Siacoin (SC) - cryptocurrency review
Siacoin (SC) - cryptocurrency review

Siacoin (SC)

Rank: #50

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Siacoin Review

Siacoin is an example of what’s known as a ‘cooperative storage cloud’. The company, Sia, provides decentralised storage whereby your files are broken up…

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Siacoin (SC) – cryptocurrency review


Siacoin is an example of what’s known as a ‘cooperative storage cloud’. The company, Sia, provides decentralised storage whereby your files are broken up into smaller parts, encrypted, and stored on a network of multiple computers (nodes) provided by other participants in a peer-to-peer model.

Sia describe their service as being up to 10 times cheaper than traditional providers like Dropbox and Amazon Web Services. They also cite their model as being more secure with greater redundancy, owing to the fact that customers own private keys to their data which is not stored completely with any single entity.

Despite the obvious real-world utility of the Sia proposition, there are a number of known hurdles to overcome if Sia is to truly take-off – chief among which will be consumer confidence that their files will be safe and accessible. If you’ve followed the history of centralised storage providers, you’ll know that brand awareness and trust have played a HUGE role in mainstream consumer adoption. The irony being that the decentralised nature of Sia makes it instantly more private; a fact though that will take a great deal of consumer education.

And with brands like Google, Dropbox, and Amazon already in the space, it is easy to think that Sia will face an uphill battle with the main point of difference being price – something that the aforementioned could counter in a heartbeat.

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