What Is Siacoin and How to Exchange SC at the Best Rate?
Major players in the cloud storage industry such as Google, Apple, and Dropbox have revolutionized company operations thanks to their successful storage service solutions. Not only have they met demands for the ever-increasing demand for storage, but they have also managed to save enterprises’ thousands of dollars in IT development. Unfortunately, despite their obvious wins, their solutions still do suffer from a lot of issues such as centralized storage, risk of hacking, and data mismanagement.
To address these shortcomings, Sia was created as a decentralized cloud storage solution that leverages the power of the blockchain. Its purpose is to create a storage server that’s not run by a centralized server and thus, have no single point of failure. Additionally, Sia intends to create a platform where data mismanagement can be a thing of the past. In this article, we will take a deep dive into Sia, its features, benefits, and our own perspective on this crypto. Stick around till the end to learn where to exchange Siacoin at the best rates.
What is Siacoin?
Siacoin or SC, is the native token of the Sia platform that’s used as both payment and reward for both renters and hosts when they enter into their respective agreements on the platform. Basically, you can use Siacoin to pay for storage space or as compensation for the storage space you provide.
Sia itself is a decentralized cryptocurrency program that enables computers running on their network to rent out any unused hard drive space to users looking for file storage. It can be compared to cloud storage solutions such as those provided by Google or Amazon. However, instead of singular companies maintaining control and management over the data, users of Sia rely on a system of globally distributed computers. Files stored through Sia are broken down into fractions of the original file and each one of these pieces is encrypted and stored on a different host on the network. Any 10 of the original X pieces are needed to recreate the file which allows for a bit of leniency in hosts going offline adding redundancy and resilience.
The Sia network achieves this functionality by leveraging a smart contract known as “file contracts.” These smart contracts established the “terms” of the host-renter relationship such as price or uptime commitments.
Key Features of SC
Some of the key features of Sia coin crypto include:
The Sia network is fully decentralized and actually more affordable than traditional cloud storage platforms such as Google, Microsoft, and Amazon. 1TB of storage at Sia costs a mere $2 per month compared to Amazon’s $23.
- Data Encryption
Sia’s cloud storage solution uses cryptography to encrypt all the data stored in computers globally. This means that no one can access or manipulate the content stored in any of the hard drives storing it. The only way to access or modify the data is through a private key that remains only in the hands of the client. The hosts can only store the data.
- Multiple Data Storage
Data stored on the Sia platform is broken down into tiny pieces, encrypted, and stored by a number of hosts. Therefore, even if any of the hosts storing the data goes offline, the client will still be able to access their data without any hassles.
There are two ways to acquire SC, by either mining it or obtaining it as payment for renting out storage space provided by Sia platform. When you rent out your storage space, you become a “Hay” and you receive SC as payment, depending on the kind of contract you enter with a client. Additionally, the mining reward is reduced by 1 coin every block until it hits 30 units per block.
- Infinite Siacoins
Unlike other platforms such as Bitcoin where the supply of currency is limited, there’s no issuance limit on the number of SC tokens.
- Siacoin Wallet
The platform offers a wallet where you can both store and make transfers or operations of your Siacoins received through Sia.
Benefits of SC
Some of the benefits of SC include:
- Complete Privacy
As reiterated earlier, any data that gets stored on Sia is split apart, encrypted, and distributed across a network of decentralized nodes. Since you are the only person with the private key, only you can access or modify your data. No single entity has control or access to your files.
Sia’s decentralized cloud storage solution is 10 times less expensive than current cloud storage providers. For instance, it costs $23 to store about 1TB of data on Amazon S3. However, it costs a mere $2 to save the same size data on Sia.
- Highly redundant
Tiny pieces of data are stored on a number of nodes across the world. Therefore, it guarantees the highest possible uptime without any single point of failure. It’s at par and even better than other cloud storage providers.
- Open Source
Sia is 100% open source. This means that the software receives contributions from a number of leading software engineers. Additionally, there is a community of active developers building applications on top of the SC API.
Perspectives of Siacoin
Siacoin is solving one of the biggest problems that the cloud storage industry faces today: centralization. Thanks to its innovative, decentralized P2P storage solution, users are able to securely upload their data without worries about the government or authority groups censoring or accessing it. Not to mention, it does this at an affordable price. Therefore, there is so much potential for Siacoin to grow.
Several industry analysts have offered their market predictions on the price of Siacoin in the future. They include:
They expect Siacoin prices to hit about $0.0426 by 2022 with an average of $0.1093 by 2025.
They expect Siacoin prices to reach new heights of $0.0426 by 2022 with an average of $0.1093 by 2025.
Why is Swapzone the best place to exchange SC?
If you are looking for the best exchange for Siacoin, then we highly suggest that you try Swapzone. Through Swapzone, you can exchange Siacoin to Bitcoin and vice-versa hassle-free. What Swapzone does, is providing you with access to a number of exchanges with Siacoin where you can choose only the best deals. Additionally, not only is Swapzone is a trusted cryptocurrency exchange platform, but also it features an easy to use interface that’s completely free to use. Here is a step-by-step procedure on how to conduct Siacoin exchange on Swapzone:
Step 1. Launch the Swapzone website.
Step 2. On the “Select Pair” tab, enter any crypto in the send section, and in the “Get up to” section, choose SIA. Ensure you enter the amount of crypto that you want to convert to SIA.
Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.
Step 4. Go through the list of options and when you find one that suits you, click on it.
Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.
Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.