Sia is a cloud storage platform, similar to Amazon Cloud or Dropbox
What sets Sia apart is that it goes one step further and is a block-chain based, open source, decentralized cloud storage platform. It's decentralized cloud where data is stored on the blockchain.
The idea originated back in 2013, the goal was to allow anyone to rent out their storage space and receive financial rewards for the effort. SIACOIN is the cryptocurrency developed to use the Sia platform.
Currently cloud storage services are typically centralized and the data is protected on a third party server.
But, Sia isn't the only decentralized storage project is it?
Nope!
Storj and Maidsafe are some of Sia's strongest competitors.
So what's different?
One important feature is that Sia supports on-blockchain smart contracts encourging hosts to store files if they want to get paid. Creating such a contract ensures the hoster gets paid, even if the client decides not to acces the files. The contracts also allow for punishing misbehaving hosts. This is probably one of the most deferentiating features of Sia compared to the rest.
The team behind Sia
The core team is a company called Nebulous, based out of Boston, USA. It includes:
1.) David Vorick
2.) Luke Champine
3.) Johnathan Howell
4.) Zach Herbert
All very dedicated and experienced players that believe Sia can be a direct competitor to Google and Amazon, so much so that they discouraged unecessary pumping and media exposure of Sia until it's truly ready.
Trading
Siacoin ICO happened in June 2015
It currently sits at #23 on coinmarketcap
Looking at it's recent trade history
Siacoin seems positioned for a good short term or long term trade depending on your personal trading strategy.
Cloud storage is no small market sector and if they can establish themselves as the leader in decentralized cloud storage, there's great profit to be made in this story.
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Check out my other post on GOLEM
https://steemit.com/bitcoin/@dpt-darkfox12/golem-gnt-what-is-it-and-is-it-a-good-investment