Mining Pools For siacoin

About siacoin

Sia Coin Review: Mining Guide, Price & Analysis of SiaCoin Cryptocurrency

Sia Coin is a decentralized company that utilized blockchain technology. The platform aims to offer cloud storage to various companies in the market. It competes with decentralized companies like Google, Amazon 3s, and Microsoft, among other traditional ventures that store data in a centralized server.

The entity allows users to rent unused storage from their devices to one another. The services of Sia Coin are affordable and reliable. The platform is a unique peer-to-peer venture that offers a storage solution to individuals and businesses.

Users have full control of their data, unlike in centralized companies. Additionally, the information is secure since it cannot be hacked. Also, we have seen various platforms like Amazon S3 inconvenience users.

System malfunctioning is inevitable with centralized ventures. Therefore, Sia Coin is dedicated to ensuring eliminates a single point failure in their network. The platform is not controlled by anyone.

How does Sia Coin Operates?

The platform does not manage the servers that store users' data. Multiple advantages come with using Sia Coin. Users control the data that they store in the company by using the encryption key.

The decentralized of storing data is affordable and can help you save money. Sia charges a monthly fee of $2. The platform cannot experience a single point of failure. This is because files are distributed on the node segments across the globe.

Moreover, the Sia Coin network is open source. It allows engineers and developers to improve its API. The company developed the storage market place that is affordable for users across the globe. The users of this platform have the liberty to set the price. Therefore, the correct price is determined by the use of the free hand of the market.

History of Sia Coin

Sia Coin's idea emerged in 2013 at the MIT hackathon. The founders of the company are David Vorick and Luke Champine. They identified the peer to peer market for the storage solution. Their platform allows anyone with idle space to rent it to other users at their desired price.

The currency began trading in late 2015, and the price was $0.000046. Currently, the price of Sia Coin is $0.0032. The milestones that the platform aims to achieve are ideal. The cost of the coin is not very appealing.

The entity targets being a currency that is adopted by multiple users in the future. The platform's average price is ten times cheaper compared to centralized cloud storage companies. The information that you choose to store is not kept by anyone.

Little bits are distributed to multiple hosts. If you need your data back, you shall receive it securely. The platform is unique since the hosts set the price. The advantage is that the market forces will pick the price. Additionally, there is a problem in that some users might be turned down.

The Founder of Sia Coin

David Vorick is one of the co-founders of Sia Coin. David is a graduate from Rensselaer Polytechnic Institution with a BS in Computer Science. The other co-founder is Luke Champine. Another notable developer of Sia Coin is Jonathan Howel, who began programming at the age of 9. He is a graduate of the Savannah College of Art and Design.

The company has a capable team, and the head of the operation is Zach Herbert. Sia Coin did not perform an ICO. The platform received funds from organizations like Fenbushi, First Start Ventures, Raptor Group, and blockchain.

Our Take on Sia Coin

The platform is offering exciting services to users around the world. The fact that data cannot be lost or stolen is one of the advantages of using this venture. Additionally, the services of Sia Coin are affordable and cheaper compared to centralized companies.

However, the coin has not gained popularity in the market. Additionally, the hosts can only be paid via Sia Coin. Therefore, you must own SC before benefiting from their services. You can acquire the currency through mining or buying on various exchanges.

Can Sia Coin be mined?

SC is the abbreviation of Sia coin and the token that can be traded by users. The currency can be mined using cloud mining. The token can be mined via GPU, but ASIC mining is more efficient and profitable.

The company rewards miners with 35,000 SC for every block. There are also transaction fees that are sent by users of the platform. Miners can also ensure that the network remains secure by spreading their computing power. Sia Coin uses the Proof of Work algorithm.

The Technology in Sia

The company utilizes blockchain technology. The platform distributes files after dividing them all over the world. Hence, this helps in eliminating a single point of failure. The company encrypts documents and sends them to the hosts to share contracts.

The smart contracts are then used by the hosts and renters to share the space for storage. The company can store many terabytes of data from one user with a high speed of 100mbps. Additionally, Sia can manage over ten thousands of files.

Sia Coin uses Reed Solomon erasure coding, and this technology divides the files up to 30 various segments before handing them to the hosts. If 20 hosts are not operating, it only requires 10 segments to allow users to download their documents.

The platform is secure, and it encrypts data before outsourcing it to the host. They use Twolish block cipher, which makes the encrypted file segments frothy. Instead of encrypting the whole file. Additionally, Sia uses a smart contract eliminating the use of a third party.

Hosts need to set up smart contracts to determine commitment and pricing. The data is stored on the blockchain, and the agreement is automatic since the entity uses the cryptographic service.

Once you purchase the storage space, you will deposit smart contracts. Transactions are carried out on the off-chain. Therefore, payments are efficient and fast, and the platform renews the contracts automatically before the expiry.

Once the contract comes to an end, the host must confirm they are storing the rented data with storage verification. Merkle Tree completes the storage proofs, and the coin that has not been used is refunded back to the renter.

Advantages

• High level of privacy
• Redundant since it cannot experience a single point failure
• Affordable

Disadvantages

• Payments can only be made via SC
• Sia is not very popular in the market
• The platform has centralized competitors like Amazon, Google, and Microsoft, etc.
• Volatile

How to Buy Sia Coin

The currency can be traded and acquired on various exchanges in the market like Bithumb, Poloniex, QBTC, Bittrex, Upbit, etc. You need to exchange your fiat currency into BTC or ETH. The company has its wallet that can be downloaded on GitHub.

Final Verdict

Sia Coin is a currency that enables users with extra space on their computer to rent it out to others. The company rewards the hosts with SC; additionally, those who need space can pay in Sia Coin currency. The contract ensures that there is an agreement between both parties.

The host will set the fee to store the files for a given space at a set timeline. Once the contract ends, the funds will be paid. Nonetheless, if the host loses the documents or is offline during the agreed timeframe, the user will not pay. Sia Coin platform ensures both parties needs are met