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SIAcoin is one of the projects that prove how the technologies behind cryptocurrency go far beyond their initial sphere of application. These technologies provide a plenty of benefits in terms of income and confidential operations. At the same time, SIAcoin uses the best features of blockchain to create a decentralized and reliable cloud storage. There is SC currency created to be used within the SIAcoin platform. The project was established in 2013 and now it is owned by Nebulous Inc. (USA). The idea is that every user can take/provide space for rent and receive income for participation.
Centralized storage services are connected with numerous risks connected of illegitimate use of unencrypted information to enlarge profit. SIAcoin’s aim is to offer safe service for cloud storing that uses encryption to avoid any issue of that kind.
SIAcoin functions as a peer-to-peer service and a platform for users who can offer free space for rent and those who want to obtain additional space. This is an open project, therefore any person who has additional space on his/her computer can earn money by providing it to others. Accordingly, a person who needs extra-space will pay money for rent.
The code of SIAcoin is open-source, therefore developers are encouraged to contribute to the project and create apps on its basis. SIA’s owners want to take the most of the blockchain technology and make their service the largest one in the web. The blockchain technology allows safe operations attained by means of the smart contracts, which ensure that no third parties can get an access to the stored data.
The innovation provided by SIAcoin ensures less expensive and decentralized storage protected with cryptography, therefore it has all chances to become widely-adopted by the Internet users.
The payments on the SIAcoin platform are made with the help of SC currency. These digital coins can be purchased at the exchanges or through mining. Those users who provide space for rent receive a certain amount of SC after the agreed storage time overs. In case the files are lost or damaged, the host doesn’t get any payment. The contracts are concluded on the blockchain and allow participants to use the provided space while the automatized rules of cooperation are ensured by the technology without a necessity to engage any interpleaders. The smart contracts ensure that both sides are satisfied with the final result.
SIAcoins are mined by means of GPUs because they are based on the proof-of-work algorithm.
As for the storage, SIAcoin supports Linux, Mac, and Windows wallets. The wallet can be downloaded from the official website of SIA. Developers ensure that they have created secure and simple wallet for efficient SIA storing, sending, and receiving.