Siacoin is a decentralized blockchain-based cloud storage platform. Siacoin stores your data by splitting apart, encrypting and then distributing it across their decentralized network.
Siacoin has been able to dramatically reduce the overhead costs of cloud storage by allowing users to host or in a sense “rent out” their unused hard drive. For this reason, a lot of people have started calling Siacoin the “Airbnb of hard drives”.
They have set out to disrupt some big players in the industry such as Dropbox, Amazon A3, Google Drive and Onedrive by offering low-cost and decentralized storage solutions.
How Does Siacoin Work?
Siacoin is completely private. It splits apart and decodes all of the data which a user stores on the blockchain onto numerous host’s devices. No…