Siacoin is a blockchain platform for storing data. What is unique about this project?

The digital coin Siacoin, whose current rate is 0.002239 USD, entered the cryptocurrency market in 2020.
This is a decentralized project that competes with the cloud services of Amazon, DropBox, and Apple. Using the program, users provide each other with free space for files. The platform has a private token called Siacoin (SIA). The coin rate depends on the demand for the project. The current market situation is speculative. The price of cryptocurrencies is influenced not by objective reasons, but by the actions of large investors.

Online exchange rate of Siacoin to ruble and US dollar

A rapid and unexpected increase in the Siacoin rate occurred at the end of 2017, which attracted the attention of traders who began to invest in the coin. In 2020, there was a rollback in the exchange rate, but the trend is typical for the entire cryptocurrency market.

For comparison: in November 2020, the cost of the coin was 0.004433 USD, and in December the rate dropped to 0.002239. A review of the chart shows that the SIA cryptocurrency has been falling over the past month.

Siacoin cryptocurrency rate on exchanges

Despite the fact that Siacoin can hardly be called an expensive coin, crypto exchanges have become interested in it.
To find this coin on the exchange, you need to know its symbol. Siacoin symbol - SC ticker. The cryptocurrency rate has always been low. When it first began to be listed on world exchanges at the end of the summer of 2020, its price was only $0.000043. And what’s surprising is that she hasn’t grown much in two years. Growth began in the spring of 2020. Then, in principle, interest in all cryptocurrencies increased. And Siacoin was no exception.

At that time, the exchange rate of the coin to the ruble was almost 50 kopecks per coin. And this despite the fact that at the beginning of its journey this token was quoted for only 0.0031 rubles. This is a ridiculous price. But even more changes occurred in December 2020 - January 2020. Then the coins first jumped in price to 1.99 rubles per token, and on January 7 the price rose to 5.28 rubles per token.

True, such peak-high indicators did not last long; after a few days they fell. On February 6, the coin was already worth a little more than one ruble. Now the situation is no better. The coins fell further in price. Let's look at how much exchanges are asking for Siacoin today.

As you can see, there are quite a lot of platforms where you can trade in pairs with Siacoin in order to confidently work with this coin. Almost each of these exchanges has a calculator and other tools that make trading operations not only profitable, but also simple. And trade is more relevant now than ever. Its market capitalization is $355,954,365.

The undoubted leader in the number of cryptocurrency pairs involving Siacoin is the Upbit exchange presented in the table. She has several quite popular pairs:

• SC/BTC. This is the first position in the table and the largest daily turnover - $4,663,574 and 444355751.511 SC. Rate: $0.01050 and 0.00000159 BTC. This is 43.94% of the total turnover;
• SC/ETH. In this pair, the rate is $0.01036 and ETH 0.00002819. Daily volume - $160,696 and 15511727.636 SC, which is a percentage of only 1.51%;
• SC/KRW. The rate here is only $0.01221 and 13 KRW. The daily turnover in this pair is very small - $0.05861 and 4,800 SC.

Let's consider the features of the rate of this cryptocurrency on several exchanges where it is listed.

Poloniex

Despite the fact that Poloniex ranks first in terms of reliability and popularity of trading, when we talk about trading operations involving SC, it ranks only third.
The volume of transactions is about 7.62%. The most popular pair is SC/BTC. The Siacoin chart shows that the cost of the coin on this site is $0.01062. And if in Bitcoins, then the rate will be 0.00000161 BTC. At the same time, the total capitalization for 24 hours is $840,953, or 79167526.194 SC.

It’s not for nothing that we put this exchange in first place in our review. Despite the fact that Siacoin trading volumes are not the largest, the platform has many advantages:

• High security of transactions. At the moment, this site is considered one of the most reliable in its field;
• A large number of trading pairs. We have considered only one of them (the most popular), but it is possible to create others;
• Opportunity to use margin trading services;
• Low commissions.

