Essentially, conventional cloud storage provides the benefits of flexibility of data format storing, file sharing, multi-device accessibility and data backup.

However, certain advanced benefits such as security and administrative features as well as increased storage capacity are designed for paid corporate enterprises subscriptions or require upgrade from free to paid accounts. Charges increase with additional storage capacity and/ or additional features on a monthly basis, which may total to a huge amount in the long run particularly for large organizations.

As a matter of fact, some cloud service providers reserves the right to access a user’s file if prompted by law enforcement. Sadly, this makes storing sensitive, private datas online, not-as secured as it deemed, as concern remains on third party’s ability to abuse the privacy rights of users in pursue for higher profits. On top of that, you might even face difficulties in accessing or sharing files if your Internet connection happens to be slow or unstable.

Now, what if there’s a blockchain technology which provides all the above benefits of cloud storage, coupled with maximum security and privacy protection yet minus the huge subscription costs?

In particular, one which allows us to “rent” or “sell” idle hard drive storage capacity in exchange for a consideration, in the form of a cryptocurrency?

Ladies and Gentlemen, this leads us to no other but Sia. 

Launched in June 2015 by founders David Volrick and  Luke Champine, Sia Blockchain is built on decentralized global data sharing network based on the concept of data storage marketplace between three parties: Owner of hard drive (the Host), User of storage space and a panel of Coordinators.

The Host could sell the hard drive’s excess capacity to a User seeking for additional storage capacity. The Host benefits from letting the unutilised space in exchange for Sia’s altcoin, Siacoin while the User gets to enjoy a cheaper and more reliable storage platform in comparison to the traditional cloud storage as mentioned above.

Currently, Sia has a market capitalization of over $90 million since its release in 2015 at the time of writing. At present, the platform is supported by more than 800 hosts worldwide with a total accumulated available storage space of over 4.0 Petabyte of which only approximately 170 Terabyte has been adopted, and still counting.

Sia is a peer-to-peer network formed by hosts around the world to create a collaborative cloud for data storage. This removes the need for a centralised server which leads to a reduction of cost, enhances accessibility, increases speed and greater reliability. Data files are encrypted before spreaded over numerous nodes to prevent a single host from holding a significant piece.

Sia is a decentralised distributed storage network that is tracked by smart contracts. These smart contracts are encrypted using private keys (passwords) which only the rightful originator (uploader) holds. Fundamentally, Sia moves conventional storage away from the cloud and back into your hands, giving you full control over your valuable datas.

In summary, the key characteristics of Sia Blockchain are as such:

1. Sia provides 100% Private Data Storage through Data Encryption
   The User will receive full control of his private keys that no one else could hold except for himself. This ensures that only the rightful owner has access to the datas.
2. Siacoin Platform is Fully Decentralised
   The platform is fully decentralised which bring security and privacy level to a whole new level as no third party central authority get access to your datas in any ways.
3. Sia Blockchain Services is Highly Affordable 
   Subsequently, the removal of a central cloud storage service provider contributes up to 90% of cost savings from most conventional storage capacity subscription packages.
4. Siacoin Blockchain Increases Speed of Accessibility
   The distribution of redundant files on multiple active host’s nodes worldwide ensures minimal point of failure during transmission.
5. Data Secured with Sia
   The application of the Proof of Storage allows a user to efficiently verify accuracy of its data with the server, ensuring data to remain secure and free from third party manipulation.
6. Sia incorporates File Contracts
   The signing of contract as a proof of engagement between the Host and the User needs to be completed as an assurance for data protection and to confirm a successful transfer of Siacoin.
7. Sia’s Smart Contract Functionality supports the Growth of Altcoin Projects
   Being a completely open source platform would allow fellow contributors and developers to create and operate new applications to on top of Sia just like Ethereum. We’ve seen how Ethereum well positioned itself as a catalyst for growth by allowing other coins to tap on its platform as a source of origination.

If all the applications as above are as true as claimed, Sia could potentially emerge as the next rising star being that there is a growing evidence of real world applications supported by a strong community of storage hosts and demand for such services. The platform is poised for greater scalability in the near future should the projects built on the backbone of Sia takes off successfully, which in turn would strengthened its foothold in the cryptocurrency community.

Now that you understand how Sia works, you might be wondering what is the medium of exchange between the hosts (sellers) and users (buyers). To recap, Sia functions exactly like a virtual marketplace where abled sellers and buyers meet to exchange services (storage capacity) for X amount of “cash”. In this case, the “cash” would be Sia’s altcoin Siacoin- just like any traders market! For now, let’s name this barter process the Siacoin traders ecosystem.

Here are three ways on how Siacoin is used or exchanged in this ecosystem to ensure an effective and secured Siacoin traders ecosystem :

Are you feeling excited to explore ways to collect your very first pool of Siacoin?

If you happen to have idle storage capacity on your Hard Disk, by all means, go ahead and be a Host. Team of developers would also be paid Siacoin, SC for their work in maintaining the platform or for offering other services. Alternatively, you could also be a Miner for Siacoin which will be covered below. 

Bitcoin is a Proof of Work- based cryptocurrency requiring mining machine to solve highly complex mathematical algorithm to be rewarded with a block of token. Siacoin mining works the exact same way as Bitcoin’s, whereby each one block mined translates into one Siacoin. Siacoin started off with 300,000 units and when the threshold of 30,000 coins are mined at block 270,000, it will remain at a fixed amount of 300,000 forever.

The good news is, the system’s algorithm has been set in a way that there will be one successful miner at each interval of 10 minutes. That equates to 144 lucky miners daily.

