In this article I answer the question, “Is Siacoin a good long term investment”? Can Siacoin become bigger than Amazon Web Services (AWS)? We will look at the key fundamentals that give Siacoin value and whether this coin has potential to deliver significant long term returns for investors.
What is Siacoin (SC) and is it a Good Long Term Investment?
Siacoin is a decentralized cloud storage built on the blockchain. Any user can pay in SC for nodes to store their data. All files uploaded to the Sia cloud are split in small pieces and distributed across different hard drives so no node has access to the whole piece.
Why does Siacoin have value?
While there are many cloud storage options in the market, most of them are centralized. This is because the data might be exposed to censorship or security breaches. Sia offers a decentralized way to store sensitive information and provides a way for people to earn revenue renting out their free disk space.
● The network is decentralized.
● Transaction fees are low.
● Users can rent their hard drive space for rewards.
What are the Cons of Siacoin?
● Its centralized competitors, like Amazon or Google, have a strong market presence and are generally trusted networks; so adoption might be tough.
What are Siacoin’s Tokenomics?
Siacoin doesn’t have a limited supply. Instead, 30,000 new coins are created with each new block that are mined approximately every 10 minutes.
Who founded Siacoin?
David Vorick and Luke Champine.
Who are Siacoin’s Investors?
Sia has conducted two funding rounds. Its main investors are Raptor Group, INBlockchain, Dragonfly Capital Partners, A.Capital Ventures, Hack VC, First Star Ventures, Bain Capital Ventures, Paradigm, Bessemer Venture Partners, Collaborative Fund, and SV Angel.
Is Siacoin a Good Long Term Investment?
Decentralized file and data storage is a big opportunity in the blockchain space. Think about the total addressable market that Amazon Web Services has. This is what projects like Sia are trying to emulate.
Decentralized applications and Layer 1 blockchains need services like Sia and their competitor Filecoin to store data. If Sia, and the greater crypto space, can free itself from the engrained Web 2 players like AWS then it could be a HUGE project. This is what gives Siacoin the potential to be a good long term investment.
Where can I buy Siacoin?
Binance, Kraken, Gate.io, Poloniex, Huobi Global, Bittrex.