The virtual market today continues to be a new type of financial relations. It is used to pay for a variety of services, purchase products or exchange information. A special place in this digital system is occupied by the Siakoin cryptocurrency, which has already gained a certain reputation in the international market.

About Siacoin project

This unique system aims to provide users with a personal secure and decentralized cloud platform. It not only stores special data on the blockchain, but also makes it possible to work with the well-known systems Google Drive, Dropbox and Amazon S3. Hence, the digital marketplace is designed for members who want to store information.

Today it is actively used by a significant number of users. The service provides space on the hard drives of its computer device, building a real network. The owners of the cryptocurrency rent a place, selling them using smart contracts. Storage is carried out on the blockchain of the system. In this case, the automatic transfer of payments to the host functions after a certain period of time. In other words, payment in Siacoin tokens occurs only if the host loses the file.

Siacoin features

Some analysts are confident that the Siacoin cryptocurrency can make a real revolution in the field of file storage in the world. This platform offers a safer, more cost-effective and confidential space for its users. Now you do not need to use the bank Severs, where the data is located. Siacoin uses blockchain to provide peer-to-peer file storage.

How does this unique platform work? Tenants and hosts enforce special file contracts, which are an agreement between the supplier and the consumer. The user is obliged to pay to the project providing the escrow service. In this case, the previous contract acts as the rules for arbitration. If, for example, all the terms of the agreement have been met and the supplier has provided proof of storage, he will be reimbursed. Otherwise, the coins will be returned back to the tenant. In principle, such a system of attitudes is fairly fair.

The platform works through special payment channels and bilateral contracts. This fact serves as the basis for ensuring the elimination of unreliable financial transfers without confirmation. In this case, all instant money transactions do not require a refund, which reduces the level of fraud on the part of landlords. The reliability of the system is achieved during the differentiation of files into fragments.

Some parts do not need to be collected into a single file, which completely excludes the reading of information by an unauthorized person. Although for such a process more resources need to be applied, which is not always advisable.

The priority for developers remains security, on which they spend enormous efforts. Specialists are engaged in encrypting files and their fragments, creating confidentiality and confidentiality of data.

Today the decentralized system is very attractive for investors, which increases the capitalization of Siacoin. As a result, the platform works more efficiently with an increase in the amount of income invested in the development of the entire site.

Also, users like the fairly low entry threshold. Any participant has the right to receive bonuses by providing a special place for storing information. Thus, the cost of storage on the cloud is reduced. There is a client interface on the platform that needs to be synchronized with a local computer device. But this process can take a significant amount of time.

The developers are not going to stop at the achieved results. They continue to write new algorithms and protocols that increase the speed of operations and the reliability of the system.

How is Siacoin created?

This project first appeared in HackMIT, which was a student hackathon, in 2013. The official launch of the platform took place in June 2015. The creators of the Siacoin cryptocurrency proclaimed the following motto: "Re-decentralization of the Internet." Hence, the main idea was to stop renting storage from the central bank of servers.

The developers offered an innovative platform where space is provided from each other through cloud space allocation. As a result, specialists started using coding, erasure, and autonomous blockchains. By applying encryption and cryptographic contracts, the authors combine computers into a single system. This process is faster, cheaper and more reliable when compared to conventional cloud platforms.

The founders of the cryptocurrency are David Warwick and Luke Champin. They are programmers with solid experience in this area. Zach Herbert, Jonathan Howell and Todd Mitenberger are also involved in the project. Experts focus on interface creation, product management and venture capital investments. Thus, the team has gone through a certain path of its development, creating an unusual platform for storing any electronic data.

In 2015, the creators issued the Siafund coin once. At the same time, 10 thousand tokens were distributed among investors, although more than 8 thousand were retained by Nebulous Inc, which is the project manager.

Is Siacoin infinite?

Today, you can get Siacon using a hashing algorithm. For example, an ASIC system is perfect for the Blake2b hash. In this case, mining on GPU and CPU is possible. To get Siacoin crypto, you need to use Sia Cuda Miner, Gominer or CCminer programs. They can be easily downloaded from the official website of the project.

