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What is the future of digital storage based on blockchain tech? [Sponsored]

By October 5, 2018 No Comments

Siacoin on Coinswitch

Let’s take a flashback a few years ago when the shared storage was beginning to make its mark in the industry. Everyone was reluctant to join such a shared network owing to one major concern i.e. security and privacy of data. But sooner or later, everyone has to adopt technological advancement, as it is an inevitable process and it is a must to adopt, to stay in the fast pacing industry. In fact, cloud storage is a giant industry which has formed a base for numerous business start-ups.

Now, there has been a new cloud storage platform developed on the foundations of Blockchain technology, i.e. Sia.

About Sia

Sia is a decentralized storage platform secured by blockchain technology. The Sia Storage Platform leverages underutilized hard drive capacity around the world to create a data storage marketplace that is more reliable and lower cost than traditional cloud storage providers.

Privacy

Sia encrypts and distributes your files across a decentralized network. You control your private encryption keys and you own your data. No outside company or third party can access or control your files, unlike traditional cloud storage providers.

Cost Efficiency

On average, Sia’s decentralized cloud storage costs 90% less than incumbent cloud storage providers. Storing 1TB of files on Sia costs about $2 per month, compared with $23 on Amazon S3.

Redundancy

Sia distributes and stores redundant file segments on nodes across the globe, eliminating any single point of failure and ensuring uptime that rivals traditional cloud storage providers.

Open Source Protocol (For developers)

Sia’s software is completely open source, with contributions from leading software engineers and a thriving community of developers building innovative applications on the Sia API.

Opportunities as Marketplace

Using the Sia blockchain, Sia creates a decentralized storage marketplace in which storage providers compete for your business, which leads to the lowest possible prices. Renters pay using Siacoin, which can also be mined and traded.

Long-Term Siacoin Price Prediction

To make some reasonable predictions for the decade ahead, we have to take a look at SiaCoin roadmap for the forthcoming years. With speed being one of the main issues, the company is going to reach the level of Amazon S3 as early as in 2018. Furthermore, new data distribution features are going to be implemented, which are currently in the pipeline. By 2020, the company is planning to become an ace player on the cloud storage market prodding out Amazon and other major competitors. So, can this scenario expand SiaCoin price predictions?

Well, yes, this roadmap sounds too determined, and if the team keeps working at the same pace, it may reach some of its development goals, which will subsequently push the SiaCoin price to rise which is evident from historical Siacoin price chart. While facing such heavyweights as Amazon and Google may be tough, SiaCoin hardly has any other competition on the distributed storage market apart from Storj, so this project has pretty good timing.

However, one cannot make a long-term SiaCoin price prediction for 2020 quite accurately, while isolating it from the whole crypto market. Reason being, you need Bitcoin, Ethereum or any other big altcoin to buy SiaCoin. Although you have the option to buy Siacoin with credit card. Since the mainstream of altcoins usually reflects Bitcoin’s bullish/bearish trends, the ace coin of crypto and the cryptocurrency industry as a whole will have a massive impact on the future price of SiaCoin. Thus, considering the possibility of mainstream crypto adoption in the nearest future, SiaCoin price predictions might take a drift and look completely different.