Main Facts About the Sia Project
The Siacoin network was created for the purpose of decentralized storage in 2015, and Siacoin (SC) is a currency used for all transactions inside of it. Any user can join it to share disk space with others. All the information and transactions are verified via the public blockchain. Storage safety is also achieved by splitting the file into a large number of fragments, some of which cannot be used to recreate the original file.
Sia’s main competitors are DropBox and Apple, among others. Moreover, the company has a very ambitious plan to take over a bigger part of the multi-billion market.
All services within this network are paid for in the Siacoin cryptocurrency, and the reliability of transactions is ensured by smart contracts and PoS. Siacoin experienced impressive growth — more than 10,000x increase times from December 2015 to January 2018!
Where to Get SiaCoin?
There are three ways to get SC:
● Mining: Sia runs on the PoW model. The reward for one block reaches 30 thousand SC. When the project was launched, the reward was 300 thousand, decreasing by one with every new block (being capped at 30,000 SC).
● Selling (lending) your hard drive space: The owner of a server or computer with a large hard drive can connect to the platform and share virtual space. The reward will be in the form of the Siacoin crypto.
● Buying Siacoin at a crypto exchange: Ranking #107 by market cap, SC can be purchased on many platforms these days.
Best Crypto Wallets to Store SIA
Once you become an owner of Siacoin, it is the right time to think about where to store your digital funds safely. It is risky enough to keep money in custodial wallets, as hacks are not a rare case there. It is better to choose one of the following solutions:
● Official Sia UI wallet: You can download it from the company site. The only downside you may encounter when installing the program is the long sync time. This is because it needs to download the copy of the whole blockchain to handle transactions properly (more than 24GB). But there are no downsides other than that. The Siacoin wallet online interface is user-friendly. The application allows you to trade coins and use other features of the Sia platform, for example, rent/host computer disk space. Sia UI wallet is safe and compatible with almost all OS.
● Android Sia wallet: This is the only mobile wallet for SC. You can make transactions, store files, and rent your disk capacity.
● Ledger Nano S: The device supports not only Siacoin but also over a thousand different coins and tokens. You will have to install its Ledger Live app on your computer (there are versions for all major OS), plug in the device, and all your crypto assets will be protected.
● Sia Cold Storage: This program generates wallet addresses that allow you to keep Siacoins offline. You will need a real wallet (like Ledger or Sia UI) to access your funds. Using this method, you will keep all your data safe from online scammers.
It is entirely up to you what wallet to use for Sia transactions. But it is reasonable to use Sia UI if you cooperate with this network, Android wallet – for occasional transactions (and if you have an Android smartphone, and Ledger Nano S (or cold storage) for long-term investment purposes.
Key Takeaways
Since the Sia network is rapidly growing, the demand for Siacoin will continuously increase. So, this cryptocurrency surely deserves some space in your portfolio. Its value grows with the number of files that will be stored in decentralized cloud storage. There are all chances to get impressive income from a long-term investment in SC. So, choose the option matching your purposes and start earning Siacoins.