Siacoin is a decentralized cloud storage solution based on blockchain technology founded by developers David Vorick and Luke Champine in 2013. In a world where leading cloud storage solutions are highly centralized, Siacoin is entirely decentralized and encrypts all user data for greater security and reliability. The Sia protocol utilizes large chunks of unused storage and combines it with blockchain technology for its users to store their data. No third party or external company can access user data on the Sia network.
To set itself apart from popular storage solutions, Sia uses propriety software that splits files into 30 separate segments and then distributes them across hosts around the world. Through this process, Sia eliminates the possibility of a single-point failure. Even if hosts compromise two-thirds of the segments on the network, one-third of the segments are enough to restore the original file, reinforcing network redundancy and uptime.
Siacoin (SC) is the currency token for the open-source Sia network and can be mined, traded and used in the Sia marketplace. On top of being decentralized and secure, Siacoin is a more affordable storage solution when compared to other cloud storage options.
Sia’s redundancy methods, encryption processes and use of cryptographic technologies leverage it as a coin many investors are keeping an eye on.