When the word cryptocurrency is mentioned, the word that comes to your mind is Bitcoin, right? It is understandable since it has been the most talked about currency that had been taking the digital coin world with a storm.
What people don’t know, and they are coming to know now is that there is a lot of digital currency being invented every day. Up to now, we have over 400 cryptocurrencies that is so far in circulation and because of that more and more people are getting to know more about them.
As an investor, you need to grab and change with time. You need to know what the big thing is and what is going to make you money in the future. Cryptocurrency is the coin of the future and every investor is taking time to know what they are and how they can make money from them.
Many talks have been about bitcoin and Ethereum however, there has been information surfacing about siacoin. If you are an investor and you are also struggling with how to store your data. You need to read along and know more about this great coin.
What is siacoin?
It might be new to you but to those who handle large data and need a safe and secure storage, am sure they have embraced siacoin. It is termed as a decentralized blockchain-based cloud storage platform. So, what is it used for?
Siacoin is used to store data. It is known to be the solution to the problem of big data. It is ideal storage for government departments, individual companies and research institutes who must deal with big volumes of data and just don’t know how to store them.
Do you deal with a large volume of data and you are looking for a safe and secure way to store the information? This might be of help to you. siacoin stores data by splitting apart, encrypting and distributing it across their network.
By doing this, they make sure your information is safe and secure. That only you can access the information and so no hacking and theft can take place when it comes to your information. That is because the data is kept in numerous nodes across the globe.
Origin of siacoin
With such a brilliant way of data storage, you can’t help but wonder who the brain behind is. Well, it all started as an idea in summer of 2013. David Vorick was emailing fellow Rensselaer polythene institute student Luke Champine about the project.
He sat down and drafted a white paper for the project and began collecting views about it from the community by sharing with friends and to his surprise, it received a positive feedback. That gave the courage to go ahead and pursue the project full time.
Of course, the project needed money, so they decided to raise fund through a crowdfunding company and through his, sia notes were sold on the NXT platform and then exchanged for siacoin. They successfully raised $1.65 though venture capitalist, grants and funding.
The firm has grown into a recognized institution with capitalists who include;
- Procyon ventures.
- Fen bushi capitalist.
- Angel investor Xiao ails.
- James pollatas investment company.
- Raptor group.
Siacoin has 4 core developers, community manager and operation manager. They have a team that is distributed all over and is active in platforms like sia Reddit and discord. So, what are the good thing that siacoin brought to the modern living?
Advantages of siacoin
We all want our data to be safe right? this is what siacoin is offering. Their way of keeping information will make sure your information is free from hackers and from loss. This way you can access your information whenever you want to.
- Offers value
Over the years, the siacoin has grown to be a good venture to invest in. that is because it has value and each time you invest in siacoin, you are bound to have some return. This is what every investor wants.
You will not only have your data stored safely, but you will also have a good investment opportunity for you to invest in. over the years the siacoin has been raising in value. It has come from $ 0.000023 to now $ 0.03. this shows a steady growth worth investing in.
In every investment venture, you must face competitors. Siacoin has some serious competitors like Amazon, dropbox, google drive and other centralized storage companies. That poses a major challenge to them as a new growing firm.
Compared to some storage firms, it can be termed as expensive. It can drive people who want their information stored away in search for a cheaper way of storing information. That has made them work hard to make sure their prices are competitive in the same measure.
- Can be slow
When you are trying to access your information, at times it can be slow. That is because the information is decentralized and hence depend on the internet to access the information. The centralized option tends to be fast and that is a challenge to them.
- Influence by other cryptocurrencies
With the emergence of other cryptocurrencies, it has seen the disruption of the crowd storage market. It can be a major challenge to a company which is trying to grow. Some of the cryptocurrencies include the storj and maid safe.
How does it work
For you to understand the siacoin, you must understand how it works. By doing this, you will be able to know how your information will be safe and how you will get your return on investment. read along as we break it down how it works.
The main role of siacoin is to make or dramatically reduce the overload cost of cloud storage by allowing users to host or rent out their unused hard drive. All that is to make sure your information stored is private and confidential and only you can access the information.
