What is Siacoin (SC)?
Siacoin is a decentralized management platform that is connected to a single network ofmultiple server storages and hard drives. This network allows users to use any data of anysize. Each free space provider in Siacoin receives a commission.
The developers use the functional blockchain technology, which allows to optimize the workof the project on the terms of security and mutual trust between users. The security of smartcontracts is ensured by encrypting data while ensuring the absence of interference by thirdparties.
Where did Siacoin come from?
First Siacoin (SC) was introduced to the cryptocurrency community in 2015.Initially, the idea of creating a service for storing databases and a large amount of diverse information on the blockchain arose as part of HackMIT 2013, an annual student event held every fall at the Massachusetts Institute of Technology.The idea of a startup was picked up and financed by the company Nebulous Inc, whose founders are David Vorik and Luke Ciampin. In turn, fourinvestment funds became the shareholders of Nebulous Inc: Raptor Group, First Star Ventures, Fenbushi Capital and INBlockchain.
Key team members:
David Vorik - founder and CEO, has a bachelor’s degree in computer science, is one of the leading developers of Sia Core;
Luke Ciampin - co-founder, one of the project developers, has extensive experience in programming;
Jonathan Howell is a leading developer who has been keen on programming since he was 10 years old, and is responsible for the front-end development of the Sia interface and the UX design of the project;
Zack Herbert - Head of Operations, has experience in managing projects and products, has been working with the Sia team since January 2017;
Todd Mitenberger - the founder of Nebulous, an American venture capital investor, entrepreneur and investment banker, provides consultancy services for Stifel Nicolaus.
What are the advantages of SC?
- Сontrol of own funds without the influence of third parties - only you manage your own funds, which eliminates the likelihood of blocking or freezing the account.
- Equitable distribution of rewards and payouts — miners receive coins for blocks produce, owners of virtual space receive income from renting and selling resources for storing data, and tenants 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 within the Platform.
- The Network operation based on the Proof-of-Work protocol ensures reliability and efficiency.
What are the disadvantages of SC?
- 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?
The development of the Siacoin project and the constant work of the creators of the product on its improvement and expansion of the functionality instills confidence in the long-term work of the platform and its development on the world market. Would you like to get Siacoin? The fastest and safest way to buy it is to 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.