• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Science
  • World
  • Lifestyle
  • Tech
siacon review

Siacoin Review: Is Siacoin Network Secured?

September 25, 2023
Earning Passive Income with Crypto Lending

Earning Passive Income with Crypto Lending: A Step-by-Step Tutorial

September 28, 2023
Loom Coin price prediction

Loom Coin Price Prediction – Forecasts for 2023 – 2030

September 28, 2023
Cream Coin Price Prediction

Cream Coin Price Prediction – Forecasts for 2023 – 2030

September 28, 2023
Is Linea Voyage NFT Worthless

Is Linea Voyage NFT Worthless or Valueable?

September 28, 2023
islamic coin

Islamic Coin – What is the main mission of the Islamic Coin

September 28, 2023
What is Twitterscan and How to Qualify for Twitterscan Airdrop

What is Twitterscan and How to Qualify for Twitterscan Airdrop

September 28, 2023
What is Arkham Intelligence

Arkham Intelligence – How to Use Arkham Intel the Right Way

September 27, 2023
What Are Exchange Traded Funds (ETFs)

What Are Exchange Traded Funds (ETFs)

September 27, 2023
Sidra Bank Coin Price Prediction

Sidra Bank Coin Price Prediction: A Promising Investment Opportunity

September 27, 2023
reveel airdrop

Reveel Airdrop – How to Participate in Reveel Protocol Airdrop

September 27, 2023
Introducing KTX.Finance - a decentralized derivate exchange

Introducing KTX.Finance – A Decentralized Derivatives Exchange

September 27, 2023
Unibot: The Fastest Telegram Uniswap Sniper

Unibot: The Fastest Telegram Uniswap Sniper

September 27, 2023
ADVERTISEMENT
  • Home
  • Crypto News
  • Price Predictions
  • Reviews
  • NFTs
  • Forex & Finance
  • Airdrop
Thursday, September 28, 2023
  • Login
Bulliscoming
  • Home
  • Crypto News
  • Price Predictions
  • Reviews
  • NFTs
  • Forex & Finance
  • Airdrop
No Result
View All Result
Bulliscoming
No Result
View All Result
ADVERTISEMENT
Home Crypto News

Siacoin Review: Is Siacoin Network Secured?

by Johnmiracle Ejikeme
September 25, 2023
in Crypto News
3
siacon review
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Whether you’re brand new to the Sia community or just need a refresher on the basics, this article will get you up to speed.

What is Sia

Sia is a decentralized cloud storage platform secured by blockchain technology. The Sia storage network 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. Sia has its own blockchain, and a utility token that powers it – the Siacoin.

RelatedPosts

Earning Passive Income with Crypto Lending: A Step-by-Step Tutorial

Is Linea Voyage NFT Worthless or Valueable?

Islamic Coin – What is the main mission of the Islamic Coin

what is sia

Your data is truly private and gets stored across the globe to eliminate any single point of failure and ensure the highest possible uptime. Since you hold the keys, you own your data. No outside company can access or control your files. Data cannot be de-platformed. Files can not be hacked.

ADVERTISEMENT

Not only is your data safe on Sia, but you can feel confident that Sia isn’t going anywhere. Sia has been in development for six years and has been live for five. The Sia software has been downloaded over a million times, and thousands of TB have been uploaded to the network since its inception. If the Sia dev team quits tomorrow, the network can autonomously run forever.

Sia has an incredible ecosystem with renters, hosts, miners, and a teeming developer community building on Sia and the level 2 layer above Sia called Skynet.

How does Siacoin Work

Sia combines a peer-to-peer network with blockchain technology to create the world’s first decentralized storage platform. Here’s how Sia works.

Files Are Divided Prior To Upload

The Sia software divides files into 30 segments before uploading, each targeted for distribution to hosts across the world. This distribution assures that no one host represents a single point of failure and reinforces overall network uptime and redundancy.

ADVERTISEMENT
siacoin 104

File segments are created using a technology called Reed-Solomon erasure coding, commonly used in CDs and DVDs. Erasure coding allows Sia to divide files in a redundant manner, where any 10 of 30 segments can fully recover a user’s files. This means that if 20 out of 30 hosts go offline, a Sia user is still able to download her files.

Each File Segment Is Encrypted

Before leaving a renter’s computer, each file segment is encrypted. This ensures that hosts only store encrypted segments of user data. This differs from traditional cloud storage providers like Amazon, which do not encrypt user data by default. Sia is more secure than existing solutions because hosts only store encrypted file segments, rather than whole files. Sia uses the Threefish algorithm, an open-source, secure, high-performance encryption standard.

Files Are Sent To Hosts Using Smart Contracts

Using the Sia blockchain, renters form file contracts with hosts. These contracts set pricing, uptime commitments, and other aspects of the relationship between the renters and the hosts.

File contracts are a type of smart contract. They allow us to create cryptographic service level agreements (SLAs) that are stored on the Sia blockchain. Since file contracts are automatically enforced by the network, Sia has no need for intermediaries or trusted third parties.

Renters And Hosts Pay With Siacoin

Both renters and hosts use Siacoin, a unique cryptocurrency built on the Sia blockchain. Renters use Siacoin to buy storage capacity from hosts, while hosts deposit Siacoin into each file contract as collateral.

Micropayments flow between renters and hosts using a technology called payment channels, which is similar to Bitcoin’s Lightning Network. Payments between renters and hosts occur off-chain, greatly increasing network efficiency and scalability. Since hosts pay collateral into every storage contract, they have a strong disincentive to go offline.

Contracts Renew Over Time

Renters prepay for storage within file contracts, setting aside a fixed amount of Siacoin to be spent on storing and transferring data. File contracts typically last 90 days. Sia automatically renews contracts when they are within a certain window of expiring. If contracts are not renewed, Sia returns any unused coins to the renter at the end of the contract period. As individual hosts go offline, Sia automatically moves renter data to new hosts in a process called file repair.

ADVERTISEMENT

Hosts Submit Storage Proofs

At the end of a file contract, the host must prove that she is storing the renter’s data. This is called storage proof. If the storage proof appears on the blockchain within a certain timeframe, the cost is paid. If not, the host is penalized. Storage proofs are made possible by a technology called Merkle trees. Merkle trees make it possible to prove that a small segment of data is part of a larger file. The advantage of these proofs is that they are very small, no matter how large the file is. This is important because the proofs are stored permanently on the blockchain.

How Is the Siacoin Network Secured?

The Sia blockchain is secured using a proof-of-work consensus algorithm, meaning that miners compete with each other to add new blocks to the blockchain and a majority must confirm a record for it to be posted. Sia co-founder Vorick argued in June 2017 that proof-of-work is the best way to secure the network because it tethers a malicious actor’s ability to attack the network to massive energy requirements and hardware expenses.

According to Sia’s development team, the fact that hosts have to put up collateral in order to participate in the network’s operations decreases any incentive for bad actors. In addition, it has pointed to the fact that it splits uploaded data into 30 segments, which are then distributed across the globe, as reassurance that its network cannot be taken down except in the event of a massive natural disaster or geopolitical event. And as long as 10 out of 30 hosts survive an attack on its network, files can still be retrieved.

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: review
Share196Tweet123
Johnmiracle Ejikeme

Johnmiracle Ejikeme

Johnmiracle Ejikeme is a 7 Figure digital network marketer, crypto enthusiast, and a trader. A humble fellow that fancy investing and technology.

Related Posts

Earning Passive Income with Crypto Lending

Earning Passive Income with Crypto Lending: A Step-by-Step Tutorial

by Johnmiracle Ejikeme
September 28, 2023
0

Cryptocurrencie­s have not only transformed our perce­ption of money but also provided opportunities to e­arn passive income. One such me­thod...

Is Linea Voyage NFT Worthless

Is Linea Voyage NFT Worthless or Valueable?

by Johnmiracle Ejikeme
September 28, 2023
0

The value of a Linea Voyage NFT depends on a number of factors, including the rarity of the NFT, its...

islamic coin

Islamic Coin – What is the main mission of the Islamic Coin

by Johnmiracle Ejikeme
September 28, 2023
0

The Islamic Coin is designed to deliver a lasting, powerful impact for one of the largest communities in the world....

What is Arkham Intelligence

Arkham Intelligence – How to Use Arkham Intel the Right Way

by Johnmiracle Ejikeme
September 27, 2023
0

Key Takeaway The accuracy of the Arkham Intelligence data and analysis depends on the quality of the public records and...

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Earning Passive Income with Crypto Lending

Earning Passive Income with Crypto Lending: A Step-by-Step Tutorial

September 28, 2023
Loom Coin price prediction

Loom Coin Price Prediction – Forecasts for 2023 – 2030

September 28, 2023
Cream Coin Price Prediction

Cream Coin Price Prediction – Forecasts for 2023 – 2030

September 28, 2023
Bulliscoming

Copyright © 2023 Bulliscoming.

Navigate Site

  • Home
  • About
  • Contact
  • Sponsor a post
  • Privacy Policy
  • Terms and conditions

Follow Us

No Result
View All Result
  • Home
  • Crypto News
  • Price Predictions
  • Reviews
  • NFTs
  • Forex & Finance
  • Airdrop

Copyright © 2023 Bulliscoming.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
%d bloggers like this: