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Is the Siacoin Network Secure? Siacoin Review
By on August 6th, 2021. Crypto

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Is the Siacoin Network Secure?

What is Sia?, Is the Siacoin Network Secure? Siacoin Review What is Siacoin and How Does It Work? What Does Sia Stand For?

This post will get you up to speed, whether you’re new to the Sia community or just need a review on the basics.

What exactly is Sia?

Sia is a decentralized cloud storage platform that uses blockchain technology to ensure its security. The Sia storage network takes advantage of unused hard drive space all around the world to establish a data storage marketplace that is more dependable and less expensive than standard cloud storage providers. Sia features its own blockchain and a utility token called Siacoin that runs it.

What Does Sia Stand For?

Your information is kept completely private and is stored in multiple locations around the world to remove single points of failure and provide the maximum possible uptime. You own your data because you have the keys. No one else has access to or control over your files. Data is not platform-agnostic.
Hacking files is impossible.

Not only is your data safe on Sia, but you can also rest assured that Sia is here to stay. Sia has been in the works for six years and has been on the market for five of them. Since its beginnings, the Sia program has been downloaded over a million times, and thousands of TB have been uploaded to the network. If the Sia development team were to leave tomorrow, the network would be able to continue on its own indefinitely. With renters, hosts, miners, and a thriving developer community building atop Sia and the level 2 layer above Sia dubbed Skynet, Sia has an excellent ecology.

What is Siacoin and How Does It Work?

Sia is the world’s first decentralized storage platform, combining a peer-to-peer network with blockchain technology. This is how Sia operates.

Before uploading, the files are divided.
Before uploading, the Sia program separates files into 30 parts, each of which is intended for distribution to sites all across the world. This dispersion ensures that no one host is a single point of failure, enhancing total network availability and redundancy.

Reed-Solomon erasure coding, which is extensively employed in CDs and DVDs, is utilized to produce file segments. Sia uses erasure coding to divide data in a redundant manner, allowing any 10 of 30 segments to be fully utilized. Recover the files of a user This means that even if 20 of the 30 hosts fall down, Sia users can still get their files.

Each segment of a file is encrypted.
Each file segment is encrypted before leaving a renter’s PC. This ensures that only encrypted parts of user data are stored by hosts. Traditional cloud storage companies like Amazon, on the other hand, do not encrypt customer data by default. Because hosts only store encrypted file segments rather than entire files, Sia is more secure than existing options. Sia employs the Threefish algorithm, which is a secure, high-performance encryption standard that is open-source.

Using the Sia blockchain, files are sent to hosts

Renters create file contracts with hosts using the Sia blockchain. Pricing, uptime obligations, and other features of the relationship between the renters and the hosts are all outlined in these contracts.

A type of smart contract is a file contract. They enable us to build and store cryptographic service level agreements (SLAs) on the Sia blockchain. Sia does not require middlemen or trusted third parties because file contracts are automatically enforced by the network.

Siacoin is used by both renters and hosts to pay for their services.

Siacoin, a unique money developed on the Sia blockchain, is used by both renters and hosts. Renters acquire storage capacity from hosts with Siacoin, which hosts deposit as security in each file contract.

Payment channels, which are comparable to Bitcoin’s Lightning Network, are used to transfer micropayments between renters and hosts. Renters and hosts make payments off-chain, which dramatically improves network efficiency and scalability. Hosts have a significant disincentive to go offline because they pay collateral into every storage contract.

Contracts can be renewed at any time.

Within file contracts, renters prepaid for storage by setting aside a predetermined quantity of Siacoin to be used on storing and moving data. Contracts for file storage typically last 90 days. Sia automatically renews contracts that are about to expire within a particular time frame. Sia returns any unused coins to the renter at the conclusion of the contract period if the contract is not renewed. Sia uses a method called file repair to relocate renter data to new servers as specific hosts go offline.

Storage Proofs are submitted by hosts.

The host must prove that she is storing the renter’s data at the end of a file contract. This is referred to as storage proof. The cost is paid if the storage proof arrives on the blockchain within a defined timeframe. The host will be fined if this does not happen. Merkle trees are a system that allows for storage proofs. Merkle trees allow you to show that a little piece of data belongs to a bigger file. The benefit of these proofs is that they are very little, regardless of the size of the file. This is significant since the proofs are preserved on the blockchain indefinitely.

How Secure Is the Siacoin Network?

The Sia blockchain is secured using a proof-of-work consensus method, which means that miners compete for new blocks to be added to the blockchain, and a majority must confirm a record before it can be posted. In June 2017, Sia co-founder Vorick stated that proof-of-work is the best way to safeguard the network since it ties a hostile actor’s capacity to attack it to large energy and hardware costs.

The fact that hosts must put up collateral in order to participate in the network’s operations, according to Sia’s development team, reduces any motivation for unscrupulous actors. It has also cited the fact that it divides uploaded data into 30 parts, which are subsequently disseminated around the world, as proof that its network cannot be shut down until a catastrophic natural disaster or geopolitical crisis occurs. Files can still be retrieved if 10 out of 30 hosts survive an attack on the network.

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