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Siacoin- Blockchain for data storage

Wed, 21 Feb 2024, 12:25 pm UTC

Sia is a peer-to-peer decentralized cloud storage platform that intends to compete with existing storage solutions.

After uploading a file to Sia, it undergoes a process such as



Global distributions

Renters- responsible for uploading files, while hosts store these files, and the entire operation is automated. Storage contracts are used to uphold storage agreements between hosts and renters. Renters will pay to hosts with Siacoin, the native cryptocurrency of the Sia blockchain.

SiaShare is an end-to-end encrypted file-sharing software that uses the Sia decentralized storage network to store files. The software divides each file into 30 segments using Reed-Solomon erasure coding. Sia files can be accessible even if 20 out of 30 hosts are offline.

Each file in Siacoin is encrypted with a different key and hosts on Sia will not be able to see your data. It uses the Threefish algorithm.

Storage proof on the Sia network is done using a cryptographic data structure called the Merkel tree. Each storage proof targets a specific file contract. The Merkel hash can be constructed by splitting files into segments of constant size and hashing them into the Merkel tree. Storage proof is verified using root hash plus the file's total size.

Storage costs- Sia's storage costs are 90% less than incumbent cloud storage providers' 1 TB file storage cost - Siacoin costs around $1-$2 compared with $23 in Amazon S3. Other costs, such as contract formation and bandwidth fees are levied on renters.

SCUSD surged sharply, by more than 95% in one week. The pair holds above the short-term (21 and 55 EMA) and the long-term moving average. It hit a high of $0.01726 and is currently trading around $0.01623.

The bullish invalidation can happen if the pair closes below $0.080. On the lower side, the near-term support is $0.01250. Any break below targets $0.010/0.0080. Significant downtrend if it breaks $0.0050.

The pair's near-term resistance is around $0.0175. Any breach above confirms minor bullishness. A jump to $0.020/$0.02950 is possible. A surge past $0.030 will take it to $0.050.

It is good to buy on dips around $0.0150 with SL around $0.0100 for TP of $0.0200.

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