Community Review #3 Sia reloaded

Cloud storage company Sia might shock its competitors Dropbox, Microsoft and Google Drive in the long term.  Following the trend of Airbnb and Uber, Sia makes an easy and safe way to share decentralised data storage on the Internet. Sia’s main target are enterprise users. As a storage provider, everyone can earn a monthly income by sharing cloud storage. Sia is simply an object store for the future!

SIA Is

“a network for remotely storing data. Typically called ‘cloud storage’, the core feature is that you can put data on the network and it will be available from anywhere in the world at a later date. Putting data onto a network means that someone else – a ‘host’ – is going to be storing the data, and is going to be responsible for returning the data when requested. Several key assumptions are made about the network.” – David Vorick

Facts & Statistics20.08.2016

Total Coins 17.60 billion siacoins
Difficulty 9,409 TH
Estimated Hashrate 14,957 GH/s
Maturity Timestamp 11:08, Aug 20, 2016
Active File Contracts 6,721
Total File Contract Cost 21,142,422 siacoins
Total File Contract Size 26.776787163674 TB
Successful Storage Proofs 67,490

 

Idea

of Sia’s is definitely one of the best out there right now. To explain an idea easier, a video is better than an article. That’s why David Vorick created a new short introduction video for everyone. Take a look!

The mission!

“The long term goal is to be the backbone storage layer of the Internet. All long term storage will be performed on Sia. Movies and music will be streamed from Sia. Images will be embedded from Sia. Businesses will use Siatech as a backend for cloud storage. Sia intends to replace Bittorrent, Amazon S3, Amazon Glacier, Microsoft OneDrive, and all backend cloud storage services. We intend to fully disrupt a many billion dollar industry.” – David Vorick

Next goals & milestones

  • October 2016: Amazon S3 API Compatibility

Team

Main developer and CEO David Vorrick

david

Co-founder at Nebulous Inc. Luke Champine

3344749

Nebulous Inc. is the parent company. They support Sia.tech from the beginning and Luke Champine is working mainly on Sia’s networking code.

Full time core developers

Jordan (https://www.reddit.com/u/voidingwarranties)

John (https://www.reddit.com/u/fighterjet-biceps)

Interns

John (https://www.reddit.com/u/droghio)

Jane (https://www.reddit.com/u/mnsl)

The team keeps their users updated all the time. Every question is answered promptly, such that problems can be solved on time.

Branding

WEBSITE / LOGO & INFORMATION

website sia 1 website sia 2 website sia 3

FORUM

forum sia

 

Marketing

On marketing, they are behind quite a few other cryptocurrency projects. Recently, Siacoin got a considerable amount of momentum on the exchange platform “Poloniex”. A lot of people researched Sia and liked the idea and concept behind it, which is reflected by a big rise of the price in the last couple of months. Note that there is still not much public presentation and marketing on going, for example, via Facebook or Twitter.

PRICE INCREASE

price sia

Usability

End user: The wallet is easy to use. Download the wallet, double click and wait until its running. Siacoin loves simplicity!

Disadvantage we found: Synchronizing the wallet (block heights) takes ages right now. –  21.08.2016

We think the team is aware of this delay and they will fix this soon. Right now it just takes a lot of time (days) to set up a new account or use a new device for your account.

Host: As a host, it is not that easy to use compared with an end user. For a new host, it’s hard to quickly find out how everything works. Especially on Linux system, advanced technical skills are required. But, don’t worry they made a good job of detailed guidelines on Linux Ubuntu systems.

SIA’s User Interface

wallet sia 1

 

Integrated Terminal Inside The Sia Wallet

wallet sia 2

 

SIA’s Hosting Concept

wallet sia 3

Security

“Sia is able to safely store data on a network, which has the above properties. There are three core strategies employed by Sia to ensure the safety of data. The first is encryption, which serves to protect the privacy of the data even when the hosts are trying to view the data. All data on Sia is encrypted before it is ever sent over the network, and it is only decrypted after it has been downloaded. The hosts will never be able to view decrypted data. The second strategy is redundancy. Data is not given to one or two or three hosts, but instead a myriad of hosts.

