I thought this was a very interesting project. Could something like this be integrated with NXT as a service??
https://github.com/Siacoin/SiaWhat Is Sia?
Sia is a new cryptocurrency that uses proof-of-storage instead of proof-of-work. This creates a blockchain that is protected by an expensive resource that is also useful for storing files over a distributed network.
The proof-of-storage algorithm uses a blocktree instead of a blockchain. This means that each participant in the network only sees the transactions that are relevant to them, instead of seeing every transaction that occurs over the network. This is done in a secure and trust-free way.
Because of the consensus-algorithm based structure of the blocktree, there can be no double spends! Additonally, the amount of time needed to confirm a transaction is expected to be under 1 minute. Under certain circumstances, transactions can be confirmed in under 10 seconds.
Finally, Sia introduces the concept of script-based wallets as opposed to public key based wallets. This adds an enormous amount of power to wallets by allowing them to have arbitrary volumes of public keys and arbitrary rules for committing transactions.
The network is named Sia or Sianet, and the currency is called siacoin, which is shortened to scn.
How Do I Store Files On Sia?
Files are rented to the public in exchange for scn. The price of renting storage is set by the network according to supply and demand. When there is a significant surplus of storage, price goes down. As demand depletes the surplus, the price increases.
Sia uses erasure coding and is self-repairing. Additionally, Sia supports encryption and anonymity. This means that once a file is on the network, it will be well protected and should remain on the network for as long as there is money to pay the rent. Sia should also be resilient against intentional DOS attacks.
Because Sia is a decentralized storage system, all files are treated as equal. There is no vehicle for censorship other than attacking the network directly.
Does The scn Have Value?
YES! scn can always be used to rent storage on the network. As long as the storage on the network has value, the scn will also have value. This is because network storage can only be rented using scn, so demand for the storage will also create demand for the scn.
What Makes Sia Cool?
Because Sia operates on proof-of-storage that can then be sold over a market, Sia provides a decentralized and trust free solution for renting cloud storage. The distributed nature of the files (each file spread over hundreds of machines) means that download speeds will be extremely fast even if upload speeds are slow.
Applications can be built around Sia to replace dropbox, bittorrent, and potentially Sia can be used as a distribution platform for any file.
Where Can I Learn More?
Primary Contact: David Vorick,
[email protected]High Level Overview:
https://docs.google.com/document/d/1X-4RfqUeKW_N0BsaPcl0E484xjC61UJfY_FwhHNar9MIRC Channel: Freenode, #sia-dev
Mailing List:
[email protected]