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Where to buy, sell and exchange Bitcoin and cryptocurrency.
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Icon | Symbol | Initial release date | Algorithm type | Max. supply |
---|---|---|---|---|
![]() | SC | 6 June 2015 | Blake2b, Reed-Solomon | No max |
Cloud storage provides a way for us to store data so that it’s accessible through the Internet and from multiple devices. Most services that offer cloud storage use large, centralised servers to hold files. Instead of keeping all of your data in one place, the Sia network breaks up the data and distributes your files across many different servers, all over the world.
Some of the main features of Sia include:
Bitcoin was created with a specific goal in mind: to be a digital, peer-to-peer currency. Instead of relying on centralised institutions, like banks, to serve as intermediaries or middlemen for financial transactions, bitcoin created a way for people to send money directly from Person A to Person B. As a currency, bitcoin can be used anywhere that vendors are willing to accept it. Today, you can buy all kinds of things with bitcoin, ranging from a cheeseburger to plane tickets.
Sia applies a similar concept to data storage. Today, the dominant model for cloud storage involves a big company renting out space on large, centralised servers. Instead of relying on a centralised server that is owned by a third party, the Sia network has created a peer-to-peer marketplace for distributed cloud storage. Using Sia, Person A can rent out unused hard drive space directly to Person B.
To handle transactions on the network, Sia uses its own cryptocurrency, called Siacoin (SC). Like bitcoin, Siacoin is a digital currency, but it’s designed specifically for use within the Sia network, in order to buy or sell storage space on the decentralised cloud. If you are renting space to store data, you will pay in Siacoin. Likewise, if you are selling extra space on your hard drive to the Sia network, you will earn Siacoin.
You can purchase Siacoin on some popular cryptocurrency exchanges, including Poloniex, Shapeshift, Yunbi, and Bittrex. Sia cannot be purchased directly with fiat currency on most exchanges, so you will need to have bitcoin or another altcoin to exchange.
In order to store Siacoin, you will need to download the Sia client, which includes a digital wallet. When you launch your Sia client for the first time, the user interface will guide you through some steps to sync to the network. You’ll be given a unique address for your wallet, at which point you can safely transfer your coins from an exchange into your Sia wallet.
One of the core functions of the Sia platform is to serve as an open marketplace. Anybody with extra space on a device has the potential to earn money by renting unused storage capacity to those that need it. It is also possible to “mine” Siacoin by participating in the network, validating transactions and maintaining the blockchain.
It’s also possible to buy Siacoin without actively participating in the Sia network. If the network grows and the value of the currency goes up, coins purchased on an exchange will increase in value regardless of whether or not you are active on the Sia network. That being said, cryptocurrencies are known for being volatile and it’s important to understand the potential risks involved when it comes to purchasing any digital currency.
An ambitious project with a long-term vision, Sia is still in the early phases of development and implementation. Upcoming updates to the Sia platform should include:
Image sources: Shutterstock
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