Sia Coin (SC) is a rapidly booming coin considering the last one month. Over the span of the past 30 days, this cryptocurrency has grown by over 800%. To put things into perspective, about this time last month Sia Coin was priced at $0.009 and it's price as of this writing is $0.08. This monstrous growth in the prices of the coin are a clear indicator of the fact that people are backing the technology that Sia offers.
The primary proposition of Sia Coin is that it is a cryptocurrency token which fuels 'Sia' which is basically a secure cloud storage platform. However, the kind of solutions that Sia offers are different from what is currently being offered in the markets. Sia Coin is a part of the larger strategy.
Basically, Sia Coin is offered to users in exchange of space on their PC. Basically, if you have extra space on your PC, you can rent it out to Sia and get paid in Sia Coins. On the other hand, if you are looking forward to rent some space, you can make use of Sia Coin to cryptocurrencies to pay for the same.
To understand why there has been a sudden hike in the price of Sia Coin, it is essential to know the technology that Sia offers. Here are the key factors which make Sia a great cloud storage platform:
- Affordability: Sia wants to bring cloud storage for all. The company is offering storage at incredibly low prices. To put things into perspective, 1 TB of storage in Sia's servers costs you $2 per month while the same on Amazon would cost you $23 per month on Amazon S3.
- Privacy: Sia's servers are very secure as they split and encrypt the files - making sure they can be accessed only by you - unlike other cloud service providers where any one can log in and view them.
- Open Source: We all love open source software. Sia's offerings are built on an open source technology and have an API which allows development of various Sia powered apps too.
With this massive boom in Sia Coin, we expect the coin to attain the $0.1 figure soon, though it might face some resistance before that.