The Internet is overwhelmed with
crypto data. It’s really challenging now to decipher the differences between
cryptocurrencies. SiaCoin can be considered as a unique one as its developers
think out lots of way to apply Sia tokens in their system without speculations
(and to limit the application of other coins).
1. SiaCoin cryptocurrency (SC) is
a token of Sia company that has created a unique cloud storing platform based
on blockchain technology that stands apart from other clouds. Most people are
familiar with such cloud storages as Dropbox, Amazon S3, Google Drive, ICloud.
Sia is reinventing cloud storage by connecting people who need to store files
in cloud space with those who have enough hard drive capacity to host storage.
Unlike traditional centralized cloud storage services where data is stored on
the exterior servers gathered in one place, Sia represents totally
decentralized network of data processing centres, The main feature of the
project among the other similar crypto platforms (such as Storj or Maidsafe) is
a rigid smart-contract that sets out a reward for a host-provider providing the
quality storing.
2. SiaCoin serves as an internal
payment for the access to this storing space. In fact, SiaCoin is the only way
to get an access to SIA platform. You cannot pay for it with any cryptocurrency
or fiat money, so it’s the interesting way to increase a coin value. Renters
use Siacoin to buy storage capacity from hosts, while hosts provide the safety
of storing data by depositing Siacoin into a file contract as a collateral. If
a computer is online and everything is fine with files, you will get your Sia
as a reward. For instance, there is a Pay-as-you-go model in Storj implying
that payment depends on how often members of a system use their files. Sia also
provides a deposit while signing a contract for data storage. If a host doesn’t
confirm the fact of storing or uploading data then a part of a deposit is
deducted. That’s why hosts are interested in secure data storage and increasing
of the platform reliability.
3. Sia distributes encrypted file
segments by chopping them into little bits. Such technology provides much
higher data security and nobody knows what these files contain inside. That
leads to higher speed and much lower fee in comparison with other cloud
storages. Storing of 1TB on Sia blockchain network costs about $2 per month
compared to $23 on Amazon S3 while Storj set a price at $0.015 for 1GB per
month. It is worthwhile to notice that Storj still has only beta version while
in Sia network all the service features and smart contracts are available for
users.
4. Sia project was first
mentioned during the student hackathon in 2013, but officially the project was
launched in June 2015. In February 2018, SiaCoin market capitalization reached
over 700 billion USD . This is a huge increase from the $5 million market cap
at the beginning of 2017.
5. Like any other cryptocurrency,
SiaCoin can be bought at the crypto exchanges (like Bittrex, HitBTC, Cryptopia,
and many others) by Bitcoin or Ethereum.
6. The other way to acquire
SiaCoins is mining. Those who want to succeed in SiaCoin mining have a chance
to enjoy a new kind of micro schemes called ASIC A3. This model was produced at
the end of January 2018 and targeted especially for the Blake2b algorithm to
get SiaCoin that makes mining 100 times more effective than standard Nvidia.
However, the cost of such micro schemes is quite high (the manufacturer’s price
is about $2375 not saying about higher prices in retail).
7. One more way to get SiaCoin is
to take part in promo campaigns holding by Sia itself or mining pools. The aim
of such campaigns is to increase the number of Sia miners that became obviously
less recently as miners focused on bitcoins and ethers due to their hype.
8. Staging ICOs has turned out to
be a mainstream. It looks like every company somehow connected with Blockchain
or cryptocurrency is dreaming about launching its ICO. Moreover, instead of
developing or upgrading its product, companies tend to promote their token
generation events. In opposite, SIA team has decided not to hold an ICO but to
focus on its platform enhancing. Thanks to prominent investors such as Fenbushi
Capital, Raptor Group, Procyon Ventures along with angel investors like Xiaolai
Li, the Sia team has managed to raise over $1.25 million in funding without any
TGE event.
9. Professionals consider SiaCoin
as an underestimated asset. According to CoinMarketCap, Siacoin's price is
$0.01 per unit. It is planned that the price will grow along with the increase
of files storing number at the SIA network.
10. Sia platform issues one more
cryptocurrency – Siafund. The amount of Siafund cryptocurrency totals 10 000
that makes it more valuable and rare. The major part of Siafund is located in
its developer’s environment (Nebolous Inc). Siafund can be considered as an
alternative to cryptocurrency pre-mining by the altcoins developers. Deductions
at 3.9% from payments of successful contracts are distributed proportionally
among Siafund holders. The more Siacoin is used for storing files the higher
profit Siafund brings.
Alexander Barkovskii, the founder
of one of the biggest altcoin mining pool Nanopool and the CTO of Finom AG has
picked up the most interesting facts about this coin.
Source : Bitnewstoday.com
