SiaCoin is a cryptocurrency that provides a decentralized cloud storage service. It was created to compete with companies such as Google, Apple, Dropbox, and Microsoft. Is SiaCoin a Good Investment? The main idea is that data stored with Sia will be encrypted and stored on other users’ computers. All transactions, however, will be verifiable using SiaCoin’s public ledger.
Essentially, SiaCoin works by permitting its users to rent out hard drive space. People looking for cloud storage will store their files in the computer memory of others. This service is paid for with SiaCoin, the Sia blockchain’s native currency.
Storage providers can set their own prices and advertise their dependability. They can also establish standards and compensation if files are compromised while in their care. Finally, they have the option to refuse their services if the nature of the data being stored causes them any discomfort.
There are several safeguards in place to assist protect platform users. Data, for example, can be distributed across multiple memory providers. This can help ensure that the data is retrievable when required.
In the past, John McAfee has been a vocal supporter of numerous digital currency projects. He even asserted that Bitcoin would reach $1,000,000 by 2020.
McAfee’s early Tweets about projects were possibly genuine. However, after seeing how the market reacted to his assistance, they quickly became paid advertisements. McAfee recently received up to $100,000 for each positive mention of a cryptocurrency in one of his Tweets.
SiaCoin has received little attention. McAfee, on the other hand, has previously mentioned it. This must be because John likes the project but hasn’t been paid to promote it as much as he has other projects.
On the one hand, it has a vivid use case, a functional product, and is priced to compete with more established services in the same niche. Is SiaCoin a Good Investment? On the other hand, it competes with many other services that already (or hope to) provide the same functionality. Some of these are also among the world’s largest corporations.
The roadmap itself appears to indicate that SiaCoin is working on developing a product that can compete with Amazon and Google. However, there are still numerous things that could go wrong. If the market decides to go with a competitor or if the world’s lawmakers decide to regulate it, the outlook for SiaCoin becomes less promising.