Decentralized storage on the blockchain

Would you recommend this product?
No reviews yet
Soo, Sia is the new Pied Piper in the flesh? (Not joking.)
Upvote (12)Share
Sia is an incredibly powerful cloud storage protocol built on top of a blockchain, allowing users to store data quickly & efficiently for a fraction of the price of current cloud storage providers (90% cheaper than AWS). The data is encrypted, split up, and distributed around the world to different servers and computers whose owners are paid for storing the data. The underlying technology is open-source - you can check out the repo here: Cheers to David and the rest of the team for building an incredible product!
But why introducing a new currency?
@jacek_spikes_wozniak Sia is built on a new, custom blockchain (the siacoin blockchain) built specifically to conduct & track these kind of data-storage transactions. When you start a new blockchain, you need a new currency - hence siacoin!
@nickabouzeid I see. Doesn't it mean though that a system that relies on a currency is prone to speculations? SC is cheap now but it's value is already spiking. How would currency price affect users of Sia? If I join right now when SC is cheaper, does it mean that if I buy enough currency for a long time I'll be paying less than those who join later?
@jacek_spikes_wozniak The price of the service is determined by the market. If you buy siacoin now & hold it, you're essentially investing in the service and will gain/lose money as the price of siacoin goes up and down. This is not to say that the actual price (converted into USD) of distributed cloud storage will go up in the future, just the cost of a single siacoin. Let's say storing 1GB costs X. If the price of siacoin goes up by 1000%, storing 1GB then costs 1/10 of X. The service doesn't get more expensive, but the currency used to transact for the service becomes more expensive (which doesn't matter, since you can just buy fractions of coins).
Thanks @nickabouzeid. Does anyone know if decentralising the data means it is immune to DDoS?
@jean_luccrowther Far more immune than a centralized provider, I would imagine. Anything's still possible.
How would this compare to the more developed and widely used Storj?
@qberty1337 Sia actually beat Storj to market with a functioning product. Explanation from the founder, David Vorick, from 2015 (link: "The other major players in this space are Storj and MaidSAFE. Our biggest advantage over these solutions is that we work, today. For the past year+ we have been quietly designing, implementing, and refining the core Sia codebase. We are not interested in promoting a flashy product that does not work or has gaping security vulnerabilities. - Sia supports on-blockchain smart contracts that require hosts to store files in order to get paid. Once the contract has been created, the host is guaranteed to get paid, even if the uploader never accesses the file. This contract also allows us to enforce penalties on hosts that go offline or lose data. - Storj is similar to Sia, but does not feature on-blockchain storage contracts. Instead, Storj offers a pay-as-you-go model where hosts are paid with some frequency by the users. If the users disappear or go offline, the host stops getting paid. Storj is still running test groups, and has not yet implemented a network where you can upload files. - MaidSAFE is a very ambitious project that goes beyond just decentralized storage. They also have a much softer focus on efficiency. Sia's network should be both cheaper for uploaders AND pay its hosts more, due to smarter redundancy management. MaidSAFE also does not yet have a working global network where you can upload and download files. - MaidSAFE uses a completely novel scheme for achieving consensus (not a blockchain). This scheme is not proof-of-work, and has not been reviewed anywhere near as extensively as the Bitcoin protocol."