Siacoin Cryptocurrency Review

Siacoin (SC) Coin

What is Siacoin (SC)?

Sia is a storage platform secured by blockchains. It is decentralised as centralised platforms are prone to get hacked and misused. What Sia does is it brings together a large amount of storage space and puts it in a blockchain to decentralise and encrypt it.

How Does Siacoin (SC) Work?

Siacoin is Sia’s cryptocurrency. Users can rent out the storage of their computers and earn siacoin or they can buy storage using siacoins. The host has to keep the files of the contract with him for an agreed upon date when he may want his storage back or ‘move-out’ of the storage. Only then will the siacoins be released to the host. But if the files are lost, the host will not get paid.

SiaCoin’s main competitor is FileCoin.

Benefits of Siacoin (SC):

The files you save on Sia platform will be encrypted and distributed across the blockchain to prevent hacking. It cannot be accessed by anyone other than the person who stored it.
Less costly than other storage options like dropbox.
Open source. It allows software engineers to contribute by building new and improved applications.
A huge amount of storage. It has a total storage capacity of 4.6PB.

How to Setup Siacoin (SC)?

Set up a Siacoin wallet first. Download Sia-Ul, an application created specifically by Siacoin developers for storing siacoins. When the download is complete, create a new folder, unzip the file and rename it. Double click on the renamed file and create a wallet. Create a new password and then unlock your wallet. The app will then start scanning the blockchain.

How Much Does Siacoin (SC) Cost?

0,011103$.

How to Invest In Siacoin (SC)?

Put in your address after you click the ‘receive siacoin’ option. The siacoins will be directed to your address. To buy siacoins, you first have to buy bitcoins, which will be traded in for the siacoins. Bittrex can convert your bitcoins into siacoins in under 10 minutes or less. Coinbase, CoinMama and BitPanda allow you to buy bitcoins using credit or debit cards and have them converted to siacoins using bittrex.

Key Features of Siacoin (SC):

Sia operates on a Proof-of-Work blockchain;
Two-way payment channels which provide maximum scalability;
Erasure coding which splits a file into many pieces but the original file can be recovered by uniting a few of the pieces;
This allows downloading to be super fast even if the system is overworked or overloaded;
The hosts storing your data will have no idea what is inside your data or which piece of file belongs to which original file;
Siacoin holders can only access features of Sia. This means that along with Sia usage, the demand for siacoins will increase as well;
Sia has two cryptocurrencies. The first one is called SiaCoin and the second one is called SiaFund. The main goal of SiaFund is to avoid donations and to increase funds by the increased usage of Sia.

Siacoin (SC) Specification

Algorithm:

Proof Type:

Start Date:

Total coins:

Circulating Supply:

Block Time:

Supported Platforms:

Blake2b

PoW

06.06.2015

No Limit SC

34 274 664 509 SC

10.0 Minute

Linux, macOS, Windows

Siacoin (SC) Roadmap

2014

Nebulous, Inc. is founded to build Sia. Raises first capital in a crowdsale.

2015

Sia network is released in Beta and improved throughout the year.

2016

Sia comes out of Beta and releases v1.0.

2017

Sia gains significant speed, stability, and scalability upgrades. The team grows.

2018

Our goal: Sia becomes production-ready for cold storage, begins to be used by companies, and introduces file sharing.

2019

Our goal: Sia starts to approach Amazon S3 speeds, moves to warmer storage, and introduces content distribution features.

2020

Our goal: Sia becomes a true competitor to Amazon S3 and companies start to switch to Sia as an alternative.

Long term goal: Sia becomes the storage layer of the Internet

Siacoin (SC) Wallets

Sia Wallet

Siacoin (SC) Mining Pools

Luxor

SiaMining

Siacoin (SC) Exchanges

Upbit

Bittrex

Poloniex

BbuyUcoin

FEX

Lbank

Bitbns

HitBTC

Abucoins

Vebitcoin

CoinEX

Bisq

Siacoin (SC)

Team of the Siacoin (SC)

David Vorick

CEO, COFOUNDER, CORE DEVELOPER

Luke Champine

COFOUNDER, CORE DEVELOPER

Zach Herbert

VP OF OPERATIONS

Chris Schinnerl

CORE DEVELOPER

Steve Funk

HEAD OF SUPPORT

Siacoin (SC) Links

Website

Twitter

Medium

GitHub

Facebook

Siacoin (SC) Explorer

Sia Explorer

Summary

Sia intends to replace all kinds of storage apps and become the backbone storage app of the internet. And why not? It is cheap and provides a lot of storage with fast processing.