Sia Coin – the crypto currency of an innovative cloud storage system

Sia Coin is a relatively young crypto currency that wants to convince with its cloud storage service. The Sia Coin crypto currency does not only want to be a digital means of payment, first and foremost Sia’s special blockchain technology offers itself as a cloud storage of files. Sia Coin’s cloud is supposed to be considerably cheaper than other providers and much more secure.

The Sia Coin development is still in full swing, the start-up company around the cloud service „Sia“ is still working on some promising technologies. What does the crypto currency have to do with storage space and is it worth buying Sia Coin?

What is this Bitcoin code?

The actual crypto currency is used to pay the hosting fees. Sia sees itself primarily as a Bitcoin code cloud storage, inspired by the blockchain technology of the crypto currencies. Read the review by onlinebetrug. The price for hosting on Sia’s cloud therefore depends on the exchange rate of the coin. Nevertheless, hosting, i.e. uploading data into the cloud’s memory, is much cheaper than on other cloud servers. Uploading a terabyte of data costs about 200 Sia Coins. That doesn’t even make 1 € per month. With other providers, the same amount of data can cost between €10 and €20.

The Sia Coin crypto currency can be mined like other crypto currencies. The developers mined the first 100 blocks before the blockchain was released for the first time. 300,000 Sia Coins were distributed for each new block. After that, the number of distributed coins is steadily reduced. When the number of 270,000 blocks has been reached, only 30,000 Sia Coins will be distributed to participants of the network.

The fees are paid decentrally via Smart Contracts. Sia also uses this new technology, which is becoming more and more widespread due to the crypto currencies. Smart Contracts are contracts that are automatically activated and regulated. These contracts are used to negotiate the storage space that the user wishes to dispose of. The Sia Coin crypto currency is part of these Smart Contracts and is used to pay the fees. The contracts are cryptographically encrypted to ensure secure and anonymous data storage without the need for a human hand.

So the most important thing about Sia is the cloud. Sia used blockchain technology to create a decentralized network. The blockchain is basically the software behind each crypto currency, which also takes over the functions of a database. As such, it records all processes in which the crypto currency is used. These records are lined up like a chain, hence the term chain. The blockchain is not stored centrally somewhere, but on the servers of all participants of the network. The cloud based on the blockchain works in a similar way: the memory is distributed over all the servers of those participating in the network. The cloud is completely decentralized and the data is distributed over the entire network, fragmented into many small parts.

What is important here is the redundancy of the Bitcoin trader data pieces

In this case, redundancy means that the fragments do not occur only once, because the same data exists several times. More Bitcoin trader info on: If, for example, a user uploads a file and it is fragmented and distributed over the entire server, then he should always have access to the file. Even if one of the servers, on which even a small part of its file is located, is not available for technical reasons. Thanks to the redundancy, this individual part will also be located on another server. The „Reed Solomon Code“ technology is used for fragmentation. This splits all data that is uploaded into individual pieces of up to 4 megabytes and sends them to the individual hosters.

The data is encrypted beforehand so that even the hosters cannot access it. The encryption is done using the Twofish algorithm, which belongs to the symmetric encryption family. All fragments are individually provided with their own key. In order to be able to crack an entire file, the hacker would have to find out the key for each 4 MB data record. When the developers put their plans into practice, every file should be available at all times and still almost perfectly encrypted. To make sure that even the right owner has access to its

Request Network Advantages and Disadvantages

The REQ coin is not alone in its efforts to break PayPal’s quasi-monopoly. OmiseGo has a similar approach. The Coins Populous and TenX approach this topic differently, but there could also be competition here. Surely the strongest opponent is still PayPal itself. Should the team however offer the better alternative, it looks very good for the prognosis.

The development is not finished yet, so there is no minimum viable product available to test the crypto currency. You might want to be careful before you start buying the Request Network Coin.

Request Network Course and the Bitcoin revolution

The Request Network Coin could be traded at the end of October 2017. At the Bitcoin revolution one coin cost 3 cents. In November 2017, the price fluctuated between 3 and 5 cents. In the following December the price went up, in the first two weeks of the Bitcoin revolution the coin reached values of 20 cents. In the last weeks of December, it was up to 30 cents.

January 2018 there was a real rally on the crypto currency. Already in the first week the coin was quoted at up to 88 cents. Then, in the course of January, the Request Network rate dropped, first to 50 cents, then 30 cents at the end of the month. After the price had reached its low for this year of 17 cents on February 6, the price rose to over 20 cents.

The Request Network forecast: If the development of the platform can continue without problems and the team is able to reach its goals, then the Reqest Network has the chance to push PayPal from the throne and compete with the other crypto currencies. But there is still a long way to go. In the meantime the price can fall or rise again and again, that will probably depend on the mood in the market.

Create Request Network Wallet with the Ethereum code

The crypto currency is an ERC20 token. This means that it can be stored on Ethereum code wallets that are designed to store ERC20 tokens. So far, this is the only option, because a Request Network Wallet does not yet exist. One of these alternatives is the MyEtherWallet, one of the most common wallets for ERC20 tokens. This can be created on the website of the Ethereum code wallet. The keystore file, the private key and the password should be kept in a safe place. They should make it easy to create the keystore file.

Where can I buy the Request Network?
You can buy Request Network Coin on Binance, Koinex, Huobi, KuCoin, Kiqui,; EtherDelta, YoBit, Bancor Network, COSS and Mercatox. Usually only the exchange against Bitcoins or Ether is possible. With Fiat currencies you can buy the REQ coin on, YoBit and Liqui.

Conclusion Request Network
REQ Coin has a strong team and a well thought-out concept. There is great potential in the network, but it must expect some competition. However, if Request Network should prevail, it could become the payment service par excellence.

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