What is SiaCoin?
SiaCoin is a decentralized cryptocurrency and storage platform. Its designers have stated that it is about to change the way in which Altcoins are being kept secured online. Among its main benefits is the fact that it offers a lower average cost, a platform which includes both providers that serve as hosts, and users which act as a type of clients.
The blockchain-based cryptocurrency also acts as a cloud space used for the active storage of its tokens – SiaCoins. It was first released to the general public in June 2015. One of the more interesting things about it is that it did not utilize the means of an Initial Coin Offering (ICO) in order to generate the starting funds for its launch.
Instead, the people that stand behind it chose to act much in the manner of the first digital currency ever, maybe in hope that the SiaCoin price’s pattern will follow that of the Bitcoin price. This is why the genesis block of it was mined for.
Additional funding was also provided by international companies, such as Procyon Ventures and Fenbushi Capital. The coin is often abbreviated as SC. It was a pioneer in the sense that it is the first Altcoin to implement the blockchain technology for the purpose of cloud storage space.
Users can choose whether they wish to pay for the storage or engage in crypto mining, scrypt mining, and crypto trading with the Altcoin itself as well. All of the fees are regarded as being very low for the industry. Anyone can take advantage of it as long as they are in possession of a stable Internet connection.
Did You Know?
SiaCoin cryptocurrency can be viewed as one-of-a-kind in many different aspects, including the fact that it is one of the biggest providers of cloud storage space on the Internet. It has managed to gain significant momentum since its official launch in 2015 and is already considered as falling among Google Drive and Dropbox’s main competitors. Many investors consider that it is extremely good to invest in SiaCoin as even if the Altcoin itself is never subject to increased value, its unique cloud storage blockchain is here to stay.
How Does SiaCoin Work?
We already mentioned that SiaCoin managed to take the cloud storage sector out of the hands of the big sharks and upscale market players. The so-called storage ecosystem that its software engineers managed to design is regarded as being not only revolutionary but also egalitarian as it brought the power of the individual back into the hands of the average user.
The lower prices that it offers for its services have managed to attract many clients, thousands of which also begin to engage in crypto mining for the digital currency itself or to trade with it on one of the legit and authentic cryptocurrency exchanges.
The peer-to-peer based storage ecosystem also lets clients choose whether or not they prefer to rent their own space or to simply take advantage of it. Online traders can pay for the services in SiaCoins. Transactions between individuals and the platform are secured and encrypted via the use of filing contract and proof-of-storage.
What is the SiaCoin Storage Ecosystem?
Hosts and users make up the Sia platform. The latter basically get storage spaces from the former which get paid in Siacoins for their services. It is mainly driven by the concept of the free market. The opportunities and conditions for the storing of files can be described as being flexible.
Providers of space can decide what the price for their service is going to be, advertise it in whichever way they deem necessary, and set the rules and provisions of the contract (such as penalties if a given data file is lost).
They are also entitled to have a right of denial, meaning that they can refuse to store files that belong to a more sensitive or intimate category. The Sia cryptocurrency platform has also taken care of the integrity of the client.
If the latter has been correct to the host. Users can simply decide to split their files or copies of them between different providers so that they know that they can be retrieved back at any given moment. If a client is particularly happy with the services of his or her provider, he or she can reward them.
This is done not only via the payment of the imposed fee but also via the use of uptime incentives. Such additional and symbolic payments are a way to show that the host has been attentive, the upload speed was good, and the requests have been processed in a timely manner.
What are the File Contracts of the SiaCoin Cryptocurrency?
A file contract is a contract signed by the host and the user. Copies of these are stored not only by both associated parties but also on the SiaCoin blockchain in order to avoid any malpractice. Once the document has been verified by the provider and client, the Sia platforms keep it safe and its terms and agreements are immutable.
Of course, the open-source storage blockchain cryptocurrency offers great flexibility which means that one of the sides may end the contract at any given moment. File contracts are also the thing which defines the durability of a host-user partnership, how frequently does the provider have to submit proof-of-storage, and what the amount of the payment should be.
Proof-of-storage is a term which refers to the fact that every provider of space must display a piece of evidence that his service operates properly every now and then, according to the terms specified by the file contract. If this does not happen, then the payment is sent to a so-called missed proof address. Further penalties are also possible. The agreement between the host and the client may even be terminated by the Sia blockchain if the quality of the product continues to decline. When the proof is received, the provider receives SiaCoins in exchange for the job well done. He or she can access them after successfully passing the verification process via time locks and network signatures.
What is the SiaCoin Price?
There is a good number of reliable and authentic crypto robots and legit cryptocurrency exchange platforms that operate with the SiaCoin cryptocurrency. Its average price is far below the Bitcoin value but this also has a very good side to it.
Users who wish to invest in a lucrative cryptocurrency can purchase it at a very lucrative price and wait for the right time and sell it at a higher. They can also engage in crypto trading operations that juxtapose the SiaCoin against another digital or fiat currency.
Different cryptocurrency exchanges began listing SiaCoin as early as August 2015. The cryptocurrency price has been subject to a slow but steady growth pattern. One should act smart and buy it while it is still affordable.
How Will the SiaCoin Cryptocurrency Do in the Long Run?
Since the Sia platform team recently announced that it is planning even more adjustments and enhancements to the blockchain, users started engaging in crypto mining and data storage operations a lot more than in the past.
The contract processing time dropped from 60 minutes to 5 minutes which led to an increased attention. Data units can now also be recovered with the use of wallet seeds, enjoy the fixing of a lot of bugs, UI/UX enhancements, partial and fragmentary downloads, as well as better file sharing.
SiaCoin cryptocurrency exchange has recently been enjoying a gradual increase in its average price. Some might even say that it would be stupid for one to not invest in it while the offer is still fresh and hot. It might even become the next Ripple or LiteCoin of data storage in the future.
Why Invest in the SiaCoin Exchange?
There are several good reasons why users should proceed and trade with the SiaCoin digital currency. We have tried to explain the most crucial ones of them in the simplest way possible in order to make them more comprehensible for newcomers.
Let’s dive in:
- It’s Fresh, Hot, & Affordable: The average SiaCoin price might be on an upward trend but its average price is still affordable. One can easily capitalize on the investment with a long-term contract. The digital currency can be stored on any given hard drive, without a view of its type. It is easily traded with Bitcoins and Ethers.
- Users Also Gain Cloud Storage Access: One of the greatest benefits of the Sia platform is the fact that it also serves as a data hosting storage unit. It is the main adversary of Google Drive and Dropbox. Users can easily keep up to 1TB of data in exchange for only a small monthly fee.
- Ensured Personal Privacy & Security: The foundational protocols of the SiaCoin cryptocurrency are of a decentralized network which encrypts all private information in the best possible way. The offered storage room is redundant. Uploaded documents are basically split between different hosting providers. Access to them cannot be granted without the personal key which is unique to each user. This means that the end client is in full ownership control.
SiaCoin Cryptocurrency Exchange Falls Among the Coins of the Future!
All prognosis point out that the SiaCoin is one of the likely market leaders of the future. It is way more wise to invest in it while its value is still affordable. Users who wait for the next couple of months to do this might be too late at some point. Keep trading smart and capitalize on today’s investments tomorrow!
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