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Siacoin Crypto PNG Transparent Images

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Submitted by on Sep 3, 2021

Siacoin is a decentralised file storage network that uses the Siacoin token, smart contracts, and blockchain technology to securely store data on servers worldwide. It’s written in the Go programming language, and Nebulous Inc. is actively working on it.

When David Vorick and Luke Champine were both undergraduate computer science students at Rensselaer Polytechnic Institute in Troy, New York, they started Siacoin as a project in September 2013. At HackMIT 2013, the first Siacoin idea was conceived.

While most cryptocurrency initiatives at the time focused on digital assets as a medium of exchange, Vorick and Champine proposed a superior approach that would provide intrinsic value to its token holders by allowing them to pay for file storage with their token. “Nobody, even ourselves,” says Vorick, “has authority over something with no failure points, where there is no source of leverage and no corporation, nation, jurisdiction, or individual who may decide they don’t like you or have ulterior motivations.” In May of 2014, Vorick and Champine founded Nebulous Inc. Nebulous was founded in September 2014 with a $750,000 seed round from investors such as Procyon Venture and angel investor Xiaolai Li. For a total of $1.7 million, Nebulous raised an estimated $500,000 through a Siafunds (SF) auction in May 2014 and $400,000 from an INBlockchain award in July 2017.

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In March 2015, the first public beta was published.

Concept

Siacoin, or SC, is a decentralised file storage system that rewards users for renting out their unused hard disc drive space. It accomplishes this by employing a blockchain technology that is similar to Bitcoin in concept but with a few technological differences that enable it to be utilised efficiently for file storage. The key distinction is the “file contract,” a type of blockchain smart contract that allows hosts (those who rent out storage space) to be compensated for demonstrating that they have kept a file and made it available to a user over time. All data is encrypted before being uploaded to the network to preserve user privacy, and only the user may decode it.

Other technologies, like as payment channels, help to improve the Siacoin network’s file storage capabilities. When this is combined with redundancy and error-correction, the result is a self-bootstrapping ecosystem in which the network first uses the lowest available extra storage space.

Monthly storage fees for Sia’s file contracts are around $2 per terabyte, compared to $4 for Amazon Glacier and $23 for Amazon S3.

Design Features

Siacoin is written in the Go programming language. It operates on 64-bit Windows, Mac OS X, and Linux versions.

Siacoin has both a graphical user interface and a command-line interface for usage in headless settings. Both interfaces have a same core and a similar set of features and capabilities.

Siacoin uses Reed”Solomon encoding to divide files into tiny chunks and store them across many servers. Siacoin can achieve 3x redundancy thanks to its encoding, guaranteeing that the renter will have access to their data even if several hosts go down. The storage hosts can use Merkle trees to give cryptographic zero-knowledge evidence that the files are still stored. The storage network puts these proofs to the test on a regular basis, with hosts who fail to verify storage too many times losing their pledged collateral. The uptime of hosts is projected to be 95 to 98 percent, compared to 99.9% for traditional cloud storage providers.

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