From the Blogosphere
Sia Could Disrupt the Cloud Market | @CloudExpo #AI #DX #Siacoin #FinTech #Blockchain
The idea for Sia was conceived back in 2013 at HackMIT
By: Harry Trott
Aug. 16, 2017 08:15 AM
Blockchain technology is taking over the world. It is an ingenious invention by a person or a group of people known by the pseudonym, Satoshi Nakamoto. Unless you’ve been living under a rock for the past 8 years, you have heard of Bitcoin. The underlying technology behind Bitcoin is called blockchain, a public ledger of all the Bitcoin transactions that ever happened on its network.
However, the use of blockchain is not limited to Bitcoin. There have been numerous projects that are making use of blockchain technology. The most famous of these is Ethereum, which is a simplified platform to let developers build apps (dApps) on the blockchain. Another prominent project using blockchain technology is Sia, a distributed cloud storage platform.
The idea for Sia was conceived back in 2013 at HackMIT, a hackathon hosted at the Massachusetts Institute of Technology. The idea is to allow anyone to rent out their storage space and in return reward them for their contribution. Unlike standard cloud storage, like AWS, Dropbox and Azure, Sia is completely decentralized.
At the time of writing, Siacoin’s (the token used in the smart contracts to pay the hosts) market cap is over $200 million. Today there are very few options companies have for storage. They could either go for something like AWS or Azure, but they are not decentralized and are prone to attacks and vulnerabilities.
Instead of hosting everything on the central server, Sia's blockchain technology will decentralize file storage and make it open source. Sia will also let companies host their own private decentralized cloud and sell that as a service to their customers. This will significantly reduce the costs for both companies and consumers. With Sia, the storage would be decentralized as each user would contribute their own share of resources, making it as secure as virtual data rooms.
That being said, Sia does have some competitors, Storj and Maidsafe to name a few. What makes Sia unique is the ability to create a smart contract that would ensure the host is paid for their services. In a nutshell, when a file contract is created, the renter and the host both put Siacoins into the contract. The host gets the Siacoins only if they still have the data when the contract expires. This could very well be the beginning of the “future of hosting” in which there are no central servers.
The team behind Sia is extremely talented and their roadmap looks very promising. Recently the team launched Obelisk, an Application Specific Integrated Circuit (ASIC). It's basically a chip that does one thing really well. In this case it’d be mining Siacoin.
When you’re planning on competing with the likes of Dropbox and AWS, you better make sure you are fully prepared. The bigger picture of Sia is to provide a secure decentralized closed storage with zero downtime and 100% uptime. Currently anyone can mine Siacoin with a GPU. Miners can easily change GPUs to mine other hashing algorithms. The whole idea of Obelisk ASIC is to secure the Sia network forever. Since Obelisk is made to mine only Siacoin, its hashing power is significantly stronger than the GPU. This will exponentially strengthen Sia’s blockchain and prevent it from any attacks.
What makes Sia unique from its competitors is the fact that it holds payment for the host in escrow until the host has fulfilled the file contract. It's heavily focused on price efficiency and data speed. There is an intuitive calculator on Sia’s website that tells you how much Sia and other cloud storages will cost you to store data.
Siacoin looks very promising. Its value has gone up 2400% over the past year. At the time of writing, the price for one coin is 1 cent, and there are $27 billion Siacoins in circulation. Clearly this is just the beginning for blockchain companies like Sia. In the coming years, true disruption will take place and blockchain startups will be at the forefront.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
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With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-4, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
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Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses.
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