We are bullish on Sia’s business model and that’s why we at Luxor Mining have dedicated one of our mining pools to supporting the network. In addition, we have been contributing back a percentage of our mining pool fees to the community to help it develop further. To check out more about Luxor’s Sia Mining Pool click here.What is Sia?
Sia is a decentralized data storage platform powered by blockchain technology. Sia connects people “hosts” that have underutilized hard drive capacity with customers “renters” in search of data storage. In essence, Sia is the Uber of data storage.
The blockchain technology delivers a competitive advantage for Sia, making it more secure and lower cost than traditional cloud storage providers. Sia has created a marketplace for data that provides higher latency, more throughput, less downtime and more security.
Below is a breakdown of what we think makes Sia such a valuable service:Price
One of the most important purchase criteria for renters is the price of data storage. Currently, renters purchase data storage from a number of providers such as Amazon, Microsoft, Dropbox, Google, etc. These services offer prices that are far above the price of Sia. On average, Sia’s storage costs 85% less than existing cloud storage providers.
Sia is able to offer such a low price point due to their low costs. This is fueled by blockchain technology and competition on the network.Powered by Blockchain
It’s no secret that blockchain technology has the potential to dramatically reduce costs. That is why big companies such as Google and Goldman Sachs (amongst many others) have invested in the technology. By providing a cloud storage marketplace on the cloud, Sia is able to dramatically reduce its costs, which results in a lower price point for consumers.Competition
The business model has built in competition between data storage hosts which reduces the pric...