Cloud computing is a massive industry in and of itself. In this episode of "The Crypto Show," recorded on Dec. 15, 2021, Fool.com contributor Chris MacDonald discusses with Motley Fool analyst Eric Bleeker why Siacoin (SC 3.56%) could be a disruptive force in this space.
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Eric Bleeker: Let's move along, it's terrible because I only read things, I don't hear them. Is it "Sia"-coin or "See-ah"-coin. But regardless, market cap of $717 million and is the 105th largest crypto. Chris, first, if possible, correct my pronunciation and then second, let's hear the details.
Chris MacDonald: I'm actually not 100% sure. I call it Siacoin, but I could be wrong on that, too, and feel free to correct both of us I guess in the comments if you know how it's supposed to be pronounced. But another Web3 play. Siacoin is focused on the Cloud storage aspects of a fully decentralized internet.
This is another major problem that will need to be solved if we do move to a future-state internet -- where's the data going to be stored and how is that going to work right now?
We were actually chatting before the show about the AWS outages recently and some of the real-world issues that are going on right now with the centralized Cloud storage infrastructure right now that are really run by mainly two or three companies with Amazon and Microsoft being pretty big players in the space. The idea of a decentralized cloud storage industry is one that's interesting and it's one that Siacoin has started working on.
This is going back to your last comment about how Basic Attention Token, so this is a little earlier-stage in its development, but what Siacoin has been doing is basically taking over the excess capacity of large centralized Cloud computing providers and renting it out to users and facilitating that transaction with Siacoin as the token.
For me, it's an interesting space because it's so new, and I really don't know how it's going to turn out, but this is one that I'm keeping my eye on for what the future of cloud computing could be. This is one of the sort of innovative angles that is certainly I think worth the time to think about and dive into a little bit. I'm going to be diving into it a bit more.
Bleeker: Yes, I think when we consider where things are in that speculative curve, it's very speculative and that's what we're doing. Is just trying to get the thesis out showing people what different opportunities are out there. But obviously, investing in something like this carries a significant risk and it should be noted.