Siacoin

Siacoin

 SC

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.

Siacoin Exchange Rate

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:

Decentralization

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.

Mining

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.

Affordable

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:

Wallet Investor

They expect Siacoin prices to hit about $0.0426 by 2022 with an average of $0.1093 by 2025.

TradingBeasts

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:

  • 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.
  • In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.
  • Go through the list of options and when you find one that suits you, click on it.
  • Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.
  • The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.

Popular pairs to convert Siacoin

Frequently asked questions

What is the Siacoin exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Siacoin?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.