Siacoin

Sia is a decentralized cloud storage platform, akin to Dropbox and other centralized storage providers. However, instead of renting space from a central entity, clients rent storage space from peers. The distinguishing factor here is Sia's use of blockchain technology to facilitate transactions. Nodes provide storage to clients through contracts on the Sia blockchain. Prior to storing data, it is encrypted into numerous pieces and distributed across different hosts.

The creators of Siacoin are David Vorick and Luke Champine of Nebulous Inc. Traditional storage platforms often come with high costs, lack of adequate data protection and more expenses. In contrast, Siacoin aims to offer secure storage transactions using smart contracts that are both affordable and reliable. Additionally, its open-source nature means there's an active community constantly contributing to Siacoin’s software development and building innovative applications atop the Sia API.

Siacoin's Future Plans

In 2018, Siacoin set out with the goal of becoming the preferred cloud storage platform for companies by introducing file sharing capabilities. This goal was divided into short-term, medium-term and long-term development plans.

The short-term plan focused on facilitating file sharing among Sia users without having to remove it from the cloud—thereby increasing network utilization. Medium-term development aimed at enhancing partnerships with large companies like Netflix and Dropbox in hopes of becoming their preferred choice for storage and distribution framework. Finally, the long-term objective centered around expanding its services to share files with non-Sia users as well as supporting mobile wallets.

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