Siacoin is a blockchain project that aims to decentralize the cloud storage industry, the Siacoin blockchain connects users who need to store their files to decentralized storage around the world.
In this Siacoin review, we would focus on the Pros, and Cons and the benefit of Siacoin and how you could benefit from it. You can read about other promising cryptocurrencies via our crypto-analysis tag.
The Sia Blockchain technology encrypts the data and shares it across different storage devices across the world. This approach of encrypting and sharing the data across multiple devices ensures redundancy, and also makes it impossible for the data to be hacked or confiscated by governments.
The Siacoin blockchain allows this storage marketplace of storage users and storage operators without a centralized entity.
Thereby making it impossible for the data to be ceased or hacked by governments who often prey on the privacy of their citizens.
Table of Contents
What Problem Is Siacoin Trying to Solve?
The current centralized cloud storage providers that exist pose several threats to the privacy and security of users data.
We often hear of data breaches by hackers and of major storage platforms, and other internet giants.
This is possible, only because these are centralized entities, if you put valuable data in a centralized data storage, it is a high target for hackers and governments to, and despite the best security practices with these state of the art data storage units, a single oversight can lead to a breach of data of millions of users.
While centralized entities provide a single point of failure, blockchains by nature are decentralized and thus provide no single point of failure, and making any attack vector meaningless.
Should Siacoin succeed, it will push the internet into an era of a truly decentralized internet.
Siacoin, What Does it Do?
The Siacoin cryptocurrency is the native coin of the Sia blockchain. To store data on the Sia blockchain, you need siacoin to purchase and store your prestigious data.
Anyone who loves to store his or her data on the decentralized storage blockchain must use siacoin. This provides great utility for siacoin cryptocurrency and provides utmost rewards for the renters.
Who Owns Siacoin
Siacoin is developed by Nebulous Labs, which was formed by David Vorick and Luke Champine in Boston, Massachusetts. The company was formed on May 14, 2015
Who Uses Siacoin
Siacoin is used by people who store their data on the sia blockchain. Without siacoin, you can not store data on the sia blockchain.
You need sia to store on the blockchain because the renters of the storage units are paid in Siacoin.
How Siacoin Works
How does the siacoin decentralized data storage network work? What happens when you upload your data to the siacoin blockchain.
When you upload your media to Sia, every single file gets divided into 30 segments before uploading, each targeted for distribution to hosts across the world.
Each file segment is encrypted before being sent out and stored securely on the sia blockchain.
How to Buy Siacoin
How to Mine Siacoin
You can mine siacoin and earn considerable profits doing so if you get it right, first off;
1. Get the right hardware, Siacoin can be mined using the appropriate ASIC device. ASIC devices are application-specific devices that are optimised for mining.
Sia can not be mined effectively by CPU’s or GPU’s thus ASIC’s are your best bet.
2. Get a wallet address, we recommend using the official Siacoin wallet for your convenience.
3. Configure your mining device, by either joining a mining pool or by mining solo.
4. Watch as Siacoins begin to flow into your wallet address.
What is the Total Supply of Siacoin
Circulating Supply; 48.89B SC
Total Supply; 48,891,202,992
Current updated data can be found on coinmarketcap.
When Was Siacoin Started
Siacoin was started in 2013, however Nebulous Labs, the founding company that developed Sia was formed in 2015.
When Will Siacoin be Listed on CoinBase
As at the time of press, siacoin is not listed on coinbase. This is strange given that coinbase has listed projects that have much less utility than siacoin.
It is important to understand that coinbase would list siacoin at their own convenience, but that convenience we suspect isn’t far off.
While you await coinbase listing of siacoin, it is important to accumulate some siacoins off other exchanges for the lift up expected when listed on coinbase.
When Will Siacoin Take Off?
There are different factors affecting the price of Siacoins on exchanges. Amongst them are;
1. The total supply of SC is itself too high
2. Apparent lack of marketing efforts to make SC popular among the crypto community. Even shitcoins are popular than siacoin, which is deliberately keeping down.
3. Listing of Siacoin on popular exchange such coinbase would undoubtedly increase the popularity of Siacoin and often the price.
4. With the increased adoption, there would increase in the demand for Siacoin, leading to the increase in the price of siacoin
When Siacoin Reach $1
The price of any cryptocurrency is often unpredictable, however, with increased demand for decentralized storage platforms, the price of siacoin can even rise above $1, some estimates that Siacoin would rise to $10
Siacoin Wallet for Android or iOS
How to Buy Siacoin by PayPal
Buy Siacoin With Credit Card
Is Siacoin Worth it?
There are real uses of Siacoin, definitely, Siacoin is worth it, although it has taken a lot of time to become popular, the sia team has a fully functional decentralized storage blockchain. Adoption is increasing gradually.
Sia is not one of those coins you purchase today and get 100x returns in 3 months, however, the prospects of Siacoin remains high.
Siacoin vs Filecoin
Siacoin is more matured than filecoin. Although filecoin is more popular. Siacoin is focused on developing a more mature product before marketing it.
Filecoin on the other hand is focusing a lot on marketing.
Filecoin problems are that their transfers are egregiously slow due to the seal/unseal process. There are conflicts of interest due to conflating miners and storage providers. Post is unproven to actually be resilient against attacks – Hardware requirements are stupidly high.
Siacoin vs Storj
Storj just isn’t really a decentralized storage provider. It can be not compared to Siacoin which is a decentralized storage blockchain.
The Conclusion ; Siacoin ReviewSiacoin Review
- True Decentralized Storage
- High Speeds
- Complete Encryption
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