Also, the largest exchanges are now selling cryptocurrencies. Among them stand out:

Binance;
Bittrex;
Poloniex;
HitBTC;
UpBit.
But exchange services work with a coin in pairs with Bitcoin or Ether. Thus, you can purchase Siakoin only after transferring ordinary money to one of the listed crypts.

It is possible to store coins in two official online wallets. They have the following differences:

Sia UI is a token store that has an accessible interface. It was created specifically for the average user.
Sia Daemon is a wallet for experienced investors who know how to work with the command line.
Both options can be safely used for different Siacoin transactions or other financial transactions. Moreover, they work quietly with almost all known operating systems.

During download and installation, you must strictly follow the instructions of the program. This will allow you to quickly carry out the synchronization procedure with the blockchain system, after which it is very easy to create a wallet using the Wallet section on the project website. Analysts say that cryptocurrency can be stored on accounts of different exchanges.

By the way, during the creation of an online wallet, each user receives an individual code, which is presented as a list of words. It must be stored in a safe place. This list will be needed if you have to create a wallet again. After completing the synchronization, you can receive or send cryptocurrency. It is also possible to become a host by placing your files on the network.

You can make money on digital currency using a GPU. One block is usually formed within 10 minutes. Using pools, you can easily work with other miners. At the same time, through the captcha, the user gets an excellent opportunity to become the owner of bonuses. Some participants are engaged in trading by trading coins at a set rate.

Therefore, there are enough ways to make money on crypto. The main thing is to correctly analyze the prospect of investments in this currency. Not all analysts are positive about it.

Strengths of Siacoin

This cryptocurrency has a number of advantages. Among them are:

The unique encryption algorithm fully protects the system from unauthorized data viewing.
The availability of pricing policy reduces the cost tenfold. This creates serious competition with the well-known platforms Amazon and Google Drive.
PoS is proof of storage. This tool guarantees complete protection against fraudulent activities of the host owner. He can receive payment only after fulfilling all the terms of the agreement.
A high level of confidentiality is ensured by a special key that allows you to control your materials.
Special code and high platform throughput are provided by applications.
It is noteworthy that the experts attribute only the uncertainty of the project status to the shortcomings. But there are other disadvantages:

No emission cap, although Proof-of-Born aims to burn approximately 4% of the profits.
The hashrate functions through two pools, which negatively affects decentralization. At the same time, there is a certain danger of a 51% attack.
The project cannot fully compete with the largest companies.
Developers cannot finish implementing the roadmap.
The authors of the system are now dealing with the elimination of these shortcomings. More detailed information about the features of the system can be found on the official web resource. Its content is frequently updated with the latest news and authors reports.

Siacoin in TOP currencies

Today, the Siacoin cryptocurrency rate, according to data from coinmarketcap.com, is only $ 0.0013 with a market capitalization of approximately $ 57 million. Not as high a rate as the developers wanted. But they do not stop at their plans, continuing to improve the system.

The specialists note that Siacoin is an interesting peer-to-peer storage project. The project can attract more large investors and users if a more active marketing campaign is carried out. The teams concerns about the future project also stand out:

Effective currency stabilization to attract new participants. Since the concept of the system is based on the use of Siacoin as payment for services, and not as an investment instrument.
The emergence of new competitors who are actively entering the international market. So, Storj during the ICO was able to earn about 30 million tokens, and also became a partner of the famous FTP Filezilla program. This agreement allowed the product to be included in its own interface.
And this is not all the concerns of the developers. Although some analysts are confident that the cloud storage market could be valued at $ 74 billion by 2021. In this case, the authors will have to try very hard to improve the site, as they will have to "take away" part of the market from such giants as Google or Microsoft. If they succeed, the project will become attractive for large investments.

The creators continue to actively work on the development of the platform. This fact is confirmed by their monthly reports on the official website. Today the team needs to run a powerful advertising campaign. During it, developers must convey to the user that it is possible to earn money using an old computer with a connected worldwide global network.

The profit and the rate of the cryptocurrency will increase only with the growing popularity of the project, since now investing is not the best decision. This is due to the constantly growing emissions and inflation. Experts do not predict an increase in the level of crypto in the TOP-100 digital currencies in the near future.