There are more than 2000 cryptocurrencies currently “live” but only a handful of them provide some utility and can justify their existence.
Sia coin is definitely one of those coins. SC is known for their decentralized cloud storage. Siacoin allows users to rent out their unused hard drive space in exchange for money all user data is stored on blockchain so this eliminates the potential of centralized storage devices failing, and prevents the misuse of unencrypted data. Storage with Siacoin is more bang for your buck when compared Google Drive, Dropbox, Amazon and Cloud storage.
The platform leverages unused hard drive space for the users around the globe to come out with a decentralized ecosystem. The files are distributed across various redundant nodes while facilitating uptime and elimination of single points of failure. As per the stats, storing files on Sia network clubs up to 90% less costs in comparison to the centralized cloud storage providers. Storage of 1TB of files on Sia platform costs about $1-2 per month which is quite negligible in comparison to the $23 cost charged by Amazon S3.
Despite the legal troubles, Siacoin is one of paragons of good community management and communication with holders. Their subreddit is not filled with a lot of user activity but SC team members and community managers are keeping it tight with their updates around the project.
Majority of the announcements and updates are of technical nature, explaining diverse upgrades and network patches being released in day-tact.
The network itself is constantly increasing its storage capacity, as you can from the screenshot below. The storage capacity has almost doubled from 400 TB to a 780 TBs as of now, according to siastats.info.
Earlier in the month, Boston-based Nebulous, makers of the Sia network for decentralized data storage, has settled with the U.S. Securities and Exchange Commission (SEC) over an unregistered securities offering and conversion scheme.
In a blog post, the company announced the settlement without admitting fault. It will pay disgorgement of $120,000, prejudgment interest of $24,602 and a civil money penalty of $80,000. At the time of the 2014 token sale, Nebulous raised approximately $120,000.
The Sia settlement comes just a day after the announcement of Block.One’s $24 million settlement with the SEC for the EOS maker’s $4.1 billion securities sale.
SC is currently ranked as the 60th coin on the CMC by market cap, being valued at $0.002008 USD or 22 satoshis.
