Cryptocurrency Siacoin – rate, wallet and token mining

Despite the fact that there are already several thousand cryptocurrencies in the world, the most famous of which is Bitcoin, interest in them continues to grow. One of them is Siacoin (abbreviated as SC). The difference between the coin is that it is an internal cryptocurrency that allows you to pay for the free disk space of hosts. The return on currency from the moment of launch exceeded 3000%. Therefore, how SC cryptocurrency will behave in the future, price forecasts, prospects for investment - all this is of interest to miners and users who are selecting assets for investment.

Description

Sia is a decentralized cloud storage platform based on blockchain with its native cryptocurrency Siacoin (SC) .
The SIA coin serves as a reward for miners and for users who act as hosts on the Sia network. “Cloud storage” is defined as storing data on remote servers/computers that are accessed via the Internet. This is different from storing data locally on a computer hard drive, USB flash drive, or local network.

Sia is considered decentralized because it does not rely on a central entity to manage the data it stores. Data is distributed globally rather than held in large centralized data centers.

The Sia platform aims to use the unused hard drives of everyday users around the world to “create a storage market that is more reliable and cheaper than traditional cloud storage providers.”

Siacoin (SC) Price Predictions for 2020-2025

The forecast for 2022 was partially justified. Analysts predicted stable growth, and during the year the rate rose from $0.002 per unit to an average of $0.003. However, investors were more pleased with 2022 because there was more active growth over the course of 9 months. As of September 9, the rate is $0.019 per unit. Experts see the future like this:

• 2022 - up to $0.0035 per unit;
• 2023 - up to $0.0041 per unit;
• 2024 - up to $0.0051 per coin;
• 2025 - up to $0.0058.

The outlook looks bright - unless you consider that in 2021 the price has already increased to $0.005 and decreased again. A forecast for such a long period based only on technical analysis data cannot be considered accurate.

Is it profitable to invest in Siacoin in 2021?

Analysts believe that Siacoin has prospects. But this cryptocurrency should not be considered as a long-term investment for 1 year or more, because high volatility was observed during 9 months of 2022, and it is difficult to predict price changes in the long term. This crypto would be a good investment in the short term if the goal is to get income quickly. Her future is uncertain.

The cryptocurrency market will still develop dynamically in the next five years, so it’s worth taking a closer look at it. Siacoin has a future because this asset has another advantage - unlike many other currencies, it offers a real service that users are willing to pay for.

What are Sia and Siacoin?

Nebulous Inc. is the Boston-based parent company of Sia, formed in 2014, and launched the Sia Storage Platform in 2015.

As mentioned above, Sia aims to connect users who need file storage with hosts, which are simply computers connected to the Internet running Sia's host software.

Sia blockchain and associated smart contracts are the foundation of market disintermediation (removing economic intermediaries from the supply chain) of cloud storage. Blockchain is used to protect data and manage an automatic reward system based on the Siacoin cryptocurrency.

Sia's ultimate goal is to become the "trusted storage facility of the Internet," using blockchain technology to replace the functions of centralized data centers and cloud storage services such as Amazon and Dropbox.

According to Sia's website, their platform ensures that "no one can censor or deny access to data - not miners, not developers, not any government."

Sia works by breaking files into small encrypted pieces and distributing them across a network of hosts. In theory, anyone can rent storage space from hosts, and anyone with hard drive space and a good internet connection is eligible to become a host.

Number of SIA hosts:

The Sia team envisions that at first the Sia network will be filled with hosts that use mostly "leftover or unwanted drives" that can offer low prices due to the low cost of installing them. This may change in the long term as competition for hosting drives the need for faster, higher quality drives.

Technology Sia

The Sia Storage Platform technology is quite complex, but by understanding how it works, we can understand it better.

First and foremost, because anyone can become a host, the platform aims to keep data secure on the network—even if the host or group of hosts has bad intentions. To achieve this, Sia uses three main strategies: redundancy, encryption, and automatic host incentives.

Redundancy

Once the user has completed the steps to download files, Sia's software automatically splits the files into 30 segments before downloading, with each portion sent to multiple hosts anywhere on the planet.

This wide distribution ensures that no single host becomes the only point accepting files, and network redundancy and uptime are maximized.

File segments are created using a process called Reed-Solomon coding, a technology commonly used in CD and DVD recording that creates redundancy in data sets so that lost data does not result in missing files.

Using this technology, Sia encodes the data in such a way that any 10 out of 30 segments can completely recover the files. Therefore, even if 20 out of 30 hosts are down, Sia users can still access their files.

Encryption

All files stored on the Sia network are encrypted using the Twofish encryption algorithm, an open encryption standard that makes data unreadable to hosts. Files are encrypted before segments are sent to host computers, so hosts store only unreadable segments of encrypted data.

Host stimulation

Hosts on the Sia Storage platform are incentivized to ensure data security through an incentive program that uses smart contracts called “file contracts.” These digital agreements between tenant and host set terms related to pricing, uptime, and time period commitments.

Once an agreement is reached, the tenant stores Siacoin in a smart contract as escrow using the blockchain.

At the end of the contract period (usually 90 days), the host provides proof of custody to the blockchain. Their deposit is then returned and the contract file automatically sends payments to the hosts.

The Sia system automatically renews contracts if necessary, and otherwise returns unused Siacoin to the tenant at the end of the contract.

Technical analysis of Siacoin

The future of cryptocurrency can be predicted using technical analysis. You need to study the charts to understand whether Siacoin has any prospects. They use the same moving average and oscillators as for analyzing other currencies.

Technical analysis of Siacoin

The exchange rate is influenced by processes occurring in the cryptocurrency market as a whole. These are political and economic news, the level of confidence in such assets and Bitcoin (sometimes statements by a public figure like Elon Musk are enough for the value to rise or fall). But another factor is added to this. If the Sia platform becomes more popular among users, and more people use its services, the coin will have prospects - the rate will go up.

Development team

The project development team is publicly available. In total, the team includes 14 participants.

David Vorick is the CEO, founder and lead developer of the project.

The official website says the following about David:

“I love knowing that our technology is improving lives and changing the way people look at the world. I hope that what we build inspires others; The desire to inspire in itself is a source of inspiration for me."

Luke Champine is the co-founder and developer of the project.

Prospects for Sia according to the Project Roadmap

• 2018: Sia is ready for cold storage, corporate use of the platform begins, file sharing is introduced.
• 2019: Sia begins to catch up to Amazon S3 speeds, moves to warmer storage, and introduces content distribution features.
• 2020: Sia competes with Amazon S3 and companies start choosing Sia as an alternative.

Long term: Sia becomes the storage layer for any information on the Internet.
Where to buy and store Siacoin cryptocurrency?

Leading cryptocurrency exchanges Biance, Bittrex, Poloniex HitBTC support the Siacoin cryptocurrency, which occupies the 35th position in the cryptocurrency ranking, and provide it with a trading platform. The safest way to store coins is the Siacoin wallet, which can be found and downloaded on the official website.

Where to store?

You can store SIA coins on the official cold wallet of the project, which runs on such operating systems as:

• Windows
• Linux
• Mac

.
Please note that this is a graphical wallet (GUI). Plus, this wallet does not support the “light” version, which means you will have to download the entire blockchain.

The approximate synchronization time on a Western Digital WD10EZRZ HDD, 4 GB of RAM and an Intel Pentium g4400 processor is ~ about 2 - 3 days.

The project also has a CLI wallet - command line. .

Where can I buy?

The coin is traded on the following exchanges:

SC course: