What Is Siacoin Cryptocurrency?
Sia is a decentralized platform that provides a cloud storage service. With it, users can provide free space to others or place their files in encrypted storage, and all contracts, proof of content, and transactions are verified using a public blockchain. All services on the network are paid for in the SC coin, and transactions are ensured by smart contracts and proof of storage.
All About SC Coin
Sia founders are Nebulous Corporation employees David Vorik and Luke Champine. They came up with the idea of creating decentralized cloud storage in 2013 while participating in the annual developers' forum HackMIT.
The beta version of the platform was launched in 2015, and SC cryptocurrency began to be sold on the Poloniex exchange. The coin was only worth $0.00003, but many investors didn't pay any attention to it, and the price had dropped by winter.
Only the next year, after the official release of Siacoin, the token rate stabilized and even slightly increased. An absolute high was recorded during the cryptocurrency rush in January 2018.
In 2021, the Sia Foundation was launched. It is a new non-profit organization created to develop and support distributed cloud storage infrastructure. The foundation is registered in the USA and is governed by a board of directors that includes the leaders of the Siacoin project.
Cryptocurrency Siacoin Price Today
Today Siacoin price is 0.0445 USD.
Experts have a positive Siacoin price prediction because this project offers a number of advantages:
- Privacy. All data on the Siacoin network is encrypted, and unless the host has a private key, others cannot access it. So, the client has full control over any content. In the traditional model, on the other hand, the company managing the cloud storage has full access to your data.
- Availability. This platform has a flexible pricing model, and the customer can choose the appropriate option.
- Security. All data flows through Sia's decentralized network in an encrypted form, which means that users of this network are not afraid of threats typical of centralized systems. Moreover, Sia has the possibility of redundant storage. Files are distributed between different hosts, so any host's failure doesn't influence data availability.
How To Mine Siacoin?
The developers made the initial 100 blocks by themselves. Is mining Siacoin profitable? The reward for the first block was 300,000 tokens. Further, with each block, the reward decreases by exactly 1 token. The minimum will be 30 thousand Siacoin coins.
Coins are mined with video cards. On average, a new block appears every 10 minutes. Blake2b and p2pool are Siacoin algorithms used for block hashing. You can download the mining software on the Siacoin website.
In the future, Sia is going to become one of the main services for decentralized cloud storage on the Internet. Users will be able to watch movies and listen to music, watch photos directly from the Sia network and access all important files and documents at any time without worrying about their security and safety. The company plans to displace and possibly replace such giants as the existing cloud storage services of Amazon, Microsoft OneDrive, Mega, and DropBox.
In addition to all of this, Sia will also be making it possible for third-party developers to create apps on its platform. The company has already created a prototype of the application, which could eventually replace BitTorrent.
According to the Seacoin news, its creators see it as a vast network of small data centers, which together will be the fastest, cheapest and safest platform for data storage and sharing.
Should I Invest In Siacoin?
Sia is a promising project, and the Siacoin price can grow if its developers achieve their goal. Yet, the main concern that the number of tokens is not limited, and there's a risk of inflation. So, keep it in mind while thinking is Siacoin a good investment or not.
The safest option for storing SC coins is to use the Sia-UI wallet with a simple interface for Windows, Linux and macOS.
Where To Exchange Siacoin?
Those who have understood what is Siacoin coin and are ready to buy tokens can use one of the popular exchanges, such as StealthEX. This transaction will be fast and secure, and users don't need to provide too much information to buy Siacoin, for example you can buy Siacoin with Litecoin or other assets.
How Do You Buy Siacoin?
The process takes just a few minutes, just go to StealthEX.io and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to SC.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your Sia coins.