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Cryptocurrency (Coins)

Siacoin (SC): Decentralized Blockchain Cloud Storage Cryptocurrency?



About Siacoin (SC) Project Review

In a logical and exciting extension to global life online, Siacoin has emerged as a decentralized data storage facility. The project connects users and “hosts” in a blockchain cloud ecosystem. Trading on amalgamated global excess drive capacity, the company connects users who are in need of file storage with a worldwide ecosystem that caters for the need.

If the offer seems avantgarde and hard to imagine, it’s the blockchain technology at the heart of the business that secures personal data.   Both parties experience better economics, and for many users and hosts, the platform’s facility is now a default option.

As a decentralized ledger, Sia “manages” this marketplace without central control. Sia is an elegant solution, but probably the most important consideration for existing cloud users is that Sia comes in below competition prices. Much like data costs have escalated globally and remain a sore point in many countries, cloud storage has also become mainstream and existing players vie for top dollar. Although the market is competitive, the offer is somewhat revolutionary in its build and typically far cheaper than conventional routes to cloud computing.

How does Sia work?

Employing the blockchain technology of smart contracts to secure storage transactions, Sia renders a more affordable and also, importantly, reliable solution. Additionally, the company points out that “no one person or organization can censor or deny access to data,” a big plus for many for whom the freedom of blockchain is a big contributor to their enthusiasm.

The company makes much of the benefits of bringing blockchain to storage, and rightly so. It appears as a more secure, more effective for many and more efficient, as well as being “more equitable” for the whole current and future ecosystem. A user’s files are divided as required before uploading. Employing a technology termed Reed-Solomon erasure coding, found mostly in DVDs and CDs, the project can split files into “segments.” What this erasure coding means is that any 10 of, say, 30 segments can restore a user’s data.

Thus the software deems both sections of files and individual users as “segments,” and division into 30 segments of any incoming data is standard. A user’s files are then dispersed to hosts spread out across the globe.

The Sia structure also ensures that no one individual can become a point of failure. By its very nature, the system also enhances broad network uptime and dynamism. If this sounds like a company making work for its users, it isn’t. It’s a part of the process, the facility of decentralized storage, and if anything, represents no greater effort than legacy cloud providers.

Even if 20 out a total of 30 hosts are offline, the remaining 10 can validate and restore, in a seamless application of the decentralized ledger. Before data leaves a user’s PC, it is encrypted and thus secured, and a host then stores a segment of encrypted data.

Amazon and other service providers don’t encrypt data by default, and at face value, storing encrypted segments does seem a lot more secure than an unencrypted single basket stashed somewhere on the web. Innovative indeed, the platform also employs the Twofish algorithm. This is a secure, open source encryption standard, one that attained finalist status at a recent Advanced Encryption Standard (AES) contest.

Smart contracts enable the despatch of files to hosts, with pricing, uptime commitments and other necessary details all agreed and made plain between parties. Sia employs what it calls “file contracts,” a type of smart contract, that enables the system to generate “cryptographic service level agreements” (SLAs) that get cached on the Sia blockchain.

Sia Is Cloud Storage With A Few Cool Differences

All participants – renters and hosts – pay with Siacoin, the native currency of the platform. Renters obviously pay for storage, but hosts too need to deposit collateral Siacoins to transact. Payments are effected along similar lines to the Bitcoin Lightning Network, using a protocol called payment channels.

Constant micropayments move between renters and hosts off-chain, an attribute that greatly liberates the network’s scalability and efficiency. In a delicate balance (although innate to the build is a fail-safe for retrieval via segments), the build sees users incentivized to stay online to pick up contracts and interact with renters. The bond lodged with Sia in the form of collateral Siacoins also encourages hosts to be attentive online as their interests are tied into the process.

File contracts are prepaid and renters are obliged to set aside the required amount to see a contract to completion. A typical contract on the platforms runs for 90 days, after which the hosts are obliged to demonstrate that they are still securely storing a user’s data. Should the set aside amount exceed the contract’s value, unspent coins are returned to the renter once the contract has expired. In the event that a user doesn’t renew a particular contract that has now expired, something called “file repair” kicks in and Sia will automatically move the files to new hosts.

The proof of safe storage a host must present at the end of a file contract need to reflect on the ledger within a specified time frame. If the host meets these stipulations, they are paid for the value of the contract. If they fail to do so, their rating drops and they are penalized. This is all enabled by an app called Merkle trees. What the technology does is enable a small segment of data to corroborate the existence of the entire stored file or files. A network advantage and further testament to the project’s ingenuity is that these proofs are small, regardless of file size, and therefore don’t burden the network in spite of all being stored on the blockchain.

The Sia Storage Experience

Complaints about the platform are few and far between, remarkable for such a complex offer involving so many parties. Users remain wholly private in their transactions, as do hosts, with only the company identifying parties through initial authentication.

Users control their private encryption keys and their own data at all times. Not even Sia itself can access a user’s data, due to the encryption and tight security protocols at play.

In an unscientific but valid analysis aimed at an approximation, it would appear that in comparing costs, Sia can save existing users of alternative cloud platforms up to 90 percent of their current spend. This is s a huge difference and a large part of why the company has made such good inroads into the arena to date.

By way of example, a user storing 1TB of data via Sia will pay around $2 a month. A service provider like Amazon S3 would land at around $20+ for a comparable facility. Although very different by nature, uptime on the network capably rivals that of legacy cloud storage providers. The Sia API is also growing in industry, as developers build aligned apps with the company’s open source software.

Final Thoughts on Siacoin (SC)

In a real sense, Sia is enabling a different yet familiar storage marketplace where there is far more legitimate, intense competition for business. Prices are competitive, and unlike a distant corporate storage provider, where such dynamism is absent. The Siacoin can be mined and traded for other altcoins or cashed out, depending on a user’s wishes.

Based on current growth, user reviews and overall running of the platform to date, it would appear that project has built something truly novel yet also sleek. Uncluttered by user issues or sticky points in the protocols, the Sia alternative is gaining traction and set to impact on legacy providers over the short term in ways that only blockchain technology can enable.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area



Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run



Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th



Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.


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On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.


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The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.


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On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.


Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.


Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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