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What is Siacoin?

Siacoin is a cryptocurrency which is used to enable and facilitate decentralized payments in the Sia platform. Sia is a decentralized cloud storage platform which uses blockchain technology to carry out payments. The platform allows you to rent storage, mine for Siacoin, get paid and also contribute to the Sia platform.

Unlike most of the existing cloud storages which are centralized, with the costs being high and the data being unencrypted, Sia, on the other hand, is decentralized, private and is much more affordable than the traditional cloud storage systems.

In the Sia platform, all transactions are done through its native token or cryptocurrency which is known as Siacoin. The process of the transaction is highly secure as it uses cryptography in the transactions.

Sia aims to provide a new way of cloud storage wherein the storage company is not owned by a single party, but it allows a decentralized form of storage, wherein it is cheap, fast and secure all at the same time.

The Inception and History of Siacoin

The idea for Siacoin originally came to life during HackMIT in the year 2013, and David Vorick and Luke Champine created it. They aimed to provide a decentralized cloud storage network which would be hosted on a blockchain and the payment for its services to be done using a cryptocurrency known as Siacoin.

The team secured funding and began to work on it and the first beta version of Siacoin was revealed in 2015.

Sia relies heavily on Blockchain technology to distribute networks in a trustworthy and secure way with the consensus of its users. Sia also uses high levels of cryptography using smart contracts to ensure that data transfer is safe and that no third party comes into play during transactions.

The cloud-storage market is tough to crack into, however over the five years of its existence Sia has seen substantial progress, and it now offers decentralized cloud storage services, while at the same time competing with cloud storage giants like Dropbox and Onedrive.

How to use Siacoin

To use Siacoin, one must understand the workings of the Sia cloud storage platform. Sia being a decentralized cloud storage platform allows users to store their data in the free disks space of individuals who wish to rent out the free storage space and then upload it to Sia's network. The price for using their services is paid in the form of a secure cryptocurrency which is native to Sia and is known as Siacoin.

Therefore, Siacoin is used for paying the storage services provided by Sia. To possess Siacoins, you need first to purchase Bitcoin from a cryptocurrency exchange using your credit or debit card, after which you need to exchange your Bitcoin for Siacoin.

There are a lot of exchanges which offer Siacoin, and the major ones are Poloniex, Bitsquare, Yunbi and Shapeshift. After the exchange is done and you are in possession of Sia coins, you need to store them in a wallet which can be created through Sia's website.

The Features and Benefits of Siacoin

Though Sia is still a young cloud storage provider, it has increased in popularity over time, and this can be because it comes with a lot of outstanding features. Some of which are as follows:

  1. Total privacy: Sia provides you with total privacy and as such the files which you upload are split, encrypted and then distributed through a decentralized network, and also the keys to your data are only in your possession. Therefore with Sia, all your data is safe, and no other entity can gain access to your files.
  2. More affordable: Sia being a decentralized cloud storage platform it is far less expensive than the traditional cloud storage providers. This is because the data is stored across the disks of multiple users making it super affordable. To put into context, the price for storing data in Sia is just $2/month while companies like Amazon charges $23/month.
  3. Open source: Sia is an open sourced platform, and as such, its source code can be accessed by anyone. This makes it easy to search for flaws, improve the system and also build new applications which can be integrated with Sia.
  4. High redundancy: Sia does not store all of its data in one place; instead the data is stored over multiple nodes all over the world. What this means is that there will be no single point of failure, and the platform will also have the best uptime just like any other cloud storage platforms.

The above are some of the standout features of Siacoin and the Sia platform and now let us discuss some of the benefits.

  1. Highly secure: Siacoin being a cryptocurrency is incredibly secure and ensures very high levels of anonymity. As such, the transactions that are carried out by you cannot be monitored by any central authority or third party.
  2. Ease of use: Using Siacoin is also very easy, and this is because many cryptocurrency exchanges support it. Thus performing exchanges takes only a matter of minutes and is seamless.
  3. Returns: Just as with any cryptocurrency Siacoin also has a potential for high returns and high rewards. And with cryptocurrency usage on the rise, Siacoin owners also hold potential for getting good returns on their investments.

Let us now look at how to buy Siacoin, its price, news surrounding it and its price predictions.

How to buy Siacoin

Siacoin is available from many cryptocurrency exchanges around the world. One thing to keep in mind is that Siacoin cannot be bought directly with fiat money; as such you must first buy Bitcoin or some other altcoin using Fiat money. To buy Siacoin, you need to buy Bitcoin or other cryptocurrencies from exchanges using fiat money through your credit or debit cards. After you are in possession of cryptocurrency now, you can head over to exchanges which offer Siacoin and then exchange it. Some of the major exchanges which offer Siacoin are Poloniex, Bitsquare, Yunbi and Shapeshift.

Technical Stats

Supply -
Genesis Date June 06, 2015 (over 2 years)
Hashing Algoritm Blake2b
Block Time 10.0 Minute
Hashrate N/A

Project Links

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