Everyone who knows about cryptocurrency has heard of Bitcoin, and Ethereum by now. As they have been around for quite some time now. However, Siacoin is a new but a major contender in the blockchain and cryptocurrency region. Mostly known as Sia’s native token, is ranked at number 24 in the world cryptocurrency ranks.
What is Sia?
In simple words Siacoin is a distributed cloud storage platform, which is basically taking over unused storage space to offer a smart storage solution. The idea came forward back in 2013, where people talked about renting their unused storage space to gain a small reward in return.
However, when we talk about Sia alone, it’s all about using a large group of decentralized networks. Compiling them together and making them the cheapest, fastest, and secure online storage platform. It is important to note that Siacoin might be categorized as a cryptocurrency, but it is not a competitor of Bitcoin. As the Siacoins only exist in the Sia network platform world.
How is Sia Different?
Today, most cloud storage services are centralized, and they store all their data on a third party server. On the other hand, Siacoin uses a storage solution that is decentralized, taking resources from each user. Yes, there are a number a decentralized storage projects. However, you can only understand what sets Sia apart if you take out time to understand the complex details that are used in running and maintaining the decentralized system Sia has to offer.
For instance, the Sia Blockchain can create a smart contract, which is designed to ensure that the host it paid for all the services. This is just one of the many advantages that sets Sia apart from others in the market. Sia offers a file contract, which means the Sia network allows renter and host to sign a mutual agreement. So anyone who has Siacoin is able to rent digital storage from any host on the Sia network. This is done using a smart storage file contract, which Sia stores on their blockchain. Before the process begins, the host has to agree to keeping the files on his/her server for a set amount of time. This is before the demand of payment arises, so if the host is unable to secure the contact they won’t be paid.
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How can you use Siacoins?
All you have to do is visit the Sia website, and download their wallet software. Once you have set your wallet up, following the instructions. You will be able to purchase storage space using Siacoins. And as soon as the purchase goes through, you can start uploading your files to network. Until now, the only use of Sia coins is to help you buy storage online. But if you are working as a miner, or host and wish to sell your Siacoins then you will have to purchase a cryptocurrency that actually acts a currency. For instance, you will have to exchange your Siacoins for Bitcoins, and then have them converted to any currency. Or you can simply use Bitcoins to make purchases.
How Can you contribute to Sia?
If you have some extra hard drive space, and wish to offer it to other clients, then you can become a host using Sia. All you have to do is set up a storage folder where you wish for the files to be stored in, and click the announce button. This will inform your peers, that you are offering file hosting. This file will be encrypted by Sia, so you are not able to access the data that is stored on this particular file on your hard drive. Becoming a host is just one of the ways you can contribute to Sia and make Siacoins. Another way to make Siacoins online is by mining.
How to Mine Siacoins?
Sia relies highly on their mining process, and offers money to those who mine. If you want to start mini Siacoins, then all you need is a gaming laptop, or a desktop with a good graphic card. Once you have determined that the Sia miner will work flawlessly on your computer, then visit the Sia website and download the Sia Miner. The process is a bit lengthy and might take you about 20 minutes to set up and understand. However, once you have set it up, you can easily start mining and receive Siacoins for your contributions. These Siacoins can be used in many ways, and depends on the user. You can either save them as an investment, or simply use them.
Supply of Siacoins
The actual supply stream of Sia is one of its own. There will be an infinite number of Siacoins to be produced. To start, the core developers mined the first 100 blocks. The stipulated coin awarded for the first block was 300,000 Siacoins. After the first block, the Siacoin reward will exponentially reduce by one unit for subsequent blocks.
In a nutshell,
1st block had 300,00 Siacoins.
2nd block had 299,999 Siacoins.
3rd block had 299,998 Siacoins.
4th block had 299,997 Siacoins.
… and these calculation will go on until the block rewards are decreased to 30,000 Siacoins.
Eventually, 30,000 Siacoins will flow into the network for every block mined.
At present, there are 28 billion Siacoins are circulated.
How To Buy Siacoin?
Here is a step to step guide on how to get your coins the easiest way.
Step 1 : Buy Bitcoin (BTC) or Ethereum (ETH) or other altcoins on credit cards. Then go to step 2 to convert BTC or ETH to Siacoin(SC).
There are many site that offered buying BTC/ETh with credit cards, bank transfer, etc
Changelly – use credit cards to buy BTC plus others. Read this post for more guide how to buy.
Localbitcoins – a peer-to-peer marketplace with various payment options.
Paybis – accepts almost all major online payment gateways such as Paypal, Skrill, PerfectMoney, Payza and etc.
Virwox – another digital currency exchange that accept Paypal and Skrill as payment method.
Step 2 : Buy/convert Siacoin $SC direct through altcoins exchanges with your Bitcoin
Currently, the only direct way to buy Siacoin is via various cryptocurrency exchanges. Poloniex is the biggest open marketplace for Siacoin trading accounts about 50% of daily volume of Siacom trading.
Now that you have bought your Siacoins, you might want to move them to a wallet.
Step 3: Move from exchange to Sia Wallet
At time posting, Sia only supports desktop wallets on Linux, Mac, and Windows platforms.
Download the most updated Sia wallet here.
Run the wallet and wait for synchronization with the blockchain.
Create a new wallet and unlock it using the seed key displayed. (Unlocking can take several minutes.)
Secure your seed key.
Click on the Receive Siacoin button and send your Siacoin from the exchange to this address.
Advantage and Disadvantages of Siacoin
Users can easily to share files,
Afforadable option to the mass
Get paid for the under-used harddrive
Decentrliazation and privacy
Unlike dropbox, user opt-in
Excessive resources required. The current technology not as robust
Security and privacy could still be an issue if someone get hold the “masterkey”.
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Takeaway – The future is looking bright for Sia
As for our opinion on the matter, we feel that Siacoin really has the potential to revolutionize the cloud storage technology. As they are offering both privacy and affordability which are the main things that people are looking for. So when you compare Sia to others in the market Sia become the first choice based on price and security alone. As it is offering a secure place to store information.
However, Siacoin is new in the market compared to others, and do not offer all that others do yet. To bring Siacoin up to the mark their app developers are working on implementing the Siacoin technology in ways that it is more practical to use. So users do not feel overwhelmed, and simply walk away due to its complex characteristics. Currently making the Siacoin more user-friendly is their main goal, so they can make it more effective in the long run. Many have already started with Siacoin, but as they set in a few key implementations, they will be able to get a front place in the mainstream place, so users can easily catch them and enjoy all the services Siacoin has to offer. It might take a few months or years, depending on the company, and how they wish to pursue matters. As for now, all we have to go on is their safe, and cheap online storage solution technology, that might be able to change the way we store information.
The ultimate goal of Sia is to disrupt the cloud storage ecosystem currently dominated by Dropbox, Google Drive, and OneDrive. In the blockchain sphere, Sia’s direct rivals are Storj and MaidSafe, but Sia asserts more advanced technology in encryption and decentralization.
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Important Siacoin #SC Links
✘ Official Siacoin Website
✘ Sia Bitcointalk Announcement
✘ Siacoin Nodes and Wallets
✘ Siacoin Blog
✘ Siacoin Wiki
✘ Siacoin Roadmap
✘ Siacoin Slack
✘ Siacoin Forum
✘ Facebook @siastorage
✘ Twitter @XSiaTechHQ
✘ Reddit r/siacoin
✘ Linkedin @Siacoin
✘ Siacoin Instagram
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