Will Siacoin reach $1?

Siacoin is a decentralized, peer-to-peer cloud storage platform that allows users to rent their unused hard drive space to others in exchange for Siacoin. Siacoin aims to decentralize the cloud storage sector by offering a low-cost, secure and democratic environment. The two main components of the Siacoin network are hosts and tenants, with hosts paid by tenants to provide cloud storage services.

The platform uses smart contracts called ‘file contracts’ to establish price and uptime commitments, with tenants paying hosts in Siacoin.
To ensure security, the files stored on the Sia network are cut into small pieces and encrypted, with each piece stored on a different hard drive, making the network resistant to any single point of failure.
In addition, the network uses erasure encoding to create redundancies, ensuring that files remain accessible even if up to 20 out of 30 hosts are offline.

Siacoin is the native cryptocurrency of the Sia storage network

It is used to pay for storage services and as a mining reward
Tenants purchase Siacoin to create a file contract with the hosts, defining the price and specifications of the storage rental. Hosts get paid in Siacoin after proving that they are storing the file
The network also has a second token, Siafunds, which encourages more users to participate by entitling holders to a 3.9% share of each funding source after the completion of a contract.

Overall, Siacoin is a moderate case for investing in a highly competitive category.