Siacoin Cryptocurrency Review – What Is Siacoin

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Siacoin (SC) Cryptocurrency: An Ultimate Beginner’s Guide

CoinSutra » Cryptocurrency » Siacoin (SC) Cryptocurrency: An Ultimate Beginner’s Guide

The world of cryptocurrencies is becoming more and more crowded each day. There are already 1400+ cryptocurrencies in the market, and that number keeps growing.

Moreover, there are so many ICOs and new projects coming out each day. It might be overwhelming to keep track of all of these new cryptocurrencies and projects.

And not all projects or currencies are worth noticing, as most fizzle out and die while others later turn into scams.

That’s why at CoinSutra, we do this research for you and only equip you with information that matters. In the past I have published following articles on popular Altcoins:

This article will educate you about one such cryptocurrency project worth noticing. Its name is Sia, and it is fueled by its cryptocurrency called Siacoin (SC).

What is Sia Cryptocurrency?

Sia is a cloud storage platform like Google Drive, Dropbox, and Amazon Cloud.

But what sets Sia apart is that it is an open-source, blockchain-based, decentralized cloud storage platform. In short, Sia is a decentralized cloud where data is stored on the blockchain.

Centralized storage services are prone to single points of failure and also the misuse of unencrypted data for higher business profits.

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Sia unites together a large amount of unused storage space and couples it with a blockchain to make encrypted and decentralized cloud storage. Thus, it eradicates the need for trusting centralized data centers.

Sia’s official website says:

The long-term goal of Sia is to be the backbone storage layer of the Internet. We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage super server on the planet.

The idea of Sia – decentralized cloud storage – was conceived at the HackMIT 2020 Hackathon, and is now backed by Nebulous Inc. (headquartered in Boston, USA).

What is Siacoin?

Siacoin is the cryptocurrency developed to use the Sia platform.

Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host.

This is a special purpose currency for the Sia network which executes file storage contracts on the Sia blockchain. A host has to keep the files for an agreed upon time and in an agreed upon space. Later, after the end of the agreement, payment will be released to the host in Siacoin.

If the host loses the files, they won’t get paid. These file contracts on the Sia blockchain ensure that the host and the user are both satisfied.

Sia was launched into the market two years back on 7 June 2020, and it started trading at $0.000046 per Siacoin.

At present, the Siacoin is worth $ 0.017867 per unit, which is a 38,700% increment in price in just two years.

This increment is so huge that it has brought Siacoin to the 14 th position in the list of top 20 cryptocurrencies by market cap.

Team Sia: Core team of SiaCoins (SC)

The company behind Sia is Nebulous Inc. Nebulous is based in Boston, Massachusetts, USA.

  1. David Vorick (CEO): In addition to being the CEO, he is also the lead developer of Sia Core. He graduated from Rensselaer Polytechnic Institute with a BS in Computer Science.
  2. Luke Champine (Co-Founder): Luke studied at Rensselaer Polytechnic Institute with David. He dropped out of college to work on Sia full-time. He is Sia’s core developer and loves programming.
  3. Johnathan Howell (Sia Core developer): He started programming around age 10. He has an M.A. from Savannah College of Art and Design. He is working on the front-end of Sia to deliver a clean, well-built, and easy to use UX around the core functionality.
  4. Zach Herbert (Head of Operations): He excels at project and product management. He is studying for an MBA at Harvard Business School and graduated from Boston University where he studied mechanical engineering. He started working with the Sia team in January 2020.

Supply of Siacoins

The supply mechanism of Sia is somewhat unique. There will be an infinite number of Siacoins. To start with, developers mined the first 100 blocks. The reward for the first block was 300,000 Siacoins. After the first block, the Siacoin reward will exponentially decrease by one unit for subsequent blocks.

It means that the:

  • 1 st block had 300,00 Siacoins.
  • 2 nd block had 299,999 Siacoins.
  • 3 rd block had 299,998 Siacoins.
  • 4 th block had 299,997 Siacoins.

