Siacoin (SC) Review – Crypto Coin Judge
Every day, the world of cryptocurrencies is becoming more crowded due to its wide adoption in different sectors of the industries. A number of cryptocoins are already available in the markets and their numbers are growing with each month. Today, altcoins (STEEM, Hcash, IOTA, etc.) are making their way into the cryptocurrency ecosystem by providing huge benefits to investors in terms of returns, liquidity, and confidentiality in transactions. However, due to a large number of altcoins doing the rounds in the markets, it is becoming more and more difficult for anyone to predict which coin will bring fruitful benefits in the future.
Recently, Siacoin (SC) has been making good progress in the cryptocurrency market. It has some key features that make it stand apart from the other cryptocurrencies( Bitcoin, Ethereum, Litecoin) and make it a good option for ICO tokens too. We are going to look at the intricacies and benefits of SiaCoin in a little detail.
What is Sia Altcoin?
Sia is a project that provides a decentralized and secure cloud-based storage platform where data is stored on the blockchain. The Siacoin (SC) is a cryptocoin which has been designed for use on the Sia Platform. This concept first surfaced back in 2013, at HackMIT, and now the project is run by Nebulous Inc. (with headquarters in Boston, USA). There is a simple idea behind it that allows anyone to rent their storage space and get rewards in return for this use.
With centralized storage, there is always the possibility of failure and the chance of misuse of unencrypted data in order to reap higher business profits. Therefore, the company has come up with the idea of collecting a large amount of storage space and coupling it with blockchain to offer encrypted and decentralized cloud storage. It ultimately eradicates the requirement of centralized data centers.
The team behind Sia
It is a VC-funded Startup, founded by David Vorick and Luke Champine of Nebulous Inc. The company is backed by the talented members of the Nebulous development team which includes industry experts. This is a primary project for the team and they are focusing on making it a reliable decentralized infrastructure that will help them to bring it forward in the future. Here are the key members of the team:
1 – David Vorick (CEO): David graduated from Rensselaer Polytechnic Institute with a BS in Computer Science. In addition to being a Co-founder and CEO, of Sia, he also supports the Sia Core as Lead Developer.
2 – Luke Champine (Co-Founder): Luke also studied at the Rensselaer Polytechnic Institute with David. He dropped out of college and now works fulltime on the Sia project. Luke is a Core Developer with a keen interest in programming.
3 – Jonathan Howell (Core Developer): Jonathan started showing interest in programming when he was just 10 years old. He has an MA from Savannah College of Arts and Design. Jonathan is working as a front-end developer on the front-end of Sia and provides well-built and easy to use UX around the core functionality.
4 – Zach Herbert (Head of Operations): Zach has expertise in handling projects and product management. Zach has been working with the Sia team since January 2017. He graduated from Boston University in mechanical engineering.
5 – Todd Mitenberger (founder of Nebulous): Todd is an American venture capitalist, entrepreneur, and investment banker. He founded Nebulous in 2009 as a consulting business. He currently serves as an Associate for the private Markets Group at Stifel Nicolaus.
Other team members include:
1 – Jae Heller, who is responsible for business development. Heller is a forward-thinking entrepreneur and marketing strategist.
2 – Drew Volpe, Board Observer of Nebulous. Volpe is an entrepreneur, technologist, and investor with a strong background in search, sensor, machine learning, and mobile technologies.
Sia – a decentralized cloud storage platform
1 – The platform uses a peer-to-peer decentralized network which creates a marketplace for cloud storage where some of the users work as hosts and offer free space in their disks which other users will rent as storage space. In other words, anyone can rent out the extra space of their PC to this decentralized network and enjoy payment in the form of SC. In the same way, if any user wants to use Sia storage, he has to pay SC to the host.
2 – It has an open source code, which means that independent developers can give their contribution to this software and build new applications. The Sia software is licensed under the MIT license. The developers of the company are moving forward with their long-term aim of making Sia a backbone storage layer of the Internet. They are leveraging the capacity of blockchain technology that allows scattered networks to reach consensus in a secure and safe manner. They use cryptographically-secured smart contracts to ensure encryption and secure data transfer without the interference of any third party.
3 – Instead of using data centers that are owned and run by a single company, SC has introduced this new kind of cloud platforms which opens the doors to anyone to make money by renting out their hard drive. They are providing reliable and efficient cloud storage solutions which are comparatively less expensive than the costly storage providers at both individual and enterprise level. The data integrity is well protected, leveraging cryptography, and eliminating redundancy.
SC is a special currency which utilizes this network for executing file storage contracts on the Sia blockchain. All the decentralized payments on the networks have been done by SC. It enables you to do things which are not possible with traditional online payments or Bitcoin.
