The world of cryptocurrency is evolving rapidly, and more and more technologies have to be reviewed. In this article, we are going to review the decentralized cloud storage platform and the same-named cryptocurrency. We will cover the advantages of the Siacoin, the Siacoin price, and if it is even worth buying it or not. So, we will basically tell you about our own research on crypto company Sia.
Siacoin Infrastructure: Key Points
Siacoin (also named SC) is not only the type of cryptocurrency but the first decentralized storage platform secured by many protection features. Siacoin network is another key term: it is a tool for the conduction of transactions for the trade of computer memory data storage (cloud storage). At the same time, you pay for the ability to make transactions inside the platform in the Siacoin (SC) internal cryptocurrency. That is very much like Bitcoin. As with the latter, the computing power to solve some tough mathematical tasks (equations) is performed by miners who contribute to the Sia fund.
Siacoin: History of the Company Infrastructure
At the very beginning, Sia was just an idea of the co-founder of Sia named David Vorick in 2013. The creators of Sia strived to make up an idea of the unification of all unused virtual space for the user data storage. Basically, that is the main purpose of the company in a nutshell. The creators of the Sia employ blockchain technology. Blockchain technology permits the successful optimization of the project based on security and trust within the users’ community. The protection of smart contracts is based on data encryption with zero intervention by some other companies or individuals.
In case one utilizes Sia, one would be able to test the new approach to the various ways of cloud storage of any data. The mechanism of a decentralized storage system permits the users of the Sia network to get revenue from speculations with Sia and participating in the platform development. The beneficial part about it is that there are no third parties such as state influence or banking systems. Moreover, one gets storage capacity and data leasing from the Sia platform. The platform has its own hard drive space.
Main Features of Sia Projects
Such altcoin as Siacoin and Sia platform itself are the products whose main aim is to provide decentralized cloud storage for the Sia network, ensuring high-level security protection. The creators of Sia have plans on enabling the trading function at the end of the current year. Furthermore, Sia presents open-source code for anybody who would like to find it on the GitHub website.
The Future of the Sia and Mining Process
Almost every cryptocurrency imaginable, apart from Siacoin, does not have token inflation. The token inflation is integrated into the Sia project itself. When the project has started, the mining volume of the payment for products was around three hundred thousand coins (one can check the Siacoin price of that time). Then, with each next block, the reward would be lowered by one coin. Once the revenue volume of thirty thousand coins is earned at the level of about twenty-seven hundred thousand, this indicator becomes fixed and remains stable.
And, onto the headliner, what is the current price today? The Siacoin market capitalization is just over 943,678,924 dollars. The price of one unit of Sia is 0.028967 United States dollars dated as of February 19, 2018. Not to mention, one SC equals 0.00000268 BTC.
Benefits of Siacoin and the Mining System
Blockchain technology is actively utilized by the Siacoin system in general, as it provides high-level security. It also accounts for the simplicity of the workflow with smart contracts and payments.
Why is it useful for the users? The factors are as per the following:
- The control over one’s personal assets eliminating the observation by any third parties. This implies that you are the only one who sees your funds and can do any operations with them, so it ensures that your account will not be freezer or blocked;
- An even count for fees and benefits: that all because the miners get coins as rewards for mining activities, and digital owners get income from leasing and selling resources that store data, and holders make payments for the purchase of certain resources;
- The invention of smart contracts employed for the storage of data. The Siacoins themselves can be transferred to some other user or may be part of a contract for storing information on the platform;
- The secure network based on the Proof-of-Work protocol controls the crypto operations and ensures one reliability.
The Siacoin allows one to obtain a small but rather stable income via mining activity, and it is pretty easy. One can just login into the program on any device and earn some coins, which can as well be converted to fiat currencies or Bitcoins.
Drawbacks of Siacoin
We are sure such drawbacks will not radically change your opinion about this cryptocurrency and file storage tool. However, we still have to mention them.
