This review will be devoted to a project called Siacoin (SC) – we’ll tell you what it is, its differences from other similar cryptocurrency products. Also, we’ll consider whether it is worth paying attention to this token at all.
Basic information about the Siacoin cryptocurrency (SC)
Speaking of what is Siacoin (SC), it is impossible not to say about the platform on which this cryptocurrency functions. Siacoin (SC) is a kind of decentralized peer-to-peer network where users conduct transactions for the purchase and sale of computer memory for data storage. In doing so, you pay for the possibility of transactions within the platform in the SiCoin (SC) internal crypto currency, which is similar to Bitcoin in its characteristics . Just like in Bitcoin, the computing power is provided by the miners who make contributions to the Sia fund.
The principles of the platform for Siacoin (SC)
Initially, the Sia project appeared as an idea in the minds of developers back in 2013. The authors of the product wanted to realize their idea of a possible unification of all unused virtual space for storing user data into reality. This is how you can briefly formulate the definition of what is the crypto currency Siacoin (SC) and its platform. Developers use the functionality of Blockchain technologies, which allows optimizing the project on the basis of security and mutual trust between users. The security of smart contracts is ensured through data encryption with the guarantee of non-interference by third parties.
Using Siacoin (SC) allows you to evaluate an innovative approach to the possibilities of cloud storage of information. The principle of decentralized work allows the participants of the network not only to receive income from manipulation of Siacoin (SC) coins but also to participate in the management of the platform, excluding the influence of state or banking structures from outside. At the same time, you get storage and data leasing from the platform itself, which has own hard disk resources.
Characteristics of the Siacoin (SC) cryptocurrency and its platform
Altcoin Siacoin (SC) and the platform for cryptocurrency today provide a resource for data storage which has a possibility of backup with a high level of security. In the plans of the project developers to provide the platform with additional trading functionality by the end of this year. At the same time, Sia provides the source code for everyone who can find it in the GitHub repository – https://github.com/nebulouslabs.
The course of Siacoin (SC) and the mining
The difference between Siacoin (SC) coins from other cryptocurrencies is that the tokens have inflation integrated into the development of the project: if at the beginning of mining the size of the remuneration for production is 300,000 coins, then with each subsequent block the reward is reduced by one coin. When the reward amount of 30 thousand coins at around 270 000 is earned, this indicator is fixed and remains unchanged.
What is 1 Siacoin (SC) worth? With a Siacoin (SC) capitalization amounting to more than $ 943,678,924, the Siacoin (SC) price is 0.028967 US dollars as of February 19, 2018. Speaking of Bitcoin-equivalent, one Siacoin (SC) token is 0.00000268 BTC.
Advantages of the platform and mining Siacoin (SC)
The features of Siacoin (SC) and the platform are the use of Blockchain functionality to ensure maximum security and simplicity of the procedure for working with smart contracts and payments, which opens up a number of opportunities for you:
- Control of own funds without the influence of third parties. Only you dispose of your own funds, which excludes the possibility of blocking or freezing the account;
- Fair distribution of fees and benefits – miners receive coins as reward for successful blocking, digital owners receive income from renting and selling resources for data storage, and tenants make payments for the acquisition of resources;
- Creation of smart contracts intended for data storage. In this case, Siacoin (SC) can be transferred to another user or can be part of a contract for storing data within the platform;
- The work of the network based on the Proof-of-Work protocol ensures reliability and efficiency.
Forecasts for Siacoin (SC) allow you to get a small but stable income through mining, which does not require supernatural powers of the device – without performing any manipulations, and simply launching the program, you can earn coins, which can later be converted into Bitcoins or fiat currencies.
Disadvantages of Siacoin (SC) mining
While reviewing the Siacoin (SC) cryptocurrency and its platform, we cannot forget to mention some disadvantages of the project. The disadvantages of Siacoin (SC), or rather the process of mining tokens, include the following factors:
- Overheating of equipment – the production of tokens takes both time and contributes to a significant heating of the equipment, which should be taken into account prior to the commencement of mining;
- Taxation – when converting Siacoin (SC) to a currency, your data is sent by exchange services to the tax authorities, if there is such a request;
- Energy consumption – constant operation of equipment entails a heavy electricity costs.
Installing applications for Siacoin (SC)
If you decide to try working with Siacoin (SC) cryptocurrency, then the first thing you need to do is install the necessary software. Use only proven sources – for this case, there is the official website of Siacoin (SC) http://sia.tech.
Here you will find all information about the project and the coin itself, and also you can download the necessary software.
The Siacoin wallet (SC) helps to store, receive and send payments. Select the correct version for your device on the site and download it to your computer, then complete the registration procedure and get your Siacoin (SC) address.
Siacoin address – is an analogue of your bank account, which you specify in the forms for crediting funds to your balance. At the same time, we don’t forget about backing up your wallet and about using a 29-word sid-phrase – this provides additional security for your funds and excludes access of attackers to your assets.
How to get Siacoin (SC)
If you are interested in how to get Siacoin (SC), then there are three ways:
- Mining – extract blocks by using the capacities of your device and get rewards;
- Purchase – buy Siacoin (SC) on exchanges;
- Rent – lease free space on your Sia hard drive and get Siacoin (SC).
The conclusion of Siacoin (SC)
If you have a certain amount of tokens accumulation, you will want to withdraw them and use them at your disposal. The procedure for withdrawing funds from the system involves a two-stage procedure:
- Conversion of Siacoin (SC) into Bitcoin.
- Conversion of Bitcoin into fiat money or other cryptocurrency.
Prospects for Siacoin (SC)
Also it is worth considering tokens as a profitable investment – Siacoin (SC) prospects lie in the growth of the course of the cryptocurrency. If you look at the statistics, over the past year the rate has increased 35 times, which is impressive and gives hope for the subsequent progression and possible achievement of the level of Bitcoin.
The development of the project and the constant work of the creators of the product over its improvement and expansion of the functionality inspires confidence in the long-term work of the platform and its development on the world market as a unique superserver that unites all the unused virtual space of the cryptocurrency world. However, we do not forget about the possible risks.