2016/09/27 6:56 AM
Siacoin is a new prominent cryptocurrency, used by the Sia network – an actively developed decentralized storage platform. Sia represents a peer-to-peer network that consists of many individual hard disk drives, connected to the united global network. The network is fully decentralized, and cryptographically secured. Unlike centralized cloud storage platforms, Sia allows users to store data in the cloud without losing control, which is possible by uploading data on many different hosts that cannot manipulate it in any way. Hosts are getting paid for the data storage, whereas payments are executed, using smart contracts.
Paul Clarkson, product manager at HitBTC, comments,
“There’s a number of projects that pursue creating a decentralized cloud platform, so the idea is quite plain. However, Sia stands out by having peculiar things, like smart contracts that only pay the host when the file contract is fulfilled”.
The Siacoin cryptocurrency is an…