Siacoin is a cryptocurrency which is used to enable and facilitate decentralized payments in the Sia platform. Sia is a decentralized cloud storage platform which uses blockchain technology to carry out payments. The platform allows you to rent storage, mine for Siacoin, get paid and also contribute to the Sia platform.
Unlike most of the existing cloud storages which are centralized, with the costs being high and the data being unencrypted, Sia, on the other hand, is decentralized, private and is much more affordable than the traditional cloud storage systems.
In the Sia platform, all transactions are done through its native token or cryptocurrency which is known as Siacoin. The process of the transaction is highly secure as it uses cryptography in the transactions.
Sia aims to provide a new way of cloud storage wherein the storage company is not owned by a single party, but it allows a decentralized form of storage, wherein it is cheap, fast and secure all at the same time.
The idea for Siacoin originally came to life during HackMIT in the year 2013, and David Vorick and Luke Champine created it. They aimed to provide a decentralized cloud storage network which would be hosted on a blockchain and the payment for its services to be done using a cryptocurrency known as Siacoin.
The team secured funding and began to work on it and the first beta version of Siacoin was revealed in 2015.
Sia relies heavily on Blockchain technology to distribute networks in a trustworthy and secure way with the consensus of its users. Sia also uses high levels of cryptography using smart contracts to ensure that data transfer is safe and that no third party comes into play during transactions.
The cloud-storage market is tough to crack into, however over the five years of its existence Sia has seen substantial progress, and it now offers decentralized cloud storage services, while at the same time competing with cloud storage giants like Dropbox and Onedrive.
To use Siacoin, one must understand the workings of the Sia cloud storage platform. Sia being a decentralized cloud storage platform allows users to store their data in the free disks space of individuals who wish to rent out the free storage space and then upload it to Sia's network. The price for using their services is paid in the form of a secure cryptocurrency which is native to Sia and is known as Siacoin.
Therefore, Siacoin is used for paying the storage services provided by Sia. To possess Siacoins, you need first to purchase Bitcoin from a cryptocurrency exchange using your credit or debit card, after which you need to exchange your Bitcoin for Siacoin.
There are a lot of exchanges which offer Siacoin, and the major ones are Poloniex, Bitsquare, Yunbi and Shapeshift. After the exchange is done and you are in possession of Sia coins, you need to store them in a wallet which can be created through Sia's website.
Though Sia is still a young cloud storage provider, it has increased in popularity over time, and this can be because it comes with a lot of outstanding features. Some of which are as follows:
The above are some of the standout features of Siacoin and the Sia platform and now let us discuss some of the benefits.
Let us now look at how to buy Siacoin, its price, news surrounding it and its price predictions.
Siacoin is available from many cryptocurrency exchanges around the world. One thing to keep in mind is that Siacoin cannot be bought directly with fiat money; as such you must first buy Bitcoin or some other altcoin using Fiat money. To buy Siacoin, you need to buy Bitcoin or other cryptocurrencies from exchanges using fiat money through your credit or debit cards. After you are in possession of cryptocurrency now, you can head over to exchanges which offer Siacoin and then exchange it. Some of the major exchanges which offer Siacoin are Poloniex, Bitsquare, Yunbi and Shapeshift.
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