A Beginner’s Guide to Siacoin

In the age of the internet, any layman would be able to tell you what cloud storage is.

However, what they would probably also tell you is how centralised cloud storage services are prone to leaks and security breaches, which is something you definitely don’t want when it comes to storing your private files.

The solution would be to have a decentralized cloud storage.

Thinking along those lines, the developers of Sia came up with the idea of an encrypted, decentralized storage. The Sia platform this uses blockchain technology to make decentralized cloud storage a reality.

The Siacoin is the cryptocurrency associated with the platform and in this beginner’s guide, we’ll take a look at what it is, what its basic framework is, where you can buy and sell this coin and more.

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What is Siacoin And How Does It Work?

The Sia platform allows unused storage space to be bound together with blockchain. The hosts are to be paid using the native cryptocurrency of the platform,the Siacoin while users of the storage space must pay the host using this cryptocurrency.

The Siacoin payments are made only when the host in question is able to safely store the files without loss or corruption, such is the design underlying the file contracts.

The Siacoin supply cap is determined in a very unique way. The reward for the first block mined on the Sia platform was set at 300000 Siacoins. The infinite supply, it was stipulated, would fall by a single unit each time a new block was mined. This value would continue to fall by a unit each till it finally reached one-tenth of its original value, and touched the 30000 mark, at which point, it would stop.

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Should You Choose Siacoin?

It is easy to understand that the value of Siacoin will rise rapidly as and when the adoption of the underlying cloud storage platform is boosted.

As more and more people realise the utility of the platform and embrace it for their use, the value and subsequently, the price of Siacoin is supposed to rise as well.

Therefore, in order to determine whether or not one should invest in Siacoin, it would be worthwhile to figure out whether or not the Sia platform is likely to get more popular.

Over the course of 2018, Sia has made concerted efforts to improve the user interface, software capabilities and file sharing features. In the coming year, it hopes to reach speeds comparable to Amazon S3 cloud storage levels.

With all these attempts it can be hoped that Siacoin will pick up pace in the near future.

It is currently listed as the 46th coin as per market cap on Coinmarketcap . We can only hope that with time, Siacoin climbs the charts and moves up into the top 20 list at the very least. However, the coin remains in its early stages.

How to Buy and Store Siacoin?

One can buy Siacoin in some of the top cryptocurrency exchanges such as Binance, Bittrex, Poloniex, Upbit etc. and store them in a crypto wallet of their choice.

However, it is recommended to use the designated wallet created for Siacoin on the Sia UI.

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