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Cryptos In 3 Mins — Siacoin

Cryptos In 3 Mins — Siacoin Decentralized Storage for Businesses

AWS S3, Dropbox Business, Azure Storage, Box, & Google Drive — all storage providers for enterprises that have been locked in a fierce battle for corporate data. Even with zero technical knowledge, you’ve probably heard of at least one of the services above, which makes sense. Companies like Amazon, Microsoft, & Google have managed to grow both horizontally & vertically, in an attempt to automate any human inconvenience with a seemingly free cost: our data.

Now, I’m not here to enter the convenience vs. privacy trade-off debate (at the end of day I’m a fan of all of those companies); however, it‘s a plain fact that you are, indeed, forgoing your privacy to that data to some degree. Put simply, as an individual, or as a vehicle of individuals (companies), you at the very least want complete privacy over your most sensitive data.

Enter Sia

At the highest level, Sia is a storage service for businesses that guarantees complete privacy at very low prices.

But what the hell does this have to with cryptocurrencies?

Hold on, we’re getting there. Siacoin accomplishes this by seamlessly combining two of the most exciting applications of technology in recent years:

The Sharing Economy

Think AirBNB, except the platform name is Sia. You’re a host. Hotels are Amazon/Microsoft/Google’s server farms. The extra room in your house is the extra storage on your hard drive(s). You‘re compensated whenever anyone remotely stores data, thus “renting out” your extra storage. This sharing economy infrastructure is what allows Sia to offer competitive prices.

Encryption, Blockchain & Smart Contracts (aka: cryptos)

By now I hope you’re asking something along the lines of “why would I want my data stored on anyone else’s computer?” And that’s where the world of cryptocurrencies comes to light.

So now imagine the reverse scenario that we gave above. This ti...

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