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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: onlinebetrug.de 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