Will Sia Be A Storage Game Changer?
Who hasn't heard of or used Dropbox that made it so easy to save files without worrying about losing them. I remember after losing some important files that I had foolishly saved on pen drives, I fully endorsed Dropbox as one of my two long term file storage areas.
Siacoin has stepped in where Dropbox left some space vacant. Though Dropbox is a robust form of storage it is Siacoin that has offered something new based on the blockchain as a decentralized option. It is in direct competition not only with Dropbox but with behemoths like Amazon, Microsoft and Google who also have cloud storage options available. Siacoin enables a network of individual computers to act as a storage facility using peer to peer networking.
Over 23 million USD worth of Siacoin transactions take place daily. Although it is yet to beat Dropbox in numbers the future looks bright for the coin. It has a market cap of over 922 million USD and a current value of 0.028709 USD with Bitcoin and Ethereum for trading pairs. It trades mainly on Bittrex and Upbit.
Siacoin has not been able to trigger mass adoption mainly due to fears of compromises with safety which has not been proven due to Siacoin being comparatively new. It still has a first mover as a blockchain based technology and is expected to go very far once adoption numbers pick up.
My guess is that people are taking up Siacoin as a second or third backup for their storage needs. Adoption will pick up once users are convinced about the safety and various advantages of using Siacoin.
Even the more established storage providers like Amazon have faced safety challenges in the past so it is not something that is unique to Siacoin or any other new storage offering. Storage created through peer to peer networks is proven to be safe as seen in the case of torrents that have been in use for some time.
Since it is based on the blockchain Siacoin has the potential of being seen as safer than non blockchain offerings in the storage space. Access to storage without a unique key will not be possible and proof of storage will have to be sent within a certain time period of a request.
What is certain is that there will be many adopters who will be attracted towards Siacoin due to its competitive pricing and safety features that are possible only on a blockchain. As more people start to understand blockchain technology and the advantages it offers, the popularity of Siacoin is bound to increase. Coupled with savings benefits and some of the best features of P2P transfers one cryptocurrency to watch for is Siacoin.
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Image sources: sia.tech, Giphy
I think the main problem most blockchains face in terms of gaining mass adoption is trust. Especially when it comes to storage of personal data - most of us here who know atleast the basics know that our data couldnt be more safe stored in a decentralised way such as Sia, however I know there is a lot of miseducation out there and people dont trust blockchain tech yet.
I looked into Sia a while back it looks like a solid project and should see steady growth. The only problem could be that physical storage is becoming so cheap now - but it is nice to have an extra back up on the could somewhere
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