What is SiaCoin? | Beginners Guide
Siacoin is a cryptocurrency tied to the Sia platform. This platform is used for decentralized storage of our data.
What is SiaCoin? | Beginners GuideWebsite: https://sia.tech/
The origins of the project should be traced in 2013. The idea of launching SiaCoin was born during the MIT hackathon, and its creators were David Vorick and Luke Champine from Nebulous Inc. As the originators of the project say, they were guided by the idea: "what would happen if you could unleash the unused storage space of the world and unite it on the global free data market?". Work on the implementation of the idea lasted less than two years, as SiaCoin as a cryptocurrency started on 01/06/2015.
SiaCoin is a relatively young cryptocurrency, whose circulation takes place on the Sia platform, in which all files are subjected to automatic encryption using algorithms based on blockchain technology. This affects high security, and securing cryptographic contracts prevents access to details of transactions to persons who are not parties to the operation. The nature of the decentralized platform on which the data is stored is somewhat similar to the functioning of Google Drive or Dropbox websites.
Siacoin is something that can absolutely revolutionize the cloud market and virtual hosting, because the price of such a cloud is 10 times lower than the cheapest offer from Google. However, the data will be safer, because every information is scattered between nodes. Such decentralization gives an unprecedented guarantee of the security of our data.
The first method of extracting this cryptocurrency is the so-called POW (Proof of Work). There is also a second method of mining siacoins by providing free disk space.