HitBTC

This exchange ranks 6th in the table we indicated above, but here it is in second.
And there is an explanation for this - the site’s good reputation, which sets it apart from its competitors. This exchange has been operating since 2013. And what’s interesting is that you can trade on it using demo mode. That is, get, so to speak, a test ride of all the functions of the exchange, but do not register on it. A very interesting and useful acquisition for the exchange. Among the features of this site, it should be highlighted that it works with the SC/BTC pair, selling Siacoin tokens at a price of $0.01052, or 0.000001594 BTC.

The daily turnover of this cryptocurrency on this exchange is quite small. It is only $97,705, or SC 9,290,300. But even such a daily turnover is enough to not have to wait long for the created order to go through.

Bittrex

Bittrex has been operating in this market since 2020. Its peculiarity is that on this site you can work with thousands of cryptocurrency pairs. If you look at the statistics, even with currencies such as Siacoin (Sia cryptocurrency), there are two fairly popular pairs:

• 
  SC/BTC. This is the second most popular pair from the general list and the first on the exchange. It accounts for almost 43.7% of the total volume of transactions on all exchanges. The current cryptocurrency rate on this exchange is $0.01056 and BTC 0.0000016. And the daily turnover is $4,721,273, or 447239479.532 SC;

• SC/ETH. This pair is in fifth place in the general list and in second place on the exchange in question. In this pair, the rate is $0.01058 per coin, or 0.00002853 ETH. The daily turnover on the site is $123,524, or 11669915.194 SC. This is 1.14% of total turnover.

To make it safer for clients to work on the site, she uses two-factor authentication. But you don’t have to go through it if you plan to withdraw less than two thousand dollars a day. These are the volumes that are allowed without disclosing your identity. The exchange is protected from system failures and other troubles. In general, conducting transactions here in the “Exchange” section involving the Siacoin coin is quite convenient and safe. The commission on transactions is 0.25%.

Yunbi

The fairly well-known Chinese cryptocurrency exchange Yunbi allows you to sell and buy Siacoin.
It has been officially operating since 2014, although it operated in test mode for almost a year to check its stability and remove inaccuracies. In the end, such scrupulousness paid off. The site may not be the largest available, but it works great. The exchange rate of Siacoin to the dollar on this exchange is the same as on other resources: it is about $0.010. But trading volumes here are very low, so we still do not recommend using this exchange to quickly sell or buy coins. In addition, users complain that lately there have often been problems logging into the exchange. Of course, it’s up to you to decide where to turn, because there are many options.

Economics of the project

At the heart of the SIA storage platform is the interaction between service providers (hosts) and clients (users). The former provide the latter with free space on their devices, for which they receive a reward in the form of Siacoin.

Hosts can advertise personal equipment and set prices for storage. In case of loss or damage to client files, compensation is provided. The provider can always refuse to store files if it considers them suspicious or illegal.

Protective measures have been taken for clients: copies of files can be distributed between providers, which ensures reliable and secure storage. If the host has lost client data, it can be requested from another storage location. In case of precedents, the provider and the client must agree in advance on the amount of fines. To ensure reliable savings, clients can pay additional interest to providers. The formation of the price for storing information is influenced by many factors, including the exchange rate of Siacoin to the dollar, ruble and other currencies.

The division of participants is quite arbitrary. Users can move from one category to another or act as both host and client at the same time.

Smart contracts

To secure the transaction, the provider enters into a smart contract with the client. Contract terms may vary. If, for example, a client wants to pay less and is willing to sacrifice security, he can choose a cheaper service. You have to pay extra for reliability and storage of large volumes. Providers choose clients.

The smart contract specifies storage conditions, which guarantees the fulfillment of obligations by both parties. The data is stored on the host's hard drive, and the contract is recorded on the blockchain. The system is open for general viewing, but is protected from adjustments.

The smart contract guarantees the safety of the transaction. The following questions are discussed:

• duration of the transaction;
• service cost;
• information about the start and end dates of the contract;
• The frequency with which the provider provides evidence of file storage.

When creating a contract, the user transfers funds, which during storage are written off in parts after sending each document. After the deadline is completed, the coins remaining in the account (if any) are returned to the client.

Siacoin file contracts allow you to store 1 terabyte of information for two dollars per month. By comparison, Amazon S3 services cost $23.

