Siacoin is an open-source and low-cost cloud storage platform that allows users to encrypt and distribute selected files across a decentralized network. The cloud storage market offered through the Sia blockchain aims to be highly redundant, fully private, and more cost-effective compared to many alternatives.
Siacoin (SC) is a cryptocurrency that utilizes a proof-of-work algorithm. The Sia platform is a decentralized cloud storage platform that leverages Blockchain technology to create a more robust and cost-effective data storage market compared to traditional cloud storage providers.
Sia encrypts and distributes users’ files across a decentralized network. Users maintain ownership of their data by controlling their private encryption keys. Unlike traditional cloud storage providers, no company or third party can access or control user files.
Furthermore, it is claimed that Sia’s decentralized cloud storage is approximately 90% cheaper than traditional cloud storage providers. While storing 1 TB of files on Sia costs about 1-2 USD per month, the cost is 23 USD on Amazon S3.
Additionally, Sia’s software is completely open-source, and with contributions from leading software engineers and a growing developer community, innovative applications are being developed on the Sia API.