceed 2 petabytes (2,256 terabytes) by 2020, with approximately 333 node operators currently protecting the network. It now has 766 terabytes of data on it.
How Does Sia Work?
The Sia network’s currency is Siacoin. Renters pay hosts in Siacoin to use their hard drive capacity, and hosts are only paid out after proving they are holding the requested file.
The data collected from leased computers were split into 30 bits rather than being stored in a single consolidated folder. The Sia network encrypts and distributes each of these components.
Compared to centralized networks, decentralized data management has many benefits. Data is automatically distributed on the Sia decentralized cloud storage network, for example, so that even if a hard disk fails, the data stays safe and stable.
Furthermore, Siacoin holders have absolute access and custody of their data on the blockchain thanks to their own private keys.
The network immediately enforces these arrangements, which usually last 90 days.
When a file arrangement is completed, the host must demonstrate that they are keeping the data they appear to be in a procedure known as storage evidence, which requires a host to demonstrate that the small amount of data they are storing is truly part of the renter’s file.
If the evidence is applied to the blockchain within a certain amount of time, the host is charged in Siacoin.
Sia divides files into 30 bits, each of which is secured, before uploading and distributing them to hosts. This eliminates the possibility of a single point of failure in the network.
What is the History of Sia?
Developers David Vorick and Luke Champine created Sia in 2013 while studying computer science at Rensselaer Polytechnic Institute in New York.
They came up with the concept for the shared file storage network at an MIT hackathon in 2013. Vorick and Champine formed Nebulous Inc. the next year, with $750,000 in financing from investors such as Xiaolai Li and Procyon Ventures.
Vorick also contributed to Bitcoin Core, the primary program utilized for nodes on the Bitcoin network, in addition to his work on Sia.
Vorick and Champine are both working on their dream, and their team has grown to include a variety of developers and executives.
How Do I Hold Siacoin (SC)?
Some options for holding SIA include Ledger Nano S, Sia.UI, and Sia Cold Storage.