What is Siacoin?
This blog post will cover:
- What is Siacoin?
- Where did Siacoin come from?
- What are the advantages of Siacoin?
- What are the disadvantages of Siacoin?
- How to buy Siacoin on SimpleSwap?
What is Siacoin?
Sia is a decentralized storage platform secured by blockchain technology. There are multiple server storages and hard drives which are connected into a single network. Each provider of free space in this network receives a commission. The main idea of Sia project is to create a data storage marketplace using underutilized hard drive capacity.
This marketplace is run without an intermediary, there is an absence of third parties interference. No one person or organization can censor or deny access to data — not miners, not developers, nor any government.
Sia competes with traditional cloud storage providers offering reliable and affordable storage transactions with smart contracts.
Where did Siacoin come from?
The first Siacoin (SC) was introduced to the cryptocurrency community in 2015. This happened with the launch of the Sia network.
Initially, the idea of Sia appeared in 2013 at HackMIT, an annual event organized every fall by students at the Massachusetts Institute of Technology. Sia was invented by David Vorick and Luke Champine. After a while, the crew has grown into the Boston-based Nebulous team, the core developers of Sia.
Key team members:
David Vorick - co-founder, CEO, and lead developer. He has a bachelor’s degree in Computer Science from Rensselaer Polytechnic Institute and is a leading blockchain and Proof of Work architect.
Luke Champine - co-founder and core developer. Luke is an expert in protocol engineering and a contributor to Golang.
Chris Schinnerl - Sia blockchain developer, and the head of our EU team. Chris has contributed to Sia since 2017.
Manasi Vora - Nebulous' Head of Product Strategy, in charge of business development. Researched work on tokenized assets at MIT DCI.
And a team of eight other developers and operations professionals.
What are the advantages of Siacoin?
- Сontrol of your funds and data without the influence of third parties — only you manage your own files, you can't be de-platformed or censored.
- Equitable distribution of rewards and payouts — miners receive coins for blocks produce, storage hosts receive income from renting and selling resources for storing data, and renters make payments for acquiring resources.
- Creating smart contracts for data storage. In doing so, SC may be transferred to another user or may be part of a contract for storing data on the network.
- The Network operation based on the Proof-of-Work protocol ensures reliability and efficiency.
What are the disadvantages of Siacoin?
- Overheating of the equipment - mining of SC coins takes both time and contributes to significant heating of the equipment, which should be considered before the start of mining Siacoin.
- Taxation - when converting Siacoin into fiat currencies, your data is sent by exchange services to the tax authorities if there is such a request.
- Energy consumption - the permanent operation of the equipment entails a heavy amount of electricity bills.
How to buy Siacoin on SimpleSwap?
Let’s say you want to buy Siacoin. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select SC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Siacoins will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy SC.