… and so on… until the block rewards are reduced to 30,000 Siacoins.

After that, for every block mined, 30,000 Siacoins will enter the system.

At present, there are 26.7 billion Siacoins available.

Marketcap of Siacoins

According to CoinMarketCap, Siacoin (SC) has a per unit price of $0.003 with a current market cap of $136,400,518 ($136 million) on a 24-hour volume of $1,811,400 with an available supply of 41,284,111,055 SC.

Buying and Storing Siacoins

Step 1: Get a Cryptocurrency (BTC/ETH/LTC)

To get a cryptocurrency like BTC/ETH, convert your fiat currency to BTC/ETH on any popular cryptocurrency marketplace. For converting fiat into BTC, you can use this guide: Buying Bitcoins Using A Debit/Credit Card.

If you already have BTC/ETH, you can skip this step.

Step 2: Crypto to Siacoin

There are few major exchanges from where you can exchange BTC/ETC for Siacoin:

Out of these, Shapeshift is the easiest way to get ahold of your first Siacoin. If you want to know the step by step process of using Shapeshift, see our guide on how to convert Bitcoin into any other altcoin.

Now that you have bought your Siacoins, move them to a wallet.

Step 3: From exchange to Sia Wallet

At present, Sia only supports desktop wallets on Linux, Mac, and Windows platforms.

  • Download the most recent Sia wallet here.
  • Run the wallet and wait for synchronization with the blockchain. (This can take several hours.)
  • Create a new wallet and unlock it using the seed key displayed. (Unlocking can take several minutes.)
  • Click the Receive Siacoin button and send the Siacoin you purchased from the exchange to this address.

The Future of Sia

Unlike many other coins or crypto projects, Sia didn’t start with an ICO or pre-mining. Still, to date, Nebulous Inc. has raised $1.25M in total funding. Prominent investors include Procyon Ventures, Raptor Group, Fenbushi Capital, and angel investors like Xiaolai Li.

The long-term goal of Sia is to compete with cloud storage platforms like Dropbox, Google Drive, and OneDrive. In the blockchain space, Sia’s direct competitors are Storj and MaidSafe, but Sia claims to be better with encryption and decentralization.

The developer’s community is confident that they are making a highly competent product and they don’t believe in mass marketing campaigns for promotion.

Sia- Decentralized Cloud Storage

I think Sia has come just at the right time because the need for data privacy, security, and decentralization is at an all-time high in the market.

And it goes without saying that the future of Siacoin hinges on the success and rate of adoption of Sia cloud storage, which is looking promising at the moment.

And at the time of this writing, the price of Siacoin has increased 50 % in the last 7 days.

The future is looking bright for Sia.

What do you think about Sia and Siacoin? Are you intrigued by its potential? Do you think it’s over-hyped? Let me hear your comments and thoughts in the comments below!

Update: The Siafunds Tokenized Securities Offering (TSO) concluded on Saturday morning. They sold 231 Siafunds at a price of $7,500 per Siafund. Taking into account presale agreements with three investors, we raised approximately $1.5 million.

Sia release v1.3.3 video streaming is featured. This allows you to store video files on the Sia network for a fraction of storage and traffic costs compared to other cloud storage providers.

Useful Siacoin Cryptocurrency Resources

To keep yourself updated on the latest news on Sia:

Like this post? Don’t forget to share it!

Here are more altcoins that you can read about:

A team of Blockchain and Cryptocurrency experts lead by Harsh Agrawal. Trusted by over 1.1 million readers worldwide.

Siacoin: Brief Cryptocurrency Review

About Siacoin

Siacoin is a cryptocurrency and a decentralized blockchain-based platform. SIA is deciphered as Security Industry Association. The concept isn’t too complicated. The platform rents storage space and pays users with Siacoin tokens for using it. The project was officially launched on 28 th August, 2020 and had a total circulation of 27.170.726.970 Siacoin cryptocurrency.