Mining Siacoin utilises the same technique as most cryptocurrency mining are, mainly reliant on customised mining hardware to provide computing power. To begin your Siacoin mining journey, you will require the Graphical Processing Units (GPU) such as ccminer and Sia-CUDA-Miner. Unfortunately, there are only two GPU that are available in the market currently to mine Siacoin.

Once that is done, you will need to obtain a suitable Siacoin Wallet to store Siacoin safely. You may choose either the Windows or web wallet though we recommend the latter if you’re just starting out as its more user friendly but quickly move into a more secure wallet which will be further explained below.

Cryptocurrency exchanges are susceptible to crypto theft which has occurred quite frequently, causing massive wipeouts in just a matter of minutes. To protect your altcoin investments, it is advisable to store your coins in a crypto wallet rather than keeping them in the exchange. 

How crypto wallet works is by generating private keys on your device away from the exchange account that changes every minute. And enhanced measure of security is by opting for crypto wallet that generates keys offline which further limit the access of the key to only yourself.

Presently, Siacoin supports wallets for Windows, Mac and Linux. As mentioned above, there are four types of Siacoin Wallet for you to choose from:

Here are 5 easy steps to transfer Siacoin to your Siacoin Wallet:

Step 1: Download the latest version of your preferred Siacoin Wallet.

In this example, we’ll use the Sia-UI Wallet for guidance.

Step 2: Extract Siacoin Wallet file, run Siacoin UI and click onto the SiaUI.exe file to synchronise with the Sia blockchain.

Tips! Remember to connect your device to a power socket as the entire process might takes hours.

Step 3: Under the Siacoin App, click onto the Wallet Tab and click "Create a new wallet".

Step 4: Copy both the seed and password. A gentle reminder to not lose both of these as you will not be able to retrieve your Wallet if it happens.

Step 5: Secure the keys at a safe place and click confirm.

Step 1: On the top right hand of the wallet, click onto the Receive icon.

Step 2: Check and tick the unique address displayed in your Wallet. The same address would also be used to send Siacoin.

Step 1: Next to the Receive icon, click onto the Send icon.

Step 2: Type in the number of Siacoin to send.

Step 3: Input in the receiving Wallet’s address.

To avoid typing the wrong Wallet address, do use the copy and paste function instead. Alternatively, you may also scan the QR code for maximum accuracy.

Step 4: Click Send.

The following are a few exchanges in the market to buy Siacoin:

Buying Siacoin from the exchange is one way for you to get hold of the coin quickly without going through the hassle of selling unutilised hard disk space or mining.

In comparison to the larger and well known cryptocurrency giants namely Bitcoin, Ethereum, Ripple and Litecoin, Siacoin’s trading volume is relatively small. The coin has hit a market capitalisation of $89,506,125 and a total circulating supply of 38,302,102,589 coins at this point of writing. That being said, to purchase Siacoin, you will need to hold either Bitcoin or Ethereum which would then be traded on the cryptocurrency exchange for Siacoin.

Before you begin any purchase of cryptocurrency, you will need to convert fiat currency into one of the top Cryptocurrency which are primarily Bitcoin (BTC), Ethereum(ETH) or Lite Coins. Most cryptocurrency exchanges accepts USD or Euro.

Here are 5 easy steps to buy Siacoin from cryptocurrency exchange:

Step 1: Identify a Reputable Cryptocurrency Exchange where Siacoin (SC) is Listed

Bittrex, HitBTC and Poloniex are among some of the renowned exchanges that enables you to purchase Siacoin from.

Step 2: Compare the trading price between BTC/ SC or ETH/ SC and pick the highest conversion

Step 3: Load your preferred cryptocurrency exchange with Bitcoin or Ether

Step 4: Trade Bitcoin or Ether with Siacoin

Remember to provide your SC Wallet address. The wallet address could be retrieved by clicking on the designated wallet platform’s Siacoin icon.

Step 5: Once the exchange is completed, your SC will be reflected into your preferred Siacoin Wallet.

Prior to ICO, SC raised approximately $1.25 million from its initiation of genesis block mining. Upon being listed on cryptocurrency exchanges, its’ initial cost was about $0.000032. SC’s all-time price high is $4.30 achieved on the 4th January 2016.  From 2015 until 2018, we’ve observed an overall growing trend, of which reflects a high of $0.111708 on this year’s 6th January 2018.

Is investing in Siacoin a sound decision? When it comes to making investment decision particularly in cryptocurrency, it’s very important for a technology to have real-world applications due to the nature of uncertainty surrounding this industry. In our opinion, subscription to a third party cloud storage service provider does has its pros and cons.

Let’s not be oblivious to rising cases where valuable datas have been leaked to the public and possibility of datas being manipulated by conventional service providers.

While we’re equally appreciative that most cloud storage companies are offering complimentary services for a certain storage space, we can’t deny the fact that the freemium maximum capacity are constantly close to being breached, especially in this information-loaded era. It’s good to take note that subscribing for additional storage cost would be most costly over time.

Siacoin platform technology beautifully wipe away the above concerns by charging only $2 per month for a storage capacity of 1 Terabyte and a minimal $1 for bandwidth download. Secondly, we love that the blockchain is fully decentralised, ensures maximum privacy and reliability by giving users full control of their datas. Thirdly, we’re quite positive with the idea of receiving the Proof of Storage before Siacoin is released to the Host.

Considering that there’s a need for affordable storage space, the growth prospect of this coin remains high until a similar competitor comes into existence. Well, as for now Siacoin’s major competitors are Google Cloud, Amazon and Microsoft Cloud so any new developments by these cloud service providers would influence the prospect of Sia blockchain. 

What do you think of Siacoin? Feel free to share your thoughts below in the comment section.

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