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What is SiaCoin

The Sia project was started in 2013 by a pair of programming students, David Vorik and Luke Champion. To implement their ideas, they founded Nebulous to provide funding for their plans. And in 2015, the Siacoin (ticker SC) appeared.

The Siacoin project uses two types of coins. They are Siafund and Siacoin. The founders of Nebulous own 88% of the first coin. The remaining 12% had sold to investors through direct agreements. In its mechanism, Siafund is analogous to stocks.

SC are coins for mining

Whereas previously only centralized cloud data centres, such as Dropbox, Google Drive, were available, in the case of Sia, data storage in a distributed network on host computers. The procedure is similar to torrents: users provide unused space on their PCs.

The cost of such favour is several times lower than that of classic cloud providers. For example, 1TB of keeping at Dropbox in 2021 costs $9.99 a month. For the same package on the Sia chain, the user will pay 1-2$, which depends on the present exchange rate of the currency.

The digital asset enjoys paying for free disk space on hosts. The system of smart contracts makes the platform safe for users. It is also characteristic of the design Siakoin that users can mine the coin. The following is a breakdown of its main features.

The Siacoin (SC) currency is the draft’s internal cryptocurrency. It allows customers to store files in diffuse cloud preservation. Miners receive SC as a reward for transaction verification. Coins serve to pay hosts that provide free memory for storing third-party data.

SC cryptocurrency mining enjoys the Blake2B sequence.

The protocol employs a stream cipher. It is the conversion of plaintext into encrypted text. It takes not only the key but also its place. The protocol has well protected by hash functions (a mathematical method that converts an initial message of any length into a set of characters of a fixed size).

The coin employs the Proof-of-Work consensus algorithm. The protocol is similar to Bitcoin. New SCs appear as a result of task computation by miners.

Participants in the SC blockchain platform categorize into two groups: clients and owners. The former uploads docs to the cloud data centre, entering into deals for the favours they get. They contain several parameters: data retention period and financial terms. Then the safety and availability of the file are checked. If the latter parameter is confirmed, the host rewards in the Sia coin.

Two parties sign contracts. It serves as a guarantee of the reliance of the transaction. The safety of the platform and the entire network ensures by the enjoyment of cyclic codes. They split the files into several parts; Each part sends to a separate host for storage.  All of them reassemble again during the subsequent work with the information. A similar principle applies to torrent trackers.

Local encryption achieves defence of the data. All pieces of the file are cipher separately. The owners cannot open the file and understand what had pooted on their computer.

SC poorly suit for payment services. Sia’s blockchain is very similar to the Bitcoin protocol in implementation. The transaction speed is alike as it gets 1 hour for six confirmations. It occupies at least 10 minutes for a transaction to add in the block.

Siacoin review

Siacoin coin is a convenient tool to pay for disk area costs. Moreover, it is the yet possible way of mutual payment within the ecosystem that members can enjoy. The features of SC are low storage costs compared to traditional cloud design. As of the end of June 2021, avail the draft is almost ten times more profitable than using Dropbox or Google Drive.

Unlike centralized cloud information centres, the favour on the Sia chain is formalized by automatically signing a smart contract. In doing so, the master confirms the provision of keeping some volume for an agreed time. To the price of remuneration effects:

• The size of disk space;
• The rate of access to the stored files.

For the functioning of the project, the owners introduced the enjoy of “smart contracts”. They contain several blocks of information:

There is a hash in the form of a Merkle tree. It is a data structure resembling a tree. The outer sheets contain the hashes from the data blocks, and the inner sheets are the sums of numbers in the child nodes.

Service duration.

Payment parameters contain the sum of remuneration for successful verification and the fact that the conditions of information persistence persist.

Failure to verify file availability will result in a fine with payment in Siacoin crypto.

Hosts can advertise services and offer their terms and conditions. For example, give a higher price for data storage, backing it up with extra reliability and a willingness to pay higher fines for information loss. Or a low price is assigned with reduced liability.

The project enjoys the Threefish block algorithm, which applies symmetric encryption. This protocol is completely open and ensures reliable and fast encryption.

Siacoin cryptocurrency mines through mining. The cost for the first element of the chain was 300,000 coins. The mining mechanism involves reducing the reward by one coin for each subsequent block. As of 2020, miners receive 30,000 Siacoins for completing a task – the value has become static.

Sia also uses a coin-burning mechanism, which translates into a penalty system. A miner will get a fine if he doesn’t check the integrity of the data. The service charge paid by the customer shall withdraw from the host’s deposit, and the coins shall terminate.

The demand for Siacoin coins depends on the number of users who order services to store their information. The more customers, the more coins are required. As the popularity of the Siacoin platform increases, so will their value.

