Sia - Decentralized data storage for Web 3
Can Sia become bigger than Amazon Web Services?
Concise Crypto
May 18, 2022
Sia (SC)
What is Sia?
Sia is decentralized cloud storage built on the blockchain. Any user can pay in SC for nodes to store their data. All files uploaded to the Sia cloud are split in small pieces and distributed across different hard drives so no node has access to the whole piece.
Why does Sia have value?
While there are many cloud storage options in the market, most of them are centralized, and the data might be exposed to censorship or security breaches. Sia offers a decentralized way to store sensitive information and provides a way for people to earn revenue renting out their free disk space.
What are the Pros of Sia?
● The network is decentralized.
● Transaction fees are low.
● Users can rent their hard drive space for rewards.
What are the Cons of Sia?
● Its centralized competitors, like Amazon or Google, have a strong market presence and are generally trusted networks; so adoption might be tough.
What are SC’s tokenomics?
Siacoin doesn’t have a limited supply. Instead, 30,000 new coins are created with each new block that are mined approximately every 10 minutes.
Who founded Sia?
David Vorick and Luke Champine.
Who are Sia’s investors?
Sia has conducted two funding rounds. Its main investors are Raptor Group, INBlockchain, Dragonfly Capital Partners, A.Capital Ventures, Hack VC, First Star Ventures, Bain Capital Ventures, Paradigm, Bessemer Venture Partners, Collaborative Fund, and SV Angel.
Concise Crypto Grade:
B :Decentralized file and data storage is a big opportunity in the blockchain space. Think about the total addressable market that Amazon Web Services has; this is what projects like Sia are trying to emulate. Decentralized applications and Layer 1 blockchains need services like Sia and their competitor Filecoin to store data. If Sia, and the greater crypto space, can free itself from the engrained Web 2 players like AWS then it could be a HUGE project.
Where can I buy SC?
Binance, Kraken, Gate.io, Poloniex, Huobi Global, Bittrex.
What ecosystem does Sia run on?
Sia