Users on the Sia platform can take the advantage of renting out their excess as it is a safe and secure cloud storage marketplace. On the Sia blockchain, smart contracts are used to organise agreements between tenants and landlords. It has also launched its own governance token Siacoin (SC) which is used for transactions on the platform.
In the world of cryptocurrency exchanges and a technology-driven society that uses more data, there has been an ever-increasing demand for decentralised alternatives to data storage. Siacoin wishes to capitalise on this demand by gearing up for its next big update to its blockchain. Google Drive and Dropbox are some of the big names when it comes to online data storage. So, here the question arises, can Sia and its cryptocurrency surpass these centralised devices?
What is Siacoin (SC)?
Announced in May 2014, and then renounced in May 2015 after getting amended, Sia became fully operational in June 2015 and its coin Siacoin (SC) was also launched. The native utility token of the platform is used as a medium of exchange for network storage since Sia is concerned is a secure and trustworthy cloud storage marketplace for users. The main goal of Sia blockchain is to become “the internet’s backbone storage layer” and help users all around the globe.
How does the Siacoin operate?
Guarded or protected by a proof-of-work consensus method, the Sia blockchain is a platform where miners compete to add new blocks to the blockchain and the majority must approve a record before it can be published in the marketplace. The co-founder of the Sia blockchain Vorick stated that using a proof-of-work consensus mechanism is the best method to secure the network as it ties a hostile actor’s capacity to attack it to hardware costs and large energy.
Any motivation for unethical actors is reduced when the hosts put up collateral in order to take part in the network’s operations as quoted by Sia’s development team. It has also stated the fact that it splits the uploaded data into 30 parts, which are spread around the world, as proof that until a geopolitical crisis or hazardous disaster occurs, its network won’t shut down. If 10 out of the 30 hosts pull through the attack on the platform, the files can be revived back.
What makes Siacoin distinct?
In accordance with Sia’s whitepaper, the network’s long-term wish is to be on par with conventional storage systems as it discerns itself as a direct competitor to big-tech companies like Microsoft, Amazon and Google when it’s related to cloud storage. Due to its decentralised nature, Sia can provide its users with competitive storage charges. It separates files into 30 encrypted segments, from which each segment is connected to a different host for wordiness. On Sia’s blockchain, the agreements between the hosts’ and uploaders are recorded and they are imposed by smart contracts. Furthermore, since the network’s payment method is Siacoin (SC), renters pay costs with this cryptocurrency and the host locks the crypto as collateral in smart contracts.
After understanding what Sia and its native token Siacoin (SC) is all about, let’s take a look at how you can purchase it.
How to buy Siacoin (SC)?
If you are interested in investing in Siacoin (SC) in India, here’s what you need to do:
- Firstly, open an account with a renowned and safe cryptocurrency exchange like WazirX to start your trading and investing journey in cryptos.
- Decide on your payment option to pay for Siacoin. It can be done through a MasterCard, UPI etc.
- Select the amount of Siacoins you need and place your order.
- After the purchase, you can store your share of Siacoins and add them to your crypto wallet to do trading in future.
To wrap it up, Sia is a great platform if you are looking to rent additional space for other users. Furthermore, its unique functioning also makes it a good investment option for potential investors or old ones to earn income.