Hi Steemians ;) Bitcoin is the most widely used cryptocurrency on the Internet. For those who are not familiar with how it works, Bitcoin uses “proof of work” mining in order to process transactions and secure the network. Two developers with a growing interest in cryptocurrency, David Vorick and Luke Champine, wanted to take a stab at creating what they felt could be a “better version” in 2013.
After looking more closely into what could be worked on, the two discovered there was not much to be improved. Instead of going back to the drawing board with a new idea, they noticed how the blockchain technology behind Bitcoin could be applied to data storage. Blockchain eliminates the need for centralized data centers because transaction data can be stored across thousands of computers. Vorick and Champine formed Nebulous Inc. in 2014 and since then, the company has raised $1.25 million in capital from Procyon Ventures, Raptor Group, and others.
The company has created a decentralized data platform named Sia (pronounced Sai-UH). Sia is an open-source network that allows users to purchase cloud storage space. A user can purchase one terabyte of space for $2 per month, or they can become a host and sell storage space. The storage space is rented out in exchange for Siacoin, the platform’s own cryptocurrency.
Currently, the network has over 330 hosts across the globe with 1.3 petabytes (which is over one million gigabytes) of storage capacity. “We are committed to being decentralized,” says the company’s Head of Operations, Zach Herbert. “The company could shut down tomorrow, but the network would continue to operate without interruption.”
Since Sia is open-source, the company welcomes those to contribute to the project. The company has a burgeoning community of developers and fans; the company’s Slack channel has over 4,000 members, and its Twitter has over 9,000 followers.
Ultimately, the company believes Sia can become the internet’s data storage layer. Nebulous plans on building more features onto the Sia platform, such as file sharing and video streaming.
“The past year or so we’ve been keeping our heads down and working,” says Herbert. “This year is a big year for Sia.”
Here is something I posted yesterday. I was interested in mining Sia. However I would like your opinion in this matter.
Let's say you are a 20 man company in need of some storage for your files. Here's how you have to do it: 1) Sign up at coinbase / and wait 5-7 days for your cash to deposit and your verification 2) Get your cash and make them into BTC. Hopefully at a good rate? 3) Sign up to an exchange and transform your BTC into SC 4) Download the SIA client and wait 3-4 hours to sync 5) Transfer your Sia coins to your wallet. 6) You got it! In addition, you are not quite sure how much that BTC got you in terms of value. Maybe you paid $250 but when you finally bought the SC the value was $300 and you bought less coins because of that. The finance department would have a bad time doing all the conversations and realising the true cost. Meanwhile, getting an AWS/Google Drive whatever else, can be done and set in an hour or so with a set up cost that you can track and get invoiced. Thoughts?
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Yes, I was thinking about this before, but i think there will be an easier way to use this storage. We will se but i got your point. From a technical view i was trying to share my space drive it was easy, bu you got to have some sia at first.
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I think Sia has a lot of potential to be a game changer and its probably one of my favorite altcoins [along with Steem and Gridcoin ].
I don't think the price is going to every be massive due to the amount of coins [27.30 billion Siacoins] but the tech is going to be great, if everything goes to plan.
I am mining it at the moment and probably will until the asic's come out but thats going to be a while.
Just imagine that you can upload you videos to Sia and then stream them! that would be pretty awesome.
and the best thing about Sia is that is decentralized
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