Siacoin Explained | Siacoin Price Prediction 2021 | Siacoin File Contract

What if you’ll get paid just by 
renting free space on your computer? What if you can store your data on 
the cloud just in 2USD per month? Isn’t it amazing? Now through Siacoin, anybody can earn some 
money plus the storage problem gets solved. But how did I know? And what storage problem am I referring to? Let's find out. Hello and welcome to cryptos monopoly, my name 
is Daksh and this is the 100x crypto series. In this episode of the 100X crypto series, I will   tell you everything you 
need to know about SIA Coin. Btw, I have already added episodes on 
a few amazing undervalued projects,   so if you haven't watched those yet then you 
can check it out by clicking the I button. And also, I keep on adding video on 
1 undervalued project every week so   make sure you subscribe to this channel so 
that you don't miss out on any new episodes. Now, I got to know about the Sia 
network a few years back when   I went to Koh Phangan, an island in Thailand 
with blue beaches and beautiful scenic views.

Let’s start from the beginning. I and my friends started our journey 
from Mumbai international airport to Bangkok, and from Bangkok, I had to 
board another flight to Koh Samui   and then grab a ferry to 
finally reach Koh Phangan. The journey took us almost a day and we reached   in the evening of 31st December just at the 
perfect time for the new year eve pre-party. We’ve spent a week on that island, went to various   beautiful beaches, went scuba diving, 
partied on a luxurious yacht, and much more. It was the 7th day of my journey and suddenly 
I realized that all my hard drives were full of   videos and photos and there 
was not enough space available. So I decided to upload all my files on cloud 
storage and to do that two names came into my mind   Google cloud and Amazon cloud services, 
I searched about them, they were all good   except few issues like increased demand, 
hacking risk, data mismanagement, etc. And they were all quite expensive, and   I was looking for something 
simple and cheap cloud services. After spending some time on the 
internet I got to know about   the Sia network and its coin named Siacoin.

)One thing that caught my attention was 
the line from Sia network’s websites “NO Signups, no servers, 
no trusted third parties.” How can it be possible? In past, I’ve encountered various 
blockchain technologies like bitcoin, Ethereum, Zcash, and I know that they are working 
in a decentralized manner to provide security and   privacy to the users. I was already a crypto enthusiast and I knew 
how powerful blockchain technology is gonna be.

But cloud storage without any 
servers!! That was something new to me. I was curious to know more about 
it and also how it will store my   pictures and videos in the 
cloud without any servers. )After reading the whitepaper of Sia, 
what I found out was astonishing, According to it, In Sianetwork, any running 
computer on the internet can rent out its free   hard drive spaces, and any users who 
are looking to store files can use this   hard drive as their cloud storage at 
only 2USD per month. As cheap as that. And in return, those storage providers 
will get Siacoin as a reward. I thought “this is nice. I can store my data into   sia network in just 2USD per 
month” and it will be safe there.

But my mind was still searching for the answers 
like how it’ll do such a big job? What about   privacy and security? What if the host turns 
down his system? How can I get access to my file? To answers these questions myself I 
read few articles on the internet. So according to them, it is like 
cutting an apple into many slices and distributing it to various peoples, Sia network breaks our files into many 
small slices, encrypt them, and send them   to various hard drives so that each hard drive 
handles a very small portion of that files.

Not only that, but it also creates many copies of 
that slices and sends them to various hard drives   so that if 20 or 30 hosts are offline still users 
will able to retrieve it back. Amazing isn’t it. I was filled with joy because now I 
can store all my pictures and videos   on a cloud without any fear, I was doing all this at 2 am, sitting outside just   by the beach looking at the waves 
and clear sky filled with stars. So, after doing all this research I 
was all tired and I went to sleep but, I suddenly remembered that I have 
a computer system at my home,   what if I can turn it into the host 
and rent out its free space to sia. I’ll also earn rewards and 
who doesn't like free money. Again my hands were running all over the 
keypad to find the answer to this question. After spending some more time 
finally I got some answers to that, So to do that, first I have to sign a 
contract, which they called “File Contract”,   and it is a 90 days contract that consists of 
host-user relationship, prices, and uptime, etc.

After that, I must provide proof to the Sia 
network that I am not lying and I actually   have enough space to rent out to them, and to 
do that Sia uses the proof of storage method. In which I have to prove two 
things first, I will be online, and second, I will preserve all the data. If I can provide this information regularly 
then I get a reward from Siacoin and if   I am unable to comply too many 
times I may get terminated. They have one more coin Siafunds which is 
an income generation token, which provides   growth to their network and encourages 
more and more new users to participate. One major difference between 
Siacoin and Siafund is,   Siafunds are very limited. There 
are only 10000 siafund tokens. Sia blockchain is quite similar 
to bitcoin, it also provides   constantly high uptime and ensures that 
all the users do not trust each other. Sia’s main objective is to compete with existing 
storage solutions. It sees itself as being   in direct competition with major cloud storage 
companies such as Amazon, Google, and Microsoft.

Currently, it is ranging around $0.011 
with the current CoinMarketCap ranking #97,   and a market cap of USD 531M. It has 
a circulating supply of 48B coins. After doing all this research I know 
quite a few things about Siacoin and   it keeps me thinking about the problems 
it is solving, like fully decentralized,   cheap, more affordable, files are divided, 
encrypted, stored on multiple hosts, etc. I think this is an amazing product 
and cloud computing is a big industry   with a total market cap of around 300 billion USD. And it is projected that the market cap of global   Cloud Storage alone will reach USD 
122490 million in the coming years. Keeping that in mind and if the bull run 
of the crypto industry resumes we could see   the total market cap of the crypto industry 
increasing and this project could skyrocket. I expect the price of the sia coin to reach 
at least 10 cents by the end of this year   and only if the bull run resumes. And on a long term this project could reach 
1 dollars providing a whooping 100x gains. I hope you enjoyed this video and if you did then 
make sure you hit the like button and let me know   in the comment section below what do 
you think about the sia coin and also   if you want me to make a 
video on your favorite coin.

I will be back with a new episode 
of the 100x crypto series very soon,   so make sure you subscribe to this channel. Thank you so much for watching..

You May Also Like