|Crypto Score||Application||Industry||Liquidity||Volatility||Volume||Marketcap||Volume (24h)||Supply||Last 24h|
|4.53||7.11||5.59||2.33||3.57||4.02||$ 102.45 M||$ 1.39 M||38.73 B|
Siacoin’s platform is a decentralized cloud storage that is most frequently compared to dropbox. In this type of technology, users will rent storage space from other users in a peer to peer network, instead of renting storage space from a centralized entity. The hosts are entitled to payouts for their storage service. The nodes affiliated with Siacoin act as the storage provider, and use the Sia blockchain as the contracts. Once the contract is initiated, but before the data is stored, the data is encrypted and pieces are stored worldwide through a number of different hosts. The data which is stored is encrypted to ensure that is remains secure while stored on the hardware through the blockchain network. Similar to the model of most cryptocurrencies, data is stored by a user and only accessible through the private keys assigned to the owner. The project seeks to provide the backbone of cloud storage on the internet by beating out storage giants like Amazon, Microsoft, and Google.