Siacoin: A file storage coin rewarding the host for renting their hard disk space to the renters

By QuintoTrader | Crypto Street | 12 Sep 2019



Siacoin is a native cryptocurrency created on Siacoin blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Siacoin is a proof of work cryptocurrency thus is being created through the mining process. Siacoin was mainly created to disrupt the cloud file storage industry so that the coin can be used to reward the participant. The key participant is the host and the renter. These two are being connected using the siacoin such that the host are the one responsible for sharing their free hard disk computing space while the renters are the one considered to be in need of storage of their data. Because of this, the renters purchase the mined siacoin and deposit them to the verified file contract address of the host for a given period of time. During this period of time, the host will be requesting for the data while the host will keep on retrieving the data via the siacoin network thus in return they receive the deposited reward after the contract period ends

Siacoin   transaction 

Siacoin transaction takes place on the Siacoin blockchain explorer based on block height and timestamp.  Here is a view of Siacoin transaction;  


    siacoin transaction.png    


To view how the transaction takes place at Siacoin blockchain explorer, simply follow the link below;  

Date Launched  

Siacoin was created in 2015 with the main objective of disrupting the cloud file storage industry. 

Founder Of Siacoin

Siacoin was created by David Vorick who is a computer technologist with the main objective of disrupting the cloud file storage industry. David Vorick wanted the computer users with idle hard disk space to monetize by renting it to cloud storage company thus in return they receive a reward after the file storage contract expires

Process of creating Siacoin

  Just like the way other cryptocurrencies like bitcoin and Ethereum are released through the mining process using power supply and internet, for Siacoin, the same case applies. The only difference is that Siacoin was created also to become a cloud storage coin connecting renters and hosts thus is also considered to be a proof of capacity coin as well. As proof of work coin, Siacoin is being created through the mining process in the presence of electricity and internet using GPU and ASICS hardware. The algorithm used to mine the coin is Blake2B algorithm. For every block being found, miners are being rewarded with 30,000 coins. On the other hand, as proof of capacity coin Siacoin connects the hosts and the renters. As a host, you need to have a 24-hour running computer connected on the internet with enough hard disk storage space. On the other hand, as a renter, you need to ensure that the hosts in which you want them to host your files are being verified. The host will then create a file contract which is the smart contract address for the Siacoin. The renter will then purchase the mined Siacoin and deposit them to the verified file contract of the host where it will work as a collateral. The two will then sign a contract for a given period of time. The host should ensure that they abide by the contract period in order to receive all the Siacoin being deposited to their file contract. The renter will keep on renewing their contract period when they expire so that their respective host can continue hosting their file. Here is how this process looks like;    


  siacoin mining.png      


If you want to start sharing your computing hard disk space to retrieve the data when requested by the renters, then you can join as host from below;    

Maximum circulation of Siacoin

Unlike other cryptocurrencies which have maximum circulation, for Siacoin, there is no maximum amount that should by circulating in its blockchain. Instead, there will be locking of some coins on different contract address as well as proof of burning.

  Siacoin  Price

Currently, 1 siacoin is worth more than $0.0017 and its price is expected to increase over the next period of time.  Siacoin is being abbreviated as SC.  

Converting my Siacoin to other cryptocurrencies

To convert your Siacoin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Siacoin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Siacoin to your favorite cryptocurrencies;  

Storing my Siacoin

To store your Siacoin, you need a  Siacoin wallet. You can either store online or offline. To store your Siacoin online you can use online wallet supporting Siacoin such as Siawallet. To secure your Siacoin from being stolen by hackers, you can download cold storage wallet like the Sia.UI for macintosh/windows/Linux wallet.   

Transferring my  Siacoin to other Users

If you want to transfer your Siacoin to another user, the two of you must have trust in each other. The trust should be the Siacoin address provided for the receiver while the sender must have the Siacoin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;  




  Knowing more About Siacoin

If you feel that you need to learn more about Siacoin cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Siacoin platform website  

Now that you know, I think that it is time for you to start earning some Siacoin cryptocurrency by sharing your computing hard-disk space. The more hard-disk space you share, the more more your earning . If you feel that I should also own some Siacoin for helping you to know about it then here is my Siacoin  address;  


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