Siacoin is a decentralized, open source blockchain, its a cloud storage platform and data is stored on an encrypted blockchain. Siacoin short form is Sia, Siacoin (SC) are used to pay for storage and can also be mined. Sia was launched in June 2015 the founders are David vorick and Luke Champine, its backed by Nebulous Inc. Sia long-term objective is to be a backbone storage layer for the internet. Sia competitors who are non-blockchain based are: Dropbox, Apple, Amazon S3, Google Drive, OneDrive and Microsoft, these centralized platform are prone to single point failure and misuse of unencrypted data. Sia also has blockchain competitors like Maidsafe and Storj, but Sia has been in the market the longest and pride itself in decentralization and encryption. Sia developer team believe they are making a competent product and do not credit mass marketing campaign for promotion. currently, in the world there is a high need for data privacy, decentralization and security and Sia cloud storage focus on delivering these.
You can rent your extra space on your PC to Sia network and be paid with Siacoin also any user willing to use Sia storage need to pay Siacoins to the host. Data for those who pay to rent space are encrypted for maximum security. For you to begin renting space to the platform, you need to have 2,000 SC; this is the major reason the price of Sia goes up since you need to hold the coin. Sia network has a special purpose currency that executes file storage contract on Sia blockchain. The host has to keep the file for the agreed duration and in the agreed upon space. After the end of the agreement, payment will be released to the host in the form of Siacoin. The file contract on Sia blockchain ensures both requirements of host and users are satisfied. If the host loses the files, they won't be paid.
Sia encrypt files, multiplies, chop it into little bits and then the little bits are distributed around to the bunch of different hosts. When you need access to your files, the original bits are recompiled, and you get your file back. The multiplication of bits is done in case a host holding a piece of file happens to be offline. To be a host, you need the internet connection. The charges of Siacoin are very cheap and affordable to anyone. Currently, Sia is among top 20 currency in the market cap.
Sia did not perform an ICO, It had a genesis block mine which they managed to raise $1.25M in the total funding. It was funded by investors like Raptor Group, Procyon Venture Fenbushi Capital and angel investors like Xiaolai.Li. Since Sia was launched, it has made slow but steady increment in value. Sia team is open to the project, they actively answer questions on Slack, and the community highly appreciates it. Sia has the new feature, SlaStats a tracker for it social impact TechHQ on Facebook, Twitter, Reddit and Github. The tracking of its social impact will help in creating Sia awareness to many people globally
Sia has a transparent and clear roadmap, ideal infrastructure as well as a strong team. Unlike traditional centralized cloud storage Sia distribution and a peer to peer platform. Allows you to own your data and control your private encrypt key, no third party or outsider can access or manage your files. Sia storage platform leverage underutilized hard drive capacity around the world to create a data storage market which is more reliable and affordable than traditional cloud storage.
The supply mechanism of Sia is unique. There will be the infinite number of SC. To start the project, developers mined 100 blocks. The reward for the first block was 300,000 SC. After this first block, Sia reward will exponentially decrease by one unit until the subsequent block rewards are reduced to 30,000 SC. The 300,000 SC will enter the system for every block mined. Sia users determine the price for hosting and compete for business. Sia offers a secure platform, quick response to technical issues and a cheaper solution for users.
Sia has released a support update to track recent Sia-UI technical issues. It developers team is working on providing the solution for the matters addressed of transaction and syncing. If the problem persist, the team will come up with a new attempt for resolving the issue. The solution for transaction showing up in explorer but not in the wallet is for you to reinitialize your wallet by editing folder of the wallet from Sia data folder or by using terminal tab location in Sia-UI. The solution for the transaction not being updated, you need to delete Sia UI blockchain and download a new one and then re-synchronize it completely which may take time.
- It is affordable. Sia charges less compared to other platforms, Sia decentralized cloud storage charges 1TB of file $2 per month compared to Amazon which charges $23.
- Highly redundant. It splitting uploaded document between multiple providers, Sia protects client data from the single point of failure.
- Security. Sia data is encrypted and processed in a decentralized network.
- Privacy. A provider requires a private key to access stored files. You are in complete ownership of your material.
- Sia software has leading engineers and a thriving community of developers building the innovative application of Sia API.
- Competition. Sia face competition from the well-established platforms like Amazon and also decentralized competitor have raised a huge fund from their ICO.
How to buy.
- Buy cryptocurrency like BTC/ETH/LTC at any popular cryptocurrency market like coinbase.
- Exchange your crypto to Sia. Exchange the currency you bought in coinbase into Siacoin. There are exchanges like Poloniex, ShapeShift and Bitsquare that you can use.
- Store your Siacoin into Sia wallet.
Sia only support desktop wallets. The wallets are Max, Linux and Windows platform. Create your wallet and unlock it using displayed seed key. Store the seed key in a safe place. Then click receive Siacoin button on Siacoin wallet platform so that you can send purchased Siacoin in your wallet.