Sia has two cryptocurrencies:

• Siafund;
• Siacoin.

The first is for project funding and allows creators to raise funds without recourse to crowdfunding or pre-mining. Siafund holders receive 3.9% of all payments on executed “smart contracts.” The mainstream of Siacoin is to pay for storage offers on the Sia.

Different methods are accessible to get an SC coin:

• Mining;
• Earnings from hosting;
• Buying cryptocurrency.

When the Siacoin cryptocurrency appeared, there was only one way to mine it using video cards. At the end of 2017, several models of special ASIC equipment were introduced, which allowed miners to create large farms. For mining to be profitable, users need to calculate the power of the equipment. If the computer’s capacity is insufficient, it is thorny to recoup the cost of electricity.

To connect to mining on their equipment, users need to go to https://sia.tech/ and download the Marlin program. To run the application with the right keys, you need to create a batch file in *.bat format. It will take 10 minutes to get a new block. It is relevant to pre-calculate the expected profitability of the mining project. You can enjoy unique calculators for this purpose.

If you do not have enough equipment to make a profit on your own, you can join miners.

There is an alternative way of earning – providing a free disk place for keeping client information. To do this, you first need to have a wallet:

• Download the Sia-UI application on the developer’s website.
• Perform synchronization at the first launch of the program.
• Set up a wallet and top it up with 2000 SC. It is a necessary deposit if the user’s information is lost; the user faces a penalty.
• In Sia Wallet, you need to find the “Hosting” tab. You must specify the path to the folder, which allocates to the hosting project.
• Fix the price at which you plan to sell your service, traffic, and confirm your willingness to sign “smart contracts.”
• Pay for advertising of the newly created hosting project. Commission for the announcement on the developer’s site will be 0.6 SC. If you skip this step, no one will know about the new member of the platform.

If there is no desire to earn money by mining, you can exchange the coin in online services for fiat money. Or purchase it on an exchange that supports SC cryptocurrency trading.

In addition to mining and hosting, there are several other ways to make money from SC. You can invest coins in or actively trade on an exchange.

You can make money by selling crypto money. The optimal opportunity seems to be constant monitoring of the rate of this coin and analysis of publications on crypto forums. It is possible to find signs of the currency’s impending plunge. It is relevant to follow the trading closely and don’t buy the asset at the peak of its value. If you are on the right side of the sales, the high volatility of this cryptocurrency will allow you to make money from the rate hikes.

Siacoin price analysis

There have been two periods of notable growth in the history of Sia: in January 2018 and in February 2021. The rate increase was 11000% for a few months, and in 2021 SC went up by 7000% at its peak.

Given the coin’s small capitalization and enough popularity, the likelihood of a repeat of this pumping is pretty top. Hard drive and SSD manufacturers are interested in pumping the coin.

SiaCoin price prediction

The  Siacoin prediction is thorny. It is tricky to consider it as an object of l sustainable investment. Buying the asset should be thereunder on the situation and with sufficient confidence in the near-deadline enlarge in the swap rate. A possible road is to monitor this currency for a prospective plunge.

SiaCoin price prediction 2021

The SC cost could fall to nearly $0.007, which is a bearish signal.

The SiaCoin price prediction for 2021 is optimistic. It has a top probability of trumping its coin record high (ATH) of about $0.1117 this year.

SiaCoin price prediction 2022

We predict that Siacoin will reach a new all-time high of $0.10 by that point. It is about 50 times more than today’s cost. Shortly after that, which would bring the price down to about $0.0916.

SiaCoin long term forecast

Over the past few years, the price of SC has grown by 1700%. In 2018, Siaconic was among the top 30 cryptocurrencies by capitalization, and in the middle of 2021, it had already ranked 98th.

In 2018, a disk array totalling about 2PB was available for the keeper, and as of mid-2021, just over 3PB. Only one-third of the total possible capacity remains in use. Network utilization is insufficient, indicating so far that the product is not very popular.

Will SiaCoin go up?

The developers plan to make the design the top design for cloud information keeping in the globe. Successful implementation of the install tasks will guarantee a significant enlarge in the cost of the SC token.

Is SiaCoin a good investment?

If you have confidence in the prospects of Siakoin, you can consider investing in this coin for the long term. As the number of users increases, its value can grow, increasing the dollar or Bitcoin deposit. One must keep in mind that all coins are volatile. To make money on a long-term investment, you need to have strong nerves and a firm belief in the success of the Siakoin.

Where can I buy SiaCoin?

You can buy Siacoin at cryptocurrency exchanges that trade in this coin or at exchangers. It is important to remember that the conditions for purchasing currency differ from service to service.

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