Sia is a decentralised storage platform secured by the blockchain technology. It uses the blockchain technology to embed/store data in the cloud. The SIA platforms storage technology is based on under-utilized hard drives capacity around the world. Sia tech wants to create a data storage marketplace in which people can be more reliable and they can get the cloud services for data storage at a much cheaper rate.
Sia wants to innovate such a technology that can bring a change in the data storage marketplace on a global scale. The current storage providers like Google and Amazon are the biggest target for the Sia tech team.
The core team of the group comprises of David Vornick who is currently the CEO and co-founder as well as a core developer at SIA, Luke Champine who is a Cofounder and Core Developer at SIA. They have developed a technology that can disrupt many markets including Dropbox. The Technology of the SIA is backed by Investors such as Raptor Capital Management.
Currently, the total storage capacity the Sia technology can provide is about 4.6 PB. The consumed storage is currently at 222 TB. The total market capitalization of Sia is around half a billion dollars ($0.5 B, USD).
The biggest question for the readers must be how this technology works. The SIA tech combines a peer-to-peer network with the help of Blockchain Technology to create the world’s first decentralized storage platform.
The software of SIA divides the files into 30 small segments/packets of data before uploading it to the cloud. Each of the packets is targeted to hosts across the world. Currently, SIA has a strong force of 902 hosts which is increasing at a good pace. The distribution of data to several hosts ensures that no one host represents a single point of failure and reinforces overall network uptime and redundancy.
The file segments/packets are created using a technology called Reed-Solomon erasure coding commonly used in CDs and DVD. This technology allows SIA to divide the files redundantly where any 10 of the 30 divided files can recover the complete data of the user. This simply means that if 20 of the SIA hosts go offline then also the user can download his files at any point in time.
IS IT SAFE?
Safety is the biggest concern when it comes to cloud storage of data. SIA is safe, really. The breakup of the data into small packets is not the end of the cycle. Encryption is inserted in each of the small segments/ packets. Each file segment is encrypted before leaving the renter’s computer system. This ensures that hosts/renters only store encrypted segments of user data.
Other cloud service providers such as Amazon do not encrypt the data before uploading. SIA uses the Twofish algorithm, an open source and secure encryption standard that was also a finalist in the Advanced Encryption Standard (AES) contest.
PROBLEMS FACED BY HOSTS
Someone who is having a spare system gives access to his system. SIA Tech uses the memory capacity of the host’s system to store users data. The access given by the hosts makes his money. Several hosts around the globe are reporting issues regarding overcharging for their uploaded data. Bad Contracts and High Fee which ultimately lead to Major Renter losses.
Nebuluos Inc. will conduct the SIA funds Tokenized Securities Offering (TSO) probably at early 2018. The company has set a target to distribute 750 Siafunds to qualified Investors in an Auction expected to take place in March 2018. The token issue was really productive. Many exchanges are listing SIA Coins which are located in both India and abroad. In India, these crypto coins are being traded in exchanges like bitbns, BuyUCoin and it is ever increasing. The volume of the SIA coins is increasing every day. This new advancement is attracting more and more users and investors.
PERFORMANCE AND PREDICTION
Currently, the SIACOIN is doing very well at the market price wise. At the time of writing this article, the price of Siacoin is at a price of ₹0.9039 INR.