► Best SIA Wallets: https://www.coinbureau.com/analysis/best-siacoin-wallets/
► Siacoin Mining Pools: https://www.coinbureau.com/mining/siacoin-pools/
► 40k in Exclusive Promos: https://www.coinbureau.com/promo/giveaway/
⏰ Time Stamps ⏰
2:30 Sia Features
4:20 How Sia Works
7:10 Proof of Storage
8:00 Siacoin Economics
8:56 Funding & SiaFunds
9:38 Nebulas Team
⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website: https://sia.tech/
► Whitepaper: https://sia.tech/sia.pdf
► GitLab: https://gitlab.com/NebulousLabs
► Roadmap: https://trello.com/b/Io1dDyuI/sia-public-roadmap
► Bitmain Hardfork: https://blog.sia.tech/sia-proof-of-work-reset-24b5ec439625
📱️ Socials 📱
► Official Blog: https://blog.sia.tech/
► Twitter: https://twitter.com/siatechhq
► Discord: https://discordapp.com/invite/sia
📝 Project Overview 📝
Siacoin is a project that is trying to shake up this industry. It’s an open-source, decentralized, blockchain-based storage solution. The Sia project is a decentralized cloud that stores data on its blockchain.
Sia takes large chunks of unused storage and unites it with blockchain technology to create decentralized and encrypted cloud options.
Sia believes that data should be free for everyone, and aims to use unused storage from around the world to create the largest storage database in the world.
⚙️ Technology ⚙️
Files are split up before they are uploaded. Sia’s proprietary software divides files up into 30 separate segments prior to uploading them. Every file is targeted for distribution throughout the hosts around the globe. Sia creates file segments through the use of Reed-Solomon erasure coding.
As a result, if 20 of the 30 hosts happen to experience problems, the user can still access and download their content.
Sia also encrypts each file segment as it leaves the renter’s computer. Therefore, only encrypted files are stored by the host on the Sia platform.
Renters on the Sia platform create file contracts, which determine uptime commitments, pricing, and any other criteria the host and the user want to include.
These file contracts are a kind of smart contract, which create service level agreements, or SLAs. These agreements are then stored on Sia’s blockchain.
Renters need Siacoin to purchase storage, while hosts need to deposit Siacoin into every smart contract as collateral. Small transactions flow between the host and the renter.
When the contracts ends, the host has to provide proof that they stored the renter’s file per the contract. Sia calls this storage proof, and it has to show up on the Sia blockchain within a certain amount of time.
💰️ Token 💰
Siacoin is the currency used on the Sia platform, allowing anyone with a bit of extra room on their computer to use it.
This proof of work coin is used to execute smart contracts on Sia’s network. As I mentioned, hosts need coins for collateral on the network, while renters need Siacoins to purchase storage space from the host.
Siacoin is mineable. It uses the Blake 2B hashing algorithm.
During it’s initial round of funding, Sia raised $1.25 million. This was through Nebulas Labs which developed Sia.
Siafunds are another token on the network. These are basically tokenized securities that pay out the holders a certain amount of Sia on the conclusion of every contract.
👨💻️ Team, Partners & Development 👨💻
While Sia is the name of the project, the company behind it is Nebulous, Inc, which started things off in 2014. A year later, the storage platform was born.
In terms of roadmap, there are plans to give users the ability to share files outside of the Sia platform, the ability to see the host uptime, support for lite clients, and much, much more.
The developers have also been quite busy over the past year which you can see in their GitLab repositories.
📈 Trading & Wallets 📈
Siacoin is listed on a number of exchanges including Binance, CoinEx, OkEx etc. The bulk of the trading (50%) is being done on CoinEx which is not the best for the liquidity of the coin.
There are a number of wallets that can support Siacoin however your best bet is to probably download the core wallet. This will allow you to host files and earn Siacoin on the network.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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