They split apart the data and decode all the information that a user stores on the blockchain into numerous host drives. They make sure no one drive has an entire file and hence making the information in it safe if a hard drive fails.
Once you store information with them, you are given three types of codes
- Private key
It is like the password of to your files. It is not supposed to be shared and only you are supposed to have it. the private key is the route to your coins in the sia network. That means that you should keep the private key safe and private because anyone with it can access your data and sianote.
- Public keys
Public keys act as a personal address for your account. With this, you can be paid by sharing the key to the person who is supposed to pay you. it is also picked by miners to confirm transactions in the network to complete a transaction.
- Private key seed
Private key seed is a special code that you are provided with. It helps you to generate the private key in case you lose your siacoin. Just like the private key, it should also be kept safe and only you should know to avoid hacking.
With the information above, it means only you control your file since you have the access keys to the files. It is impossible for hackers to access your files since they are decentralized, and the good thing is that even siacoin cannot go through your files making your data more secure.
Where does the coin come in?
I know you are wondering right? okay, the coin is involved when you pay to store data on sia platform. You pay in form of siacoin. Also, the host will be paid in siacoin for renting out their free hard drive and with that, siacoin is exchanged.
It is important to note that there is no limit to the total supply of siacoin that must be mined. That makes it a good investment opportunity since there is no limit. The first block that was mined was 300,000 siacoin but later reduced to 30,000 per block.
How to buy the siacoin
Now that you know how the siacoin works, you need to know where you can buy the coin for you to transact with it. just like any other transaction involving cryptocurrency, you need to make sure you deal with trusted dealers. That is to avoid being conned your hard-earned money.
You need to research and make sure you read reviews before you transact most especially because siacoin is a growing coin and not much is known about it. There are two main ways in which you can buy siacoin. They include;
- In exchange market
This is the easiest and the most convenient way you can get any cryptocurrency. The only downside about siacoin is that since it is a developing coin, there are very few exchange markets where you can buy or sell the siacoin.
When you want to buy siacoin, you can do so through bittex and hit Btc. Here, you will find a clear guideline on how you will buy the coin without a struggle. You can use fait cash or use bitcoin and Ethereum to purchase your siacoin.
- From an individual
It is simple and fast, and no transaction cost will be charged. That included finding a person with siacoin and is willing to sell and with the current value, you will exchange the cash you have for the siacoin that you need.
It is not difficult to locate a willing seller. That is because they are found in the platforms where you transact your siacoin. Word of mouth recommendation will also help in making sure you get a genuine seller.
This is where you store your siacoin once you purchase. It also helps you to make payment easier since the one paying you will deposit the siacoin n that wallet. For this reason, you need to look for a secure and safe wallet where hackers cannot access.
For you to get a siacoin wallet, you need to download one of the recommended wallets to store any of your files and siacoin. On their site, you will get a recommendation on good wallets and easy guides on how to download the wallet for you to use.
The most used wallets are the Linux, Mac, and pc desktop wallets. When downloading, make sure you get them from reliable sources and take the necessary precaution to make sure you’re your wallet is secure and free from hackers. Once you have the wallet you can start receiving the siacoin.
As an investor, you need to make sure that your investment is secure still get a return of what you invested. Because of this, you need to have all the necessary information you need before venturing into any investment opportunity.
Siacoin provides what every investor wants in an investment opportunity. You get to store your information in a safe and secure way. you also get to rent out your free drive and get paid using siacoin. It is a great thing to watch out for.
When it comes to the value of siacoin, it is growing steadily just like how an investor wants it. that means in future, this is an investment venture that every investor will want to be part of it. with all that, it only means that this is the right time to invest and watch keenly as your return grows.
Every investment is a risk. The bigger the risk, the bigger the return. Siacoin has shown growth and many investors are seeing their return in investment. The value is shooting just like how the founders predicted it will.
It is also giving competition to dropbox, Amazon, google drive and other overdrive by offering low-cost decentralized storage solution. A secure and safe way of storing big data that only you have access to it. If you are an investor, it is the big investment to watch keenly.