Re:Nix × IPFS – Milestone 1
by Taek on Tuesday September 29, 2020 @02:28PM
(#24631268)
Sia is a decentralization first protocol. We believe strongly that the biggest advantage is an immunity to de-platforming and a commitment to uncompromisingly open protocol.
Crypto is the only means of payment I am aware of that does not have a centralized middleman with the power to deny a transaction.
Decentralization aside, there are efficiency gains as well. Every transaction on the Sia network is point-to-point, and in some cases we've had nodes that average more than 1 million discreet transactions per day for over a month. The total cost of doing that was something like $100 (including the cost of all the resources bought with those millions of transactions), I struggle to imagine a traditional payment system providing that kind of value.
There's also a lot more flexibility to innovate. For example, every single one of our payments is accompanied by a cryptographic proof that the accompanying storage or computation (not many people know, but the Sia network does support a limited form of computation) action was completed correctly. The payment and computation are fundamentally/cryptographically tied together in way that we could not reasonably achieve on a traditional payment system.
Crypto is the only means of payment I am aware of that does not have a centralized middleman with the power to deny a transaction.
Decentralization aside, there are efficiency gains as well. Every transaction on the Sia network is point-to-point, and in some cases we've had nodes that average more than 1 million discreet transactions per day for over a month. The total cost of doing that was something like $100 (including the cost of all the resources bought with those millions of transactions), I struggle to imagine a traditional payment system providing that kind of value.
There's also a lot more flexibility to innovate. For example, every single one of our payments is accompanied by a cryptographic proof that the accompanying storage or computation (not many people know, but the Sia network does support a limited form of computation) action was completed correctly. The payment and computation are fundamentally/cryptographically tied together in way that we could not reasonably achieve on a traditional payment system.