Sia is a blockchain-based storage solution launched in March 2015. The decentralized cloud storage platform is funded by SiaFund and VC investors, Nebulous team. The primary goal of the Sia storage platform is to reinvent the concept of cloud storage. Conceptually speaking, the technology is all set to connect various users requiring file storage with hosts who have underutilized hard drive space. Like most decentralized networks, Sia also works at a global level with Siacoin as its native currency.
What is Sia?
The idea behind Siacoin cryptocurrency was proposed by Luke Champine and David Vorick in 2013. Today, the Siacoin SC cryptocurrency is secured with the help of the Sia blockchain technology. This p2p (peer-to-peer) cloud storage network provides every registered user with affordable data storage avenues. It functions pretty much similar to DropBox, iCloud, or Google Play. However, the Sia platform only charges about a tenth of what these platforms require for storing data.
This affordable data storage renting avenue provides users worldwide a space to store their data (also known as hosts). All files uploaded to the system are split, encrypted, and then spread across Sia’s hosts. The encryption keeps the data safe and prevents even the host from accessing your files on Sia.
What is Siacoin Used For?
Siacoin SC is the crypto token of the Sia cloud storage platform that is key for ensuring the platform functions as originally intended. To become a user, you need to purchase Siacoin (SC) as the platform’s utility token. Here, the hosts also receive their payments in SC itself. The SC token can be exchanged and traded for other crypto coins. Token holders can also exchange them for fiat currencies on any exchanges supporting Siacoin transactions.
Features of Siacoin
As a decentralized cloud storage platform, the Sia platform works on direct contact between the renter and the host. These two entities communicate and fulfill transactions using cartographic SLAs (service level agreements) that reside on Sia’s decentralized blockchain network. The design of these SLAs is similar to that of smart contracts used widely in blockchain transactions. However, it is the Sia Daemon that enables the activity on the blockchain.
A typical Siacoin transaction cycle
The renter must begin the Siacoin transaction cycle by fixing the amount of Siacoin SC token for financial storage or transmission. After this, the request remains locked within the wallet unless the software selects 50 relevant hosts. Once the hosts are selected, they can lock up Siacoins as collateral before both the renter and the host sign the contract.
Essential features of Siacoin
The Siacoin blockchain technology includes a host of features to avoid failure or termination of contracts related to the storage platform. These include the following:
Being a decentralized cloud storage platform, transactions over Siacoin are much faster. Here, the user’s physical or geographical location is not essential.
Sia’s blockchain network works on nodes. Hence, users need not maintain elaborate staff incurring any administrative expenses.
Security is one of the most attractive features of the Sia blockchain network. The platform spreads the user files by encrypting and splitting them across multiple nodes within the forum. As a result, they are only accessible entirely to you. Even if another node gains possession of the private keys, they will only be able to access a portion of the file since it is split across different entities. As a result, the access control remains only with the token owners.
Where Can I Store Siacoin? Siacoin Wallets
Cryptocurrency wallets act as safe places to store your crypto coins securely. However, these wallets can be desktops, hardware, mobles, or a website. Depending on your security requirements, you can opt for one or the other.
Explicitly speaking, Siacoin wallet is a software application that allows token holders to manage their Siacoin private keys as well as to send and receive Siacoin SC.
Types of Siacoin Wallets
Siacoin wallets act as storage houses for your Siacoin coins. These are always password protected, leading to secure storage. Therefore, it is vital to understand the different kinds that are available. We have conducted extensive research to arrive at the most suitable Siacoin wallets. These can offer crypto investors a safe space to store their Siacoin tokens.
The Siacoin wallets discussed above come with some excellent characteristics. They protect users from thefts and hacks. At CoinCasso, we help users understand the various benefits of aligning with the best Siacoin wallet.
Sia Cold Storage
The Sia Cold Storage facility enables the generation of seeds and wallet addresses for the Sia blockchain technology. It is executed without being online. You can be off the network, a.k.a. ‘air gapping.’ Air gapping protects your sensitive details from hacks, thereby reducing the risk of loss. Therefore, this Sia wallet is ideal for safely storing your Siacoin tokens.
As the name suggests, Sia Cold Storage is ideal for long-term Siacoin SC storage. While you cannot send and receive tokens using the Sia Cold Storage wallet, your tokens enjoy protection from intruders. After you download the application onto your desktop, you can use this Siacoin Wallet offline or online on an air-gapped live CD.
Sia UI is the official Sia wallet for storing its native token. It is a comprehensive UI client to store your Siacoin tokens safely in a single interface. The app is easily downloadable from its official website onto your desktop or any other digital platform.
As one of the most secure Siacoin wallets, Sia UI is compatible with the latest technology devices like iOS and Android. Once you have downloaded the app on your desktop, you can create the best Siacoin wallet (or restore an existing one) with a seed or a password. Secret seeds are access words (24 in number) that you need to access your Sia UI wallet.
Sia App for Android
This popular Sia mobile wallet delivers smooth performance and comes with a sleek interface. As Sia network’s Android client, it is a popular wallet for Siacoin users. The app includes advanced features like allowances and contracts allowing users to send and receive Siacoin and store their files on Sia.
Sia app for Android is a community with a more comprehensive Sia network enabling more people to access and store their Siacoin. Besides the typical wallet features, the app allows users to run Sia nodes on their Android devices to interact with the platform.
Ledger Nano S Wallet
Ledger Nano S wallet has made it to our list as the top hardware wallet for storing your Sia tokens. It delivers excellent performance by storing your private keys using a hardware device disconnected fully from the internet. In other words, this hardware wallet secures your tokens from cyber theft or hacks.
The Ledger Nano S wallet allows users to connect to your device (computer or a mobile phone) to access your tokens using the Ledger Live app. Here, you can send and receive tokens as well as check your balance.
Sia Central Lite Wallet
As the latest Sia wallet, Sia Central Lite is perfect for storing your Sia tokens. The app acts as a web interface and syncs up with your Ledger Nano S device to store the Siacoin tokens. You can create three Siacoin wallets with this app – Ledger Nano S wallet, Watch-only wallet, and 29-word seed wallets.
It is important to remember that the best Siacoin wallet must collaborate ideally with your tokens. It should be capable of addressing your other requirements while being adequately secure and easily accessible as and when you need it.
Will Siacoin Go Up?
The Sia platform is focused on resolving cloud storage limitations with unique value propositions. As a decentralized cloud storage platform, it eliminates the risk of exploitation, theft, or data breaches. As a promising project, Siacoin is all set to realize its true potential as cryptocurrency nudges towards mass adoption.