Using erasure coding techniques such as Reed-Solomon coding, a high reliability can be achieved even without a high redundancy. The final strategy is to align the incentives of the hosts by paying them only if they store the data, but also by guaranteeing that they will get paid for storing the data, even if the renter is not online to make the payment. This can be achieved using a file contract, and a file contract can be achieved using a blockchain.” – David Vorick

Scalability

What scalability means on the Sia network?

Sia doesn’t try to do trustless decentralized storage, and instead tries to do trust-minimal decentralized storage. Users achieve minimal-trust data by giving data to many hosts but only requiring that a few of them are available. The hosts get paid for storing users’ data for a long time, and they get penalized for losing the data. Sia makes sure that the incentives are properly aligned, and after aligning the incentives Sia make sure that it’s still tolerant to loss.

  • The idea of a trust sphere
  • The relationships
  • The improvement options
A trust sphere is a group of people or nodes that all trust each other. On today’s network, each Sia daemon runs a separate trust sphere, meaning that the daemon doesn’t trust anything but its own internal state. To gain confidence that data put on the cloud is safe, the daemon creates contracts with a high number of hosts which each pay the hosts, and then penalize the hosts if the contract is not fulfilled.

Putting these contracts on the blockchain is expensive. Sia’s block size is 2MB, and each relationship takes up about 2kb. So that means, in each block, Sia can form 1000 relationships. Every year, Sia can form about 52,000,000 relationships. Each trust sphere is going to use some volume of those relationships. Relationships have a lifetime, and some trust spheres might want lifetimes of 60 months (the maximum recommended time), some might want lifetimes of 3 days (for maximum reliability). And some trust spheres might want relationships with 20 hosts at a time (the recommended minimum), others might want trust relationships with 300 at a time (the recommended maximum).
1. Increase the blocksize

2. Decrease the size of contracts

3. Decrease the number of relationships per trust sphere

4. Increase the number of humans per trust sphere

5. Make relationships semi-permanent and renewable

– David Vorick

More about the scalability here – Scalability

 

Interested in Sia? Website / Facebook / Twitter / Forum / Github / Blockchain Explorer

 

Did you like our article and content? Then check out our Twitter – A lot of community projects are going on!

Cloud storage company Sia might shock its competitors Dropbox, Microsoft and Google Drive in the long term.  Following the trend of Airbnb and Uber, Sia makes an easy and safe way to share decentralised data storage on the Internet. Sia's main target are enterprise users. As a storage provider, everyone can earn a monthly income by sharing cloud storage. Sia is simply an object store for the future! SIA Is "a network for remotely storing data. Typically called ‘cloud storage’, the core feature is that you can put data on the network and it will be available from anywhere in the world…

THE BREAKDOWN

Idea - 92%
Team - 93%
Branding - 84%
Marketing - 81%
Usability - 88%
Security - 94%
Scalability - 77%

87%

Our Score

Sia is growing quickly over the last couple of months. David Vorick is doing a great job as a main developer. All blog posts are really enjoyable and it is easy to feel the philosophy of Sia! Decentralization is everything! Cloud is the future - connected with revolutionary new technologies, Sia can definitly break out as one of the first cryptocurrencies for real-world use! The combined idea (Blockchain & Cloud storage) could shock a lot of big-market competitiors in the near future!

User Rating: 4.81 ( 4 votes)

3 comments

  1. Seems to me that rating could be 88% if you take out the secondary things that can easily be improved (Branding, Marketing, Usability, and Security).
    I am one of those people who researched SiaCoin and, liking what I saw, bought some.
    I didn’t see mention in this article of my only real concern, and that is scalability. I suspect issues will arise when adoption reaches a certain threshold and I’d like to know the team is at least ahead of the curve enough to know they need to be working on that right now.

  2. Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how could we communicate? fdbbcfaegbda

  3. Its such as you read my thoughts! You seem to understand so much about this, like you wrote the e book in it or something. I feel that you simply can do with some p.c. to pressure the message home a bit, however other than that, that is great blog. A fantastic read. I’ll definitely be back.

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