David Vorick in an interview with Jane King, Host, the Business of Blockchain, spoke about how they started off with their business on the blockchain.
Jane King started off about Siacoin stated that this is a very ambitious goal that you are having with the company.
David Vorick, Co-founder Sia, CEO Nebulus acknowledged that they were ambitious. Stated, in College, I was looking at cloud, and looking at blockchain I realized that Cloud has a significant issue with it.
Every time you put your data on your cloud, you are trusting someone else, and you are in control of that data. So, what we were doing was we were looking for a way to putting data on the cloud without giving up control of the data, but then as it happened almost points down to the algorithms that we were trying to accomplish this turned out to be faster cheaper and more reliable. So, that is when we knew that this just want not a side project, because it was so competitive, we had to turn it in to a business.
Clarified stating he was the CEO of Nebulus, the project is Sia, and your digital coin is Sia Coin, and on whether anybody can participate in this?
He stated, yes, it is a completely permission-less network, which means if you want to do it and if you want to participate all that you need to do is download the software, and then run it. That works on both sides of the market place.
I mean if you want to store data on Sia, you want to download the software and once you are up and running, you can just put the files on the network; and, the network will keep the files safe, when you want to retrieve them. It will be fast. Now, this is a paid network. So, when you put your files on the Sia Network you are using other people’s resources and you pay for those resources and this is similar to Amazon.
SiaCoin (SC) Using the Network
On the other side of it you have resources and you want to make, hard drive available on to the Sia network, you can download the software and you can actually get paid for offering your resources to the network.
And, basically what the network does is, it looks at all the people who are offering resources and it figures out, the fastest and best way to make use of those resources. And, this is where the Coin comes in.
Anyone who are willing to use the network they go online with their laptop, they find the software to download, which is available on Sia.Tech download page, free to download.
There is a monthly fee to do this. You have to buy some SiaCoin (SC) and you have to give it to the software which will give you an address to send it to, from there you will be able to use those Siacoins to give you access to data storage. And, you can store anything on it like you do it on Drop Box like photos, videos and use it like another kind of hard drive.
When asked on how it is made faster and secure and more control of the data with this. In terms of faster, because anybody can come and be a provider, there are significant number of nodes it makes it fast.
And for security, we use a lot of photography. We are worried about people peeking at our data, changing data, and people disappearing. And, we are able to address all three of those concerns. We encrypt the data, which means no one can look at it, which means they cannot see what we are storing and it will look like completely random bits. We track some of the data, which means when they make any changes we will know and we will reject that data. We won’t download anything that is not exactly what we uploaded.
Finally, we use redundancy and we make sure that at least 30 people have our data. We only need 10 nodes to recover data, and so, if there are people unplugging or disappearing, that actually does not impact us. As people disappear, we will continue to find new data and continue to repair the data.
Sydney Ifergan, the crypto expert tweeted: “Impressed by the way Siacoin (SC) handle the data when people disappear or unplug from the network.”
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