The decentralized storage platform Sia has announced it will release its beta version shortly with a graphical user interface (GUI) and an instant wallet. The project has been anticipated since late 2015 since the developing team launched the project, which is similar to concepts such as Filecoin and Storj.
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Sia: Storage the Decentralized Way
The “Enterprise-Grade Collaborative Cloud for Data Storage” otherwise known as Sia (sia.tech) has announced the unveiling of its beta release. It claims the platform will create a trustless environment that is more secure than traditional file storage systems. Created by developers, David Vorick, and Luke Champine, the project is maintained by Nebulous inc.
The protocol stores data throughout a sophisticated pattern of nodes using smart contract technology. User files are protected with a system call “Twofish,” which according to the white paper, “enables the formation of storage contracts between peers.”
The company states:
We’ve decided as a team to delay the 1.0 release until June 28th, for two primary reasons. We want the 1.0 release to have a GUI. We want the 1.0 release to have a wallet that unlocks instantly instead of taking 5+ minutes. For this reason, 1.0 is being delayed, but will be released with both of those features in place. In addition, we should be able to get a number of wallet recovery and consolidation features polished which currently only have weak support. v0.6.1 is almost complete, there is a bug that needs to be fixed before we can create the RC.
The automated peer-to-peer blockchain-based collaborative enables users to rent file storage space from each other rather than a centralized provider. Sia has initially been implemented as an Altcoin, but future support for a two-way peg is planned for the Bitcoin blockchain in the future.
The team says the protocol resembles Bitcoin in many ways except the departure lies in a transaction variance. With Bitcoin, a scripting system is used but with Sia, the developers implemented an M–of–N multi-signature scheme for transactions. Currently, there are 15.63 billion Siacoins in the network with 20,937 active file contracts at the present time.
It adds that the platform could also be used for a decentralized application environments working with third-party app development and the Sia client. Alongside this, its protocol has a basic reputation system, uptime incentives, client protections and host protections. The code is also available for view via Github.
The team believes the distribution of nodes makes their system far superior, and the project is censorship resistant and fault-tolerant. Cloud storage via using the Sia application is based on a tier of set terabytes per month. The core developers of Sia, David Vorick, and Luke Champine believe “Sia will provide a fertile platform for decentralized cloud storage in trustless environments.”
What do you think about the Sia decentralized file storage platform? Let us know in the comments below.
Images courtesy of Sia Websites, and Pixabay