[ANN] Sia - Decentralized Storage

[Hakkane]

I have a couple of open questions regarding SIA and I would be grateful if someone could answer them.

Currently, there are round 28 billion coins in circulation. What will be the final number of Siacoins?

Is there an upload size limit for a single file? Let's say I have a single video file with a size of 20 GB, is it possible to store it distributed?

As indicated in the link of justAgame, there is no final number: block reward decreases over time, but once it reaches 30.000SC in 2020, it will be that reward forever. Coins in circulation will not necessarily increase over time forever, as Proof-of-Burn mechanics will soon be implemented for fosts (so Sia might even be deflationary in the future).

About the limit of single files, the bigger the better! Actually, Sia handles more gracefully few huge files than a ton of small files. Very small files should be uploaded in a compressed folder, as anything bellow 40Mb is treated as a file of 40Mb. The current upper limit for renter's uploads is estimated to be 5Tb (more than that might result in instability of the client). However, updates in the next 6 months will increase that limit to 40Tb.

What file size can I upload?

I guess I answered you too with my previous paragraph ;-)

[cygan]

Sia Bounties!!!

https://t.co/7bZVQo6v8r

Sia Bounties!!!

https://t.co/7bZVQo6v8r

Nice!

Bounty for Minio Integration

https://github.com/NebulousLabs/Sia/issues/2155

[Dr Charles]

Picked up a cool couple million SC this morning. Price seems as if it might have bottomed up after the recent spike. Lets see what happens

[kekmaster]

I can't see any higher development in the near future, cuz there is yet no bigger rise in internet traffic which would explain such demand for decentralized cloud storage. Right now the business is in the hand of the big five, with alphabet having the resources to swallow any interesting competition.

[zxbball]

I didn't expect this currency to go up so much, but I still don't like the currency of the storage class. Do I have to pay for the hard disk space? Is not to make an unnecessary move?

[dashingriddler]

I was still in the syncing process with my slow old hard drive and had to stop then restart the client.
When I was doing it the client automatically starting updating itself to v1.3.0
Everything went fine and it keep all the blocks I received previously before shutting down the client.
So all is good with the update and will let you know when it has fully synced.
Now I see why you would need a ssd to do this because I am on day eight now(on and off and not straight! ).

If you didn't mistype something I would be very concerned if the client automatically updated to v1.3.0.  That version is not even released yet (still at the RC stage).  Also I wasn't aware the GUI client auto updated even when it is released (you can manually ask it to update and it will).

I will look at the auto update stuff when I get home to my mac but your description is a little concerning.

You were right.
It did not upgrade on it's own. It did say something about updating on the screen but when I loaded the wallet back up it still was v.1.1.0 and not the upgraded version.
My apoliges.

[Hakkane]

I didn't expect this currency to go up so much, but I still don't like the currency of the storage class. Do I have to pay for the hard disk space? Is not to make an unnecessary move?

 
What do you mean, you don't want to pay for a storage service? Sia is a marketplace of storage: hosts offer their hard drives and renters that need storage pay for that disk space. Hosts pay for the disks, the hardware, the bandwidth, the electricity... What is wrong with hosts being paid for that?

I can't see any higher development in the near future, cuz there is yet no bigger rise in internet traffic which would explain such demand for decentralized cloud storage. Right now the business is in the hand of the big five, with alphabet having the resources to swallow any interesting competition.

Cloud storage is currently a multi-billion business that has grown exponentially in recent years and is expected to keep that trend in the next years due to new demand from areas as artificial intelligence, IoT collected data and so. AWS, Microsoft, Google and IBM might have the current monopoly, but in first place they are centralized, and so they can decide to delete your data, share it with governments or just vanish. Secondly, Sia is considerably cheaper than those services. The cheapest of them is Amazon S3 at $23$/Tb/month, while Sia network is currently asking for less than $5/Tb/month

[kekmaster]

@hakkane, you are probably right, but don't you think alphabet will simply swallow storj if they start taking too big a share from their pie?