SC can be acquired in exchanges or through mining. The host has to keep the files securely as per the time and space agreed upon. After the completion of the agreement, payment will be automatically released to the host in the form of SC. If the host loses the files then they won’t receive any payment. The file contracts are the smart contracts on the Sia blockchain. This contract allows the renters to use the free space provided by the host under a specific set of rules which will be automatically enforced without the interference of any third party. This agreement is made to ensure compliance between the storage provider and their client. There is also the Siafund, which is an asset designed for raising funds for maintaining the project and meeting the expenses of the development team.
Problems resolved by SC
In traditional cloud storage, users have to upload their data into the cloud of a single company like Apple or DropBox. They can easily access all of your stored data and information as they have all the control. Today, privacy has become the prime necessity in ensuring the security of data. Therefore, Sia allows the users to store their important data in the cloud storage without losing control. Once the file is uploaded to its network, it will be encrypted and then uploaded to a large number of hosts, where no-one can manipulate your data or violate your privacy. This is the only platform that holds the payment until the host finishes the file contract.
What makes it stand apart?
SC utilizes Sia Blockchain which is based on a decentralized cloud backend. It is a cloud storage provider with unique features that make it different from others. Let’s read what makes it unique:
1 – Privacy: Compared to other cloud storage providers, it ensures a higher level of privacy by providing encrypted file storage. Only you can access and control your data with decryption keys.
2 – Cost effective: It offers cheap and affordable cloud storage in comparison to other cloud storage providers.
3 – Uptime: If we compare it with other cloud service providers, it provides better uptime because it stores your data in tiny pieces of files on dozens of nodes across the world.
4 – Open source: It is an open source that enables the user to build innovative applications on top of the Sia API.
How to mine Sia?
Siacoins are based on PoW mined by GPUs. The Sia Daemon is the single-threaded CPU miner, featured in Sia which is recommended for testing purposes. Key features of the software include:
- Sia-GPU-Miner by Nebulous Inc. Written in C.
- Gominer by @allejuppa. Written in GO.
- Sia-CUDA-Miner by KlausT. Written in C.
- Sia-CUDA-Miner fork by Vorksholk. Written in C.
- ccminer by KlausT. Written in C.
● Luxor Mining
The cryptocoin wallet is a digitally secured wallet that helps you in sending, storing, and receiving your digital currency in an efficient way. It stores private and public keys to interact with different blockchains and allows users to send and receive their digital currency as well as monitor their balance.
Most of the coins provide their official wallet and some also utilize third party wallets. If you want to use your crypto coin then you have to use the cryptocurrency wallet. Right now, Sia supports the wallets for Linux, MacOS and Windows platforms. You can download the SC wallet easily from its official website.
Sia-UI is the official windows app which is designed and maintained by its talented team of developers. It’s the most secure and simple wallet that you can use to store your SC. The developers have ensured that the wallet has a high level of security and can be used only by the authenticated individual.
How to buy Sia?
Do you want to invest in SC? Then you need to follow some well-defined steps.
1 – First, you need to convert your dollars or euros or any fiat currency into cryptocoins like Bitcoin or Ethereum.
2 – After purchasing the coin, next you have to convert it into SC from one of the top exchanges.
3 – Now, you have SC in your exchange account that you can move back to your Siacoin wallet.
The preferred exchanges from where you can exchange your BTC/ETC for SC are:
4 – Bittrex
It is built and fully regulated in the United States. Bittrex is a highly trusted cryptotrading platform which has been designed by security professionals. It makes use of the most reliable security technologies and provides the benefits of fast trade execution and stable wallets for users.
5 – Shapeshift
By using a web platform or mobile, Shapeshift provides trading for numerous blockchain coins like Siacoin, Zcash, etc. It’s an innovative, low friction cryptocurrency exchange that offers the safest and fastest option to switch one cryptocoin with another.
Today, the necessity of data decentralization is essential in providing constant security and privacy. Sia has hit the market at the right time. It seems that SC will succeed in the future as the high rate of adoption of Sia cloud storage is very promising. The above table clearly shows that the coin has stayed relatively stable over the past six months. If we consider these figures then investors can potentially reap beneficial profits in the near future.
Siacoin (SC) is the cryptocoin used on the Sia platform. It offers the most economical and cost-effective cloud storage when compared to other centralized cloud players available in the markets, like Amazon S3, Dropbox, etc. Sia provides decentralized storage which has been developed by Nebulous. By using a one-to-one decentralized network, it has created private cloud based storage hosted on a blockchain platform.