Siacoin cryptocurrency has the symbol: SC.

How does Siacoin platform work?

The platform still has a high potential to reach a larger market share of cryptocurrency network. At the time Siacoin project was launched, it worked as a revolutionary technology. The platform offers a private, highly secured and cost-effective cloud storage.

Due to the fact that it is a decentralized platform, there is no need for strong servers to store the data. Anyone can rent its computer storage to Siacoin network and get paid for that. Respectively, if someone prefers to use the platform storage must pay cryptocurrency tokens.

The platform keeps your files safe on the blockchain. In case these are being somehow destroyed, you will not get rewarded.

The platform looks similar to Google Drive or Dropbox. However, the difference between them is the blockchain based technology. In Siacoin’s case, the data is stored on a blockchain platform, not on bank of servers.

How can you buy Siacoin?

You cannot buy Siacoin with fiat currencies. First step you need to follow is converting your fiat money into Bitcoins or Ethereums on any famous cryptocurrency marketplace. It will be simpler if you already hold some BTC or ETH digital currencies. After this step, use the Poloniex or Shapeshift platform to buy Siacoin cryptocurrencies.

Where can you keep your Siacoins safe?

At the moment, the Siacoin cryptocurrencies are available to be kept only on a desktop version of wallet, used on Linux, Mac and Windows operating systems. All you need to do is enter on Siacoin’s official website and install the wallet.

The wallet is called Sia-UI Wallet. Choose the suitable one for your computer specifications, then wait till the installing process is ready. Open the application and create a new wallet. Do not forget to encrypt your personal key. The final step you need to do is to send the Siacoin you just bought to your personal address.

The Advantages of Siacoin’s platform

– It is a decentralized platform;

– It is highly secured, anonymous and uses low costs;

– The data isn’t stored on servers as other network do, but on Siacoin’s blockchain. It assures a higher security.

The disadvantages of Siacoin’s platform

– You cannot buy Siacoin cryptocurrency directly with fiat currencies;

– The official Siacoin wallet is available only on desktop version (Mac, Linux and Windows operating systems).

Conclusion

When it was launched, the Siacoin was promising a higher attraction of user’s interest. Even if the platform isn’t so profitable to use for trading cryptocurrencies, it is a great opportunity to keep your data safe.

Siacoin (SC)

Siacoin (SC) Review – Crypto Coin Judge

Every day, the world of cryptocurrencies is becoming more crowded due to its wide adoption in different sectors of the industries. A number of cryptocoins are already available in the markets and their numbers are growing with each month. Today, altcoins (STEEM, Hcash, IOTA, etc.) are making their way into the cryptocurrency ecosystem by providing huge benefits to investors in terms of returns, liquidity, and confidentiality in transactions. However, due to a large number of altcoins doing the rounds in the markets, it is becoming more and more difficult for anyone to predict which coin will bring fruitful benefits in the future.

Recently, Siacoin (SC) has been making good progress in the cryptocurrency market. It has some key features that make it stand apart from the other cryptocurrencies( Bitcoin, Ethereum, Litecoin) and make it a good option for ICO tokens too. We are going to look at the intricacies and benefits of SiaCoin in a little detail.

What is Sia Altcoin?

Sia is a project that provides a decentralized and secure cloud-based storage platform where data is stored on the blockchain. The Siacoin (SC) is a cryptocoin which has been designed for use on the Sia Platform. This concept first surfaced back in 2020, at HackMIT, and now the project is run by Nebulous Inc. (with headquarters in Boston, USA). There is a simple idea behind it that allows anyone to rent their storage space and get rewards in return for this use.

With centralized storage, there is always the possibility of failure and the chance of misuse of unencrypted data in order to reap higher business profits. Therefore, the company has come up with the idea of collecting a large amount of storage space and coupling it with blockchain to offer encrypted and decentralized cloud storage. It ultimately eradicates the requirement of centralized data centers.

The team behind Sia

It is a VC-funded Startup, founded by David Vorick and Luke Champine of Nebulous Inc. The company is backed by the talented members of the Nebulous development team which includes industry experts. This is a primary project for the team and they are focusing on making it a reliable decentralized infrastructure that will help them to bring it forward in the future. Here are the key members of the team:

1 – David Vorick (CEO): David graduated from Rensselaer Polytechnic Institute with a BS in Computer Science. In addition to being a Co-founder and CEO, of Sia, he also supports the Sia Core as Lead Developer.

2 – Luke Champine (Co-Founder): Luke also studied at the Rensselaer Polytechnic Institute with David. He dropped out of college and now works fulltime on the Sia project. Luke is a Core Developer with a keen interest in programming.

3 – Jonathan Howell (Core Developer): Jonathan started showing interest in programming when he was just 10 years old. He has an MA from Savannah College of Arts and Design. Jonathan is working as a front-end developer on the front-end of Sia and provides well-built and easy to use UX around the core functionality.

4 – Zach Herbert (Head of Operations): Zach has expertise in handling projects and product management. Zach has been working with the Sia team since January 2020. He graduated from Boston University in mechanical engineering.

5 – Todd Mitenberger (founder of Nebulous): Todd is an American venture capitalist, entrepreneur, and investment banker. He founded Nebulous in 2009 as a consulting business. He currently serves as an Associate for the private Markets Group at Stifel Nicolaus.

Other team members include:

1 – Jae Heller, who is responsible for business development. Heller is a forward-thinking entrepreneur and marketing strategist.

2 – Drew Volpe, Board Observer of Nebulous. Volpe is an entrepreneur, technologist, and investor with a strong background in search, sensor, machine learning, and mobile technologies.

Sia – a decentralized cloud storage platform

1 – The platform uses a peer-to-peer decentralized network which creates a marketplace for cloud storage where some of the users work as hosts and offer free space in their disks which other users will rent as storage space. In other words, anyone can rent out the extra space of their PC to this decentralized network and enjoy payment in the form of SC. In the same way, if any user wants to use Sia storage, he has to pay SC to the host.

2 – It has an open source code, which means that independent developers can give their contribution to this software and build new applications. The Sia software is licensed under the MIT license. The developers of the company are moving forward with their long-term aim of making Sia a backbone storage layer of the Internet. They are leveraging the capacity of blockchain technology that allows scattered networks to reach consensus in a secure and safe manner. They use cryptographically-secured smart contracts to ensure encryption and secure data transfer without the interference of any third party.

3 – Instead of using data centers that are owned and run by a single company, SC has introduced this new kind of cloud platforms which opens the doors to anyone to make money by renting out their hard drive. They are providing reliable and efficient cloud storage solutions which are comparatively less expensive than the costly storage providers at both individual and enterprise level. The data integrity is well protected, leveraging cryptography, and eliminating redundancy.

SiaCoin (SC)

SC is a special currency which utilizes this network for executing file storage contracts on the Sia blockchain. All the decentralized payments on the networks have been done by SC. It enables you to do things which are not possible with traditional online payments or Bitcoin.

SC can be acquired in exchanges or through mining. The host has to keep the files securely as per the time and space agreed upon. After the completion of the agreement, payment will be automatically released to the host in the form of SC. If the host loses the files then they won’t receive any payment. The file contracts are the smart contracts on the Sia blockchain. This contract allows the renters to use the free space provided by the host under a specific set of rules which will be automatically enforced without the interference of any third party. This agreement is made to ensure compliance between the storage provider and their client. There is also the Siafund, which is an asset designed for raising funds for maintaining the project and meeting the expenses of the development team.