[Hakkane]

@hakkane, you are probably right, but don't you think alphabet will simply swallow storj if they start taking too big a share from their pie?

You are right, any big actor like Alphabet could acquire StoreJ. Or they could make their own StoreJ copy. But while that would give them a cheaper cloud storage product, it would be still a centralized solution. In StoreJ, everything is centralized in their servers: renters buy StoreJ some space and then the StoreJ servers distribute the data among hosts. They have control over the data and if they disappear for some reason, the whole network and data would vanish with them.

In Sia, tomorrow the developers team can disappear, even their HQ can be nuked, and still the data, the network and users would remain functional forever. We could also get rid of devs if they become evil, assemble a new team, or simply leave the project unattended in the current state and still, it will work forever.

Decentralization - that is the real power of Sia, and there is not any other solution like this out there

[kekmaster]

@hakkane the way you put it makes real sense. Maybe I'm gonna buy some of this. Thanks

[yurkevich]

Цeнa мoнeты минимaльнaя, дoкyпилcя, к зимe дo 1000 дoйдeт, имxo

[Slow death]

Цeнa мoнeты минимaльнaя, дoкyпилcя, к зимe дo 1000 дoйдeт, имxo

Here you have to write in english.

Yes it is possible that the price increases up to that amount, I bought some coins

[hdclover]

is filecoin a sia clone ? so many competitor nowadays huh ?

[Shoxc]

is filecoin a sia clone ? so many competitor nowadays huh ?

Yeah, that's what I am thinking too. Story seems to be another great competitor too.
But recently they have released Sia-specific miners (like there are for example Antminers for Bitcoins). That's why I'm holing my Sia..hoping for some people to go all in on Sia and push the Volume and the price

[Dr Charles]

is filecoin a sia clone ? so many competitor nowadays huh ?

Yeah, that's what I am thinking too. Story seems to be another great competitor too.
But recently they have released Sia-specific miners (like there are for example Antminers for Bitcoins). That's why I'm holing my Sia..hoping for some people to go all in on Sia and push the Volume and the price

They released a concept of a miner but no actual miner yet. Projected release date is not until June 2018 if everything goes according to schedule.

[mkmdoc]

Picked up a cool couple million SC this morning. Price seems as if it might have bottomed up after the recent spike. Lets see what happens

Now it is the right time to Buy SIA coin because still, the price is very cheap in the market. We have to grab as many as possible once the price spikes we can make more money with SIA. SIA is always my favorite coin the market it gives me profits always.

[inck]

Is it still lucrative to "mine" Sia by providing disk space? How much will I need in order to make good revenues?

[Hakkane]

Is it still lucrative to "mine" Sia by providing disk space? How much will I need in order to make good revenues?

Offering your disk space is called "hosting" or "farming" (In opposition to "mining"). You set up your own pricing, but you have to be competitive in order to get file contracts. Top hosts target to $1-2/Tb/month.

If have access to cheap HDDs, under certain scales and setups you could make ROI in less than a year. Right now the network is still underused, but the usage is growing fast, so probably in half year or 1 year good hosts will be able to host dozens of Terabytes an be profitable. Of course you'll still need cheap hardware (24/7 server-like infrastructure) and good bandwidth. But the advantages, compared to mining, is that electricity costs are minimal and there is not a increase in difficulty over time: if you remain competitive, you keep getting contracts

[dashingriddler]

The blockheight is currently 114301 so you still have a little ways to go.

Finally got above 110895 so it is getting very slow when it gets closer to this number. It took a entire day just to get from 109000 to 110795.

Can anyone tell me what the blockheight is at now currently?
I would imagine it would take me another day to get it fully synced up.

Thanks from the

dashingriddler

[wwzsocki]

Can I actually sell my disk space already using Siacoin of this is all only in preparation stage???