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Choose your quick section of our Siacoin review below.
A Quick Overview of our Siacoin Review:
Sia is the innovation of two college friends, David Vorick and Luke Champine and the project was named in 2014, with reference to the Egyptian god of perception.
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What is Siacoin?
Siacoin (SC) is the native token for Sia which is a distributed, decentralised, and blockchain-based cloud storage platform. Sia provides, and acts as, a marketplace which is secure and trustless, where users can lease cloud storage from unused storage space. Agreements as well as transactions on Sia are managed through smart contracts, with SC used to pay for storage on the network.
Key Features and Takeaways of Siacoin
Siacoin, SC, the native token of the cloud storage platform, Sia, is one of the top cryptocurrencies in the market, with the following key features and takeaways:
Sia is the innovation of two college friends, David Vorick and Luke Champine and the project was named in 2014, with reference to the Egyptian god of perception.
Jim Pollotta, billionaire investor and the founder of Raptor Group, invested in Sia and after Vorick and Champine graduated college, they established the company Nebulous, Inc. (since rebranded to Skynet), which formally managed Sia’s development.
Sia aims for the long-term goal of competing with existing storage solutions and sees itself as being in direct competition with providers of storage such as Amazon, Google, and Microsoft.
As result of its decentralised nature, Sia can offer users with competitive storage rates, often cheaper than what they would find elsewhere.
Files that are stored on Sia’s platform are divided into 30 encrypted segments, with each of these uploaded to its own host, ensuring redundancy.
Agreements between the uploaders and the hosts are recorded on the blockchain of Sia and they are enforced through smart contracts.
Siacoin (SC) is the method of payment on the network, used by renters who pay hosts in SC, and hosts locking SC in smart contracts as collateral.
Apart from Sia, Skynet has announced several other products which have been developed on the blockchain of Sia including SiaStream, which is a cloud-based media streaming app, and the Skynet network, which is the flagship content delivery as well as file sharing network.
Skynet has received several rounds of funding as well as grants from entities such as Bain Capital Ventures, Paradigm, and INBlockchain.
Sia network charges a 3.9% transaction fee which is distributed to the holders of Siafund, the second cryptocurrency of Skynet, with the company holding 85% of all Siafund.
A unique feature of Sia, is that it allows users to hold their encryption keys and their data, contrasting many centralised cloud storage providers who allow for third-party access.
Sia uses the Twolish block cipher to encrypt all file segments before they are sent to hosts, making it more lightweight on the network than encrypting an entire file.
Users who want to rent out storage space must set up smart contracts which will determine pricing as well as other commitments. These smart contracts enable cryptographic service level agreements (SLA) which are automatic, and which are stored on the blockchain, which means that there is no need to involve third-parties.
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Siacoin cannot be mined, however, users can earn SC by offering storage space. It should be noted that it is not an extremely lucrative venture and according to the SiaPulse calculator, users who host 16 TB of data, or 4 x 4TB discs, can expect to earn 720 SC per month.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Lower transaction fees than other cloud storage providers | There are a lot of concerns surrounding the sustainability of the project and trust placed in hosts to consistently offer storage |
| Sia is decentralised and uses smart contracts for agreements and transactions | Sia is in direct competition with giants such as Amazon, Google, Microsoft, and several other projects that aim towards the same objectives |
| Sia allows users to control their encryption keys and own their data. | |
| Sia eliminates single point of failure through the distribution of file segments to nodes across the globe | |
| Sia is open-source, allowing for developers and engineers to add applications to the API |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Transaction Fees | 3.9% |
| Withdrawal Fees | 230 SC |
Should you buy Siacoin?
More people are starting to depend on the internet for everyday life, becoming more aware of the potential data loss as result of hard drive crashes. Services, like Sia, offer users with a way to avoid such data loss at competitive prices which may become more compelling over time.
The number of users who currently use the services of Sia cannot be determined accurately. Based on the incredibly low price of network usage, this number can either be great or small, and as such, it not a solid benchmark for measuring network utilisation.
There are, however, a lot of concerns surrounding the type of service that Sia offers, especially considering its ability to store files permanently. This is as result of concerns regarding the reliance on the services of hosts who can easily decide to stop offering storage space, leading to the files that they were tasked to store disappearing.
It is not certain whether Sia will draw in a substantial number of investors, despite offering lower rates than other cloud storage providers, as the trustworthiness of this service is yet to be seen.
Despite these controversies and concerns, SC is one of the top 100 cryptocurrencies being traded on major exchanges, giving hope and promise that it will increase in value and draw more investors.
How to buy Siacoin (SC)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Siacoin/SC and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
SC can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded wit
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading SC.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading SC, select the option from the “Trade” Menu. Enter “SC” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select SC_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair SC/USDT.
Here, you will see that you have the option to buy or sell SC either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy SC through via Limit Order
To buy SC and create a limit order for it, you can enter the amount of SC you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell SC through via Limit Order
To sell SC, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, SC that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Siacoin first launched?
Sia was launched in 2015.
Who founded Siacoin?
While studying computer science at Rensselaer Institute, David Vorick first conceived Sia, discussing the idea for the platform with Luke Champine who, subsequently, joined the development for the project.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Siacoin’s ICO and how much did it raise?
Siacoin did not have an ICO but was initially funded by independent resources.
Is Siacoin legit?
Yes, Sia and Siacoin are legit.
What is Siacoin’s total supply?
There is a total supply of 37 074 682 050 SC.
What is the purpose of Siacoin?
To offer competitive cloud storage solutions that are in direct competition with significant entities such as Amazon, Google, and Microsoft.
On which blockchain is Siacoin based?
Siacoin has its own blockchain.
Does Siacoin work with smart contracts?
Yes, Sia uses smart contracts for agreements between uploaders and hosts, and all other transactions.
Does Siacoin have potential to become more valuable?
Sia has the potential to become valuable, however, it depends on further innovations and developments that can boost the project ahead of the competition.
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