Problems resolved by SC

In traditional cloud storage, users have to upload their data into the cloud of a single company like Apple or DropBox. They can easily access all of your stored data and information as they have all the control. Today, privacy has become the prime necessity in ensuring the security of data. Therefore, Sia allows the users to store their important data in the cloud storage without losing control. Once the file is uploaded to its network, it will be encrypted and then uploaded to a large number of hosts, where no-one can manipulate your data or violate your privacy. This is the only platform that holds the payment until the host finishes the file contract.

What makes it stand apart?

SC utilizes Sia Blockchain which is based on a decentralized cloud backend. It is a cloud storage provider with unique features that make it different from others. Let’s read what makes it unique:

1 – Privacy: Compared to other cloud storage providers, it ensures a higher level of privacy by providing encrypted file storage. Only you can access and control your data with decryption keys.

2 – Cost effective: It offers cheap and affordable cloud storage in comparison to other cloud storage providers.

3 – Uptime: If we compare it with other cloud service providers, it provides better uptime because it stores your data in tiny pieces of files on dozens of nodes across the world.

4 – Open source: It is an open source that enables the user to build innovative applications on top of the Sia API.

How to mine Sia?

Mining Software

Siacoins are based on PoW mined by GPUs. The Sia Daemon is the single-threaded CPU miner, featured in Sia which is recommended for testing purposes. Key features of the software include:

OpenCL miners

  • Sia-GPU-Miner by Nebulous Inc. Written in C.
  • Gominer by @allejuppa. Written in GO.

CUDA miners

  • Sia-CUDA-Miner by KlausT. Written in C.
  • Sia-CUDA-Miner fork by Vorksholk. Written in C.
  • ccminer by KlausT. Written in C.

Mining Pools

● Luxor Mining
● Nanopool
● MiningPoolHub
● SaiMining

Wallet

The cryptocoin wallet is a digitally secured wallet that helps you in sending, storing, and receiving your digital currency in an efficient way. It stores private and public keys to interact with different blockchains and allows users to send and receive their digital currency as well as monitor their balance.

Most of the coins provide their official wallet and some also utilize third party wallets. If you want to use your crypto coin then you have to use the cryptocurrency wallet. Right now, Sia supports the wallets for Linux, MacOS and Windows platforms. You can download the SC wallet easily from its official website.

Sia-UI is the official windows app which is designed and maintained by its talented team of developers. It’s the most secure and simple wallet that you can use to store your SC. The developers have ensured that the wallet has a high level of security and can be used only by the authenticated individual.

How to buy Sia?

Do you want to invest in SC? Then you need to follow some well-defined steps.

1 – First, you need to convert your dollars or euros or any fiat currency into cryptocoins like Bitcoin or Ethereum.

2 – After purchasing the coin, next you have to convert it into SC from one of the top exchanges.

3 – Now, you have SC in your exchange account that you can move back to your Siacoin wallet.

The preferred exchanges from where you can exchange your BTC/ETC for SC are:

4 – Bittrex

It is built and fully regulated in the United States. Bittrex is a highly trusted cryptotrading platform which has been designed by security professionals. It makes use of the most reliable security technologies and provides the benefits of fast trade execution and stable wallets for users.

5 – Shapeshift

By using a web platform or mobile, Shapeshift provides trading for numerous blockchain coins like Siacoin, Zcash, etc. It’s an innovative, low friction cryptocurrency exchange that offers the safest and fastest option to switch one cryptocoin with another.

Future predictions

Today, the necessity of data decentralization is essential in providing constant security and privacy. Sia has hit the market at the right time. It seems that SC will succeed in the future as the high rate of adoption of Sia cloud storage is very promising. The above table clearly shows that the coin has stayed relatively stable over the past six months. If we consider these figures then investors can potentially reap beneficial profits in the near future.

Summary

Siacoin (SC) is the cryptocoin used on the Sia platform. It offers the most economical and cost-effective cloud storage when compared to other centralized cloud players available in the markets, like Amazon S3, Dropbox, etc. Sia provides decentralized storage which has been developed by Nebulous. By using a one-to-one decentralized network, it has created private cloud based storage hosted on a blockchain platform.

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