Altcoin to Invest: Siacoin

Altcoin to Invest: Siacoin

There are more and more platforms in the cryptocurrency world with practical and useful ideas. Siacoin (SC) plans to oust the existing cloud storages and to occupy a worthy place in this niche.

Sia project aims to create a convenient platform for decentralized data storage. The idea is simple — some computer users (host) provide free space on the hard disk for use and get the reward. Others (renter) rent the correct amount of space leased from a network for a fee. You can combine these two roles if you want.

Our top trading bots

How it works

Nebulous Inc. company created Sia platform. This platform allows you to store decentralized files. The idea of the project appeared in 2013. The network launched in may 2015. Blockchain system stores not only conducted a transaction but also concluded contracts between the users. Moreover, Sia supports two-way contracts and two-way payment channels. Transactions occur instantly in the network, and there are no additional fees.

The network functioning is based on the algorithm of POW (proof-of-work) and smart contracts. When you download the file, you agree with the system for storage.

Hosts are interested in the stable storage because if you break the contract, they will not receive remuneration.

You will need Sia-UI regardless of whether you want to become a lessee or you will provide free space. The users can download the application from the official website. There are versions for Windows, macOS, and Linux.

Data integrity

All files are encrypted securely. The entire data and is parts code at the initial stage. The host owners cannot guess what is stored on a dedicated shared disk.

System advantages:

  • storing the data decentralized;
  • storing the files much cheaper;
  • high network bandwidth.

Computer owners are interested in the stable operation of PC, as they obtain remuneration for storage. Let’s compare the price of data storage. Amazon and Google take $100 per month for 5 terabytes. With Sia, you pay only $10. It is ten times less. The price will be lower if more users join the system.

Siacoin cryptocurrency

Sia platform has internal currency — Siacoin (SC). It gives access to all platform features. For example, it receives a fee for data storage on the hard disk. There already have been produced more than 29 billion coins.


The system has less known cryptocurrency – Siafund. The total number of coins is 10 thousand. They all were released by pre-mining, and 8750 coins belong to the project team. The remaining part was sold during the launch to attract funding for the network development. The token holders receive about 4% of remuneration for the network’s data storage.

Siacoin mining

The developers mined the initial 100 blocks. For the first block reward was about 300 thousand. Then reward for each block decreases by 1 token. The minimum is 30 thousand SC.

Coins mining occur by the graphics card. On average, a new block appears every 10 minutes. Hashing blocks use algorithms Blake2b and p2pool.

Storage for tokens

Sia official app is Sia-UI. It is the safest option to store the token SC. If you want to create Siacoin purse, you should click "Wallet" on the left side tab and select "Create a new wallet."

The app will generate you a key to access the wallet, which looks like a sequence of words. Keep it in a safe place. Then the purse will synchronize with the network starts for some time. Once the process is over, you will be able to send and receive coins.

Siacoin forecast

Today prospects are optimistic. The platform founders set the goal to change the field of information storage entirely and to create the largest SuperServer on the planet. It can keep all your data starting from movies, music, photos to important documents, files, business projects. Developers think that even Youtube and Netflix will use Sia to improve the service.

The platform creators are planning to take 70-90% of the market in the future. They believe that this idea is useful and beneficial to all parties. Besides, the source code is open. Therefore anyone can create applications there. Sia platform has internal currency — Siacoin (SC).

Thus, if more users join the system, the higher demand Siacoin has. And the price will increase.

MicroStrategy added 9,000 BTC last quarter, its stash is now worth $7 billion
MicroStrategy added almost 9,000 Bitcoin to its holdings in Q3, bringing its total BTC stash to a valuation of around $7 billion. The company highlighted...
SEC Commissioner says 'safe harbor' laws would've made ICO problems worse
Caroline Crenshaw, a commissioner at the U.S. Securities and Exchange Commission (SEC) has said the “safe harbor” proposal would have exacerbated the problems...
South Korean crypto tax delay thwarted
Lawmakers in South Korea settled a long political battle on Sept. 30th and headed off moves by the ruling party to delay the implementation of the controversial...
Tehran Stock Exchange CEO resigns following discovery of Bitcoin miners in basement
Ali Sahraee, the chief executive officer of the Tehran Stock Exchange since 2018, has reportedly resigned after the discovery of cryptocurrency mining rigs...
Price analysis 9/22: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, UNI
The crypto markets and United States equity markets are attempting recovery on Sept. 22 as fears of a widespread contagion due to Chinese developer Evergrande...
Australian crypto businesses tell Senate inquiry about being de-banked up to 91 times
Crypto-related companies and figures have provided evidence about being de-banked by Australian financial institutions to a Senate inquiry. Crypto investment...
Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender
It is Sept. 7, and El Salvador’s Bitcoin Law has officially come into effect three months after its parliament passed the historic vote. The Central American...
Tokenized real estate market could hit $1.4T despite a slow start, report claims
Tokenized property remains niche largely due to its relative novelty and remaining regulatory uncertainties. Yet a new report has noted that even if just...
EOS Climbs 11% In Rally - EOS was trading at $4.3502 by 22:33 (02:33 GMT) on the Index on Monday, up 11.27% on the day. It was the largest one-day percentage...
A multichain future will accelerate innovators and entrepreneurs
My colleague, Elias Simos, likes to say we're living through a digital asset renaissance, including the digitization of non-digital asset value. Decentralized...
Vitalik argues that proof-of-stake is a 'solution' to Ethereum’s environmental woes
At a conference yesterday, Ethereum co-founder and unofficial figurehead Vitalik Buterin argued that Ethereum’s upcoming transition to a proof-of-stake...
Coinbase crypto exchange to close San Francisco headquarters in 2022
Nasdaq-listed cryptocurrency exchange Coinbase is going completely remote and closing its head offices in San Francisco.Coinbase announced Wednesday that...
Altcoins move to new all-time highs while Bitcoin struggles below $60K
According to data from, Bitcoin’s (BTC) Q1 2021 performance was the best since 2013. With strong tailwinds, Bitcoin now enters Q2 which historically has...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately 80% lower than in December 2017, it is likely it will match its all-time record of $20,000 again and even surpass...
Miner WannaMine To Replace The Virus WannaCry
The EternalBlue exploit, once stolen from the US National Security Agency, continues to be used by attackers as a component of the malicious software....