The main cons of the Sia were found during the mining of tokens:
- The heating of equipment. The mining of tokens takes a lot of time. And it heats the equipment a lot. So, this must be considered while planning to mine the crypto assets;
- Fees and commissions. This issue is connected to the conversion of SC to any other cryptocurrency or fiat currency. Sometimes, if there is such a request, the exchange service might send your data to the tax governing bureaus;
- High electricity prices due to energy consumption. I guess you know that it relates to overheating of equipment.
Siacoin Crypto App Installation
In case one would like to start working with Siacoin cryptocurrency, then one will have to download the demanded software and application. One should use only valid sources. Otherwise, there is a high risk of scams. Click right here to see the official website of Siacoin.
On their official website, on would be able to gather some knowledge about the project itself, about the Siacoin price, current storage capacity. One would also be able to know more about Sia blockchain and network regulatory issues and about the costs of other services. The necessary app to download can also be found there.
The Wallet of Siacoin helps one store, send and receive crypto (and not only) money, so creating a Siacoin wallet is a great investment. One will have to choose the correct version for the device and download it, then complete the registration procedure and get the address for the Siacoin Crypto Wallet. The Siacoin Crypto Address is something like your bank account. The address specifies the forms for crediting assets in one’s balance. Moreover, one should not forget to secure the wallet and money by setting a seed that contains 22 words. It provides additional protection, and more and more people in various companies related to e-wallets tend to use it. The seed will help one to be protected from scammers and hackers.
How to Obtain Siacoin
Generally, there are three ways how one would be able to get such a coin:
- Through mining. One can mine the blocks by utilizing the strength of your device and get rewards later;
- Buy Siacoin in some exchange and maintain the coins;
- And, finally, rent the free storage space on the Sia hard drive (to keep files, for example) and, by this action, get Siacoin.
Withdrawal of Unused Coins
In case some of your coins are stored on your account, someday, you will probably want to withdraw them and utilize them for disposal.
The process of withdrawal is simple and requires to simple steps:
- First of all, there is a demand to convert all of your Sia money into Bitcoin (make sure to check the current Siacoin price);
- Then, one will have to convert the Bitcoin into fiat currency.
That is, basically, it.
Future of Siacoin
One should consider Siacoin (SC) as a profitable money investment as the price predictions of Siacoin price are positive. The custom forecast algorithm claims that if we looked back at statistics, we would observe that the value of one unit of a coin has increased over 35 times over the past year. This Siacoin price growth is, for sure, impressive. So, we hope that the price predictions for the future will as well be confirmed.
I believe the market works well with such a long-term project as Siacoin, and creators of the Siacoin (e.g., David Vorick) have done great work in developing the hard drive space, network, Sia blockchain, and so forth. As awareness grows over such a cryptocurrency as Siacoin, the creators continually improve the quality and the functionality of it. Nonetheless, it is important to take into account certain risks that might arise.
Is Siacoin a good investment?
Siacoin is considered to be a great investment. The Siacoin price prediction suggests an upward going trend in the pricing of the coin. In other words, Siacoin price will grow. So, users can easily buy and store the Siacoin and wait for the cryptocurrency to grow even more.
Siacoin is also beneficial as it has awesome cloud storage (file storage). The current capacity is almost four and a half petabytes. This will ensure one in the huge amount of storage space available. Another important fact is that alternatively to leasing the storage from a centralized provider, the users of Sia rent storage to one another.
Is Siacoin safe?
Siacoin is indeed sade. First of all, it does not involve any other third parties in their business, so no one would be able to observe your operations. In case you use the Wallet for Siacoin, there is a 22-word seed phrase for high-level protection. The hard drives of Sia are devices for storing files, and they are as well safe.
When the Sia contract expires, the organization is not meant to keep your data or files. Hosts should provide storage proofs at the end of the contract, which proves that the host has held tenant data.
How to pick the best crypto exchange for yourself?
Some people like to go into research about cryptocurrencies to find out what is better. There are many of them in the market: Binance, Coinbase, Bitifinex. The world of the cryptocurrency market is huge! It is important to mention that price predictions in different exchanges might differ, as well as the price for cryptocurrencies. They tend to differ slightly. For example, one could compare the Siacoin price across the platforms and choose the most appealing one.