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What are Siacoin (SC) and Siafund (SF)?

To explain what Siacoin is, we first need to explain its platform – Sia.

Sia is a blockchain-based cloud storage network that facilitates payments and increases security through its P2P file storage network. The platform connects users/renters who need file-storage with hosts who want to offer unused hard drive capacity. Through secure smart contracts between hosts and users, Sia enables secure cloud storage at better economics than centralized solutions.

Sia leverages a custom, proof-of-work blockchain designed for facilitating payments and file contracts. Using the Sia blockchain, renters form file contracts (a type of smart contract) with hosts, setting pricing, uptime commitments, and other aspects of the relationship between the renters and the hosts. File contracts allow Sia users to create cryptographic service level agreements (SLAs) that are stored on the Sia blockchain. Since file contracts are automatically enforced by the Sia network, there is no need for intermediaries or trusted third parties.

Sia launched as an entirely functioning decentralized storage platform in 2015 with two digital assets. The first is the Sia coin, used to rent storage on the Sia network. The second is the Siafund token, a digital asset that entitles the holder to a portion of the Siacoins exchanged each time a file contract is created on the Sia network.

Read more in their whitepaper

Partnerships and Products Since Token Launch

Siacoin has made multiple partnerships since its launch. These include:

Products:

  1. Sia UI: https://sia.tech/static/releases/Sia-UI-v1.3.7-win32-x64.zip
  2. Sia Daemon: https://sia.tech/static/releases/Sia-v1.3.7-windows-amd64.zip
  3. Sia Explorer: https://explore.sia.tech/
  4. SiaHub: https://siahub.info/
  5. SiaStats: https://siastats.info/

There are multiple products built on Sia, such as Luxor, Minebox, Obelisk, PixelDrain, and SiaDrive.

Token Launch, Info, News

Siacoin (SC) Information:

The Sia team had decided not to hold an ICO. Instead, they succeeded in raising enough funds from various independent investors and the accompanying Siacoins were launched simply with the mining of the genesis block. The Sia team raised over $1.25 million USD in funding without an ICO. At the moment the Sia coin is valued at $0.00523 USD.

It’s traded on exchanges like:

  • Bittrex;
  • Poloniex;
  • ShapeShift.

The market cap at this moment (November 15, 2018) is around $198.25 M USD, with an all-time high reached in January 2018 with the price of $0.11171 USD per token.

Siafund (SF) information:

Upon the launch of the Sia software in 2015, there were a total of 10,000 Siafund tokens generated. All of them were initially held by Nebulous Inc., the company that funded most of the core development for the Sia platform before the launch. As of February 2018, Nebulous held 8,750 Siafund tokens. The Sia community members held the other 1,250 Siafund tokens. In April 2018, Nebulous organized a Tokenized Security Offering (TSO), auctioning 750 Siafund tokens to qualified investors.

They raised approximately $1.5 million USD. The Nxt-based security tokens were sold at a price of $7,500 USD per Siafund. At the moment the SF tokens are valued at $3,925 USD per token.

They are currently only traded on Bisq exchange.

According to cheddur.com, the market cap at this moment (November 15, 2018) is around $4,557,438 USD, with an all-time high reached in May 2018 with the price of $14,886 USD.

Community around it and recent news

  • Discord: 21,144 members;
  • Twitter: 108K followers;
  • Facebook: 19,007 followers.

Sia also has a Medium blog and here are some highlights:

Team

Sia team is led by CEO David Vorick, a talented developer who is also the co-founder of the platform. He is accompanied by his co-founding partner, Luke Champine, who is the Core Developer at Sia.

To read more about the team, go to the website: https://sia.tech/about

Competitors

Sia offers a private, decentralized, and secure cloud storage hosted on the blockchain for just a fraction of the price of other popular traditional storage platforms such as Dropbox, Amazon S3, and Google Drive. However, it is not the only blockchain-based project with similar intentions of bringing those giants down. Such platforms include Storj and Filecoin.

Storj is an open-source decentralized cloud network that will be launched in early 2019. It utilizes encryption, file sharing, and a blockchain-based hash table to store files on a P2P network with a goal to make cloud file storage faster, cheaper, and private. Just like Sia, Storj aims to solve the problems of traditional cloud storage solutions, like Dropbox or Google Drive where files are backed up redundantly, bandwidth from a data center or unexpected outages can restrict access to files, and then there’s the issue of privacy. Sia’s advantage is the lower cost of storage.

You can check our review about Storj Here

Filecoin is an open-source blockchain-based storage network and cryptocurrency. Made by Protocol Labs and built on top of InterPlanetary Filey System, Filecoin allows users to rent unused hard drive space. Its goal, just like Storj and Sia, is to become an alternative to the traditional cloud storage platforms. Filecoin raised over $200 million USD from investors in 2017, with the initiative being supported by VC giants such as Sequoia Capital, Andreessen Horowitz, and Union Square Ventures.

Siacoin Verdict

Although there are many, right now Siacoin is ahead of most of its competitors in several important areas. Its integration into an innovative cloud environment provides a high level of security, while there is an immense commitment to furthering the P2P concept. It also allows users to enjoy fast transactions. The platform is well-developed, there is not redundant talk or self-praise, just pure technical work. Given that they have been active since 2014, the team has established itself as one of the leading decentralized cloud platforms out there, with fully working products that speak for themselves. Whether it will manage to beat Google Drive and Dropbox, remains to be seen.

Siafund Verdict

Siafunds offer immense income opportunities for holders as 3.9% of all successful storage contract payouts go directly to them. Holding Siafunds in your wallet means you are statically collecting fees that come from renters spending money on uploading, downloading, and storing files.

Although there are many, right now the Sia platform is well ahead of most of its competitors in several important areas. It provides a high level of security on the cloud while supporting the P2P concept. The platform is well-developed and it has established itself as one of the leading decentralized cloud platforms out there, with fully working products that speak volumes. Whether it will manage to beat Google Drive and Dropbox, remains to be seen.

Contacts

By Sead Fadilpasic

Rating

8

PLAN

9.0/10

TEAM

8.0/10

MARKETING

8.0/10

MARKET GROWTH

10.0/10

COMPETITORS

5.0/10

Pros

  • Has a storage marketplace
  • Strong team; cheap
  • Well-developed technology
  • Fully functioning products
  • Siafund holders receive 3.9% of all successful storage contract payouts

Cons

  • Substantial competition

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