Siacoin is a cryptocurrency and a decentralized blockchain-based platform. SIA is deciphered as Security Industry Association. The concept isn’t too complicated. The platform rents storage space and pays users with Siacoin tokens for using it. The project was officially launched on 28th August, 2015 and had a total circulation of 27.170.726.970 Siacoin cryptocurrency.
Siacoin cryptocurrency has the symbol: SC.
How does Siacoin platform work?
The platform still has a high potential to reach a larger market share of cryptocurrency network. At the time Siacoin project was launched, it worked as a revolutionary technology. The platform offers a private, highly secured and cost-effective cloud storage.
Due to the fact that it is a decentralized platform, there is no need for strong servers to store the data. Anyone can rent its computer storage to Siacoin network and get paid for that. Respectively, if someone prefers to use the platform storage must pay cryptocurrency tokens.
The platform keeps your files safe on the blockchain. In case these are being somehow destroyed, you will not get rewarded.
The platform looks similar to Google Drive or Dropbox. However, the difference between them is the blockchain based technology. In Siacoin’s case, the data is stored on a blockchain platform, not on bank of servers.
How can you buy Siacoin?
You cannot buy Siacoin with fiat currencies. First step you need to follow is converting your fiat money into Bitcoins or Ethereums on any famous cryptocurrency marketplace. It will be simpler if you already hold some BTC or ETH digital currencies. After this step, use the Poloniex or Shapeshift platform to buy Siacoin cryptocurrencies.
Where can you keep your Siacoins safe?
At the moment, the Siacoin cryptocurrencies are available to be kept only on a desktop version of wallet, used on Linux, Mac and Windows operating systems. All you need to do is enter on Siacoin’s official website and install the wallet.
The wallet is called Sia-UI Wallet. Choose the suitable one for your computer specifications, then wait till the installing process is ready. Open the application and create a new wallet. Do not forget to encrypt your personal key. The final step you need to do is to send the Siacoin you just bought to your personal address.
The Advantages of Siacoin’s platform
- It is a decentralized platform;
- It is highly secured, anonymous and uses low costs;
- The data isn’t stored on servers as other network do, but on Siacoin’s blockchain. It assures a higher security.
The disadvantages of Siacoin’s platform
- You cannot buy Siacoin cryptocurrency directly with fiat currencies;
- The official Siacoin wallet is available only on desktop version (Mac, Linux and Windows operating systems).
When it was launched, the Siacoin was promising a higher attraction of user’s interest. Even if the platform isn’t so profitable to use for trading cryptocurrencies, it is a great opportunity to keep your data safe.