SiaPrime, (|ˈsee ə prīm|; SCP)
Progress without Boundaries
One of the key advantages of open-source software is in its malleability. The degree of this flexibility affords ample space for an idea or functionalities to grow, mature and evolve into their highest potential. In the realm of open-source blockchains, the advantages are often financial but also functional in nature. While the purpose of forking code unfortunately smacks of a self-interested digital money-grab, many other examples of a genuine desire to improve an existing product are available to counter the more pessimistic motivations. One such project which seeks to move an idea forward is that of SiaPrime, which was forked from Siacoin in mid 2018.
Seeing a need for a re-prioritization of the aims in the Siacoin project, SiaPrime chose to move into a more aggressive, business-first approach while also retaining the Blake2b algorithm to support all manner of proof-of-work mining approaches to secure the chain.
A primary aim of their approach is through the use of a marketplace mechanism to match buyers with sellers of storage. While the miners may earn SCP for keeping the blockchain secure, any level of spare hard drive space can capitalize by offering this to those with the need and desire for secure, redundant and decentralized storage.
SiaPrime is the conduit which joins these parties and provides the basic protocol. Their vision is to provide an “simple storage service” as an industry standard interface while offering fiat onramps for business to make easy transactions within the system without exposure to the volatility inherent to early-phase cryptoeconomic models.
Building on the defining premise of decentralization and extending it to the cloud storage and data security sector of our increasingly connected and internet-dependent world. Keeping this important information in one place effectively creates an ever-growing honeypot, the corruption or compromise of becomes exponentially more unacceptable as it grows in size. SiaPrime provides an alternative which allows anyone to provide hard drive space without requiring trust or specific configuration via smart contracts on a blockchain, erasure coding and a P2P network.
Decentralizing data storage accomplishes a few things in an elegant way. Firstly, the system is inherently more efficient as it will use the capacity of hardware which sits idle yet connected to the internet. This reduces the need for dedicated server enterprises. Greater autonomy and the security over the data itself are also achieved being that encryption occurs on the client-side. File and object storage are just the beginning, and the project notes that as the network scales they will continue to develop storage applications for databasing, big data and analytics.
Although still building itself up in terms of its team, SiaPrime takes a unique engagement approach to its community by appealing to its most inquisitive aspect. Through a series of “egg hunts” enterprising members are able to uncover a series of seed words for a lost wallet set aside containing 20 million SCP coins. One such enterprising seeker has solved the puzzle earlier this week, in fact. It is perhaps with this approach that they may engage those who are equally enterprising and clever enough to solve challenging riddles… and maybe even discover their next team member.
Want to know more, or experience the SiaPrime community firsthand?
Official website: https://siaprime.net