Sia, a file hosting service operator, is launching a cloud file storage platform based on peer-to-peer blockchain technology.

The algorithm encrypting files stored in that platform is called Twofish, writes Bitcoin Magazine.

The data is split into fragments, each one of them is padded to 4 megabytes, encrypted and sent to one of the multiple hosts. This makes it hard for a hacker to get access to user’s data, because none of the hosts has a whole copy of the file.

In case of host interference, the user will immediately know about it. “Cryptographic checksums are maintained by the client that alert the user to any tampering that the hosts may have attempted,” the Sia team explains.

The new platform allows the host and the user to create a smart contract for file storage. The smart contract specifies the storage terms, such as cost, amount of data and duration.

“When the contract ends, the host must submit a storage proof to the blockchain, demonstrating that it still has the file specified by the contract. If the proof is valid, the uploader’s money is transferred to the host, and the host’s collateral is returned. But if the host submits an invalid proof, or no proof at all, then all of the money is given to the uploader,” said the Sia team.

Sia, claiming to be a “collaborative cloud”, operates a peer-to-peer data storage system. It currently has about 3.25 terabyte of data and 7.64 billion Siacoins, which is its own currency.

 

Andrew Levich