Siacoin is Bringing the Cloud Down to Earth
September 21, 2017
Siacoin is an alternative cryptocurrency with a vision that may change how we use cloud storage. Cloud storage is a method of storing data online, so that it’s available wherever you have connection to the Internet, without storing it on a hard drive. Amazon and Dropbox made cloud storage very popular in the 2000s and now most people use it in one way or another, whether they know it or not. But Sia sees a problem with the way we’re using the cloud now: your data is completely in the hands of an outside company. One company can access and control all of your data.
Sia has a solution. By using their version of blockchain, which is the underlying technology most cryptocurrencies use, Sia has created a decentralized storage system that takes access to data away from Sia itself. Just as bitcoin created a system where currency wasn’t in a government’s (or anyone’s) full control, Sia provides a service that keeps your data decentralized and therefore more private. This decentralized system also gives the system redundancy, meaning data is saved in many places throughout the network so that if one fails, another is always there to back it up.
This new cloud storage platform is putting data back in the hands of users, and it has been getting a lot of attention from enthusiasts and investors alike. Although some warn that Siacoin may be one of several cryptocurrencies that are pumped, or seeing artificially high prices, Siacoin’s price seems to be leveling off from a sharp spike in the summer. Maybe sometime soon our data will be out of the clouds, and in the decentralized Sia system.