Evidence of safety

Siacoin is based on the Proof-of-Storage mechanism - proof of storage. The algorithm protects clients from unscrupulous hosts:

1. Within the specified time frame, the provider provides evidence of the safety of the files.
2. Payment is charged only after providing evidence.
3. If the host does not report within the specified time frame, the savings funds are transferred to the missing proof address.
4. If reporting is done on time, funds are credited to the valid proof address.

For repeated failures to meet deadlines for evidence, the system will first fine the provider and then terminate the contact ahead of schedule. Hosts are required to achieve 97% uptime.

Blockchain

Sia is a decentralized data store. Users from different countries contribute space on their hard drives to form a decentralized network.

The Siacoin cryptocurrency was created to buy and sell storage on the Sia platform. Siacoin uses a Proof-of-Work (PoW) consensus protocol incorporating the Blake2b algorithm as a hash function. In the future, the network plans to use a Proof of Burn algorithm to manage inflation and the amount of Siacoin in circulation.

Any Siacoin holder can rent space from Sia hosts. This is done using smart contracts stored on the Sia blockchain. The smart contract transmits payment to the host only after it stores the file for the specified period of time (13 weeks by default). If the host loses the file, then he does not receive payment.

In Sia, hosts demonstrate that they store files uploaded by tenants using a Proof of Storage (PoS) mechanism.

During the contract, hosts must provide "Proof of Storage" on the blockchain to demonstrate that they are online and they are still storing the tenant's files. Hosts require 97% uptime.

Smart contracts are the key to secure use of free host space for both the tenant and the network participant. They provide automatic application of a well-defined set of rules without the need for real trust between two parties.

Sia File contracts allow you to store data monthly for just $2 per terabyte of information, compared to $4 for Amazon Glacier and $23 for Amazon S3.

You can also install SiaDrive on your computer and use the storage.

Advantages of the Siacoin platform over competitors

If we compare the SIA project with classic cloud services, the main advantage is decentralization. The data is transmitted in encrypted form. There are no factors that threaten you when using classic services.

Other benefits:

• security - the platform allows you to distribute files between hosts: even if one of the providers loses information, this will not affect access to data;
• accessibility - a flexible pricing system allows you to choose an affordable option (in SIA, storing one terabyte of information can cost only two dollars, regardless of the rate of the Siacoin cryptocurrency);
• Confidentiality - Unlike the traditional model, in SIA the host cannot access the data unless there is a confidential key.

The Siacoin platform has approximately 1,000 hosts that offer over three petabytes of space. The SIA network utilization rate is 3% of the total, which only confirms the large capacity and enormous potential of the platform.

Token storage

To carry out transactions with a coin, you need to create a SIA-UI wallet - a network node that stores the full version of the blockchain. To create a wallet, go to the official SIA website and download the wallet for the operating system installed on the PC.

The program does not require installation. All operations take place in the executable file. Create a shortcut and launch it.

When you first launch the program, it is synchronized. At this time, we create a wallet. Go to the Wallet tab and select Create a new wallet." In the same section you can restore your wallet.

The program will give you a seed phrase, which you need to save in a safe place. The code will be needed when restoring access to the service. Here you can create your own password, which will increase the security of your wallet.

All that remains is to create an address to receive Siacoin coins. The creation process is complete.

A full-fledged Siacoin wallet does not exist yet - the developers are working on the issue, but for now they offer to use the SIA-UI wallet or the services of exchanges.

Where can I buy

You can buy Siacoin on the following exchanges:

Mining Siacoin on video cards

The process of mining SIA tokens is not much different from mining Bitcoins. Both platforms use the PoW algorithm, the essence of which is complex calculations. The reward is given to the one who first solves the problem and creates a block.

For the first generated block, the Siacoin platform awarded 300 thousand coins. With each subsequent block, the reward decreases by one token. After creating 270 thousand blocks, the process will stop, after which miners will receive a steady supply of 30 thousand tokens.

Creating a block takes on average 10 minutes. The process in most cases is carried out using video cards. The developers suggest using official programs:

• CCminer;
• GoMiner;
• Sia-CUDA-Miner;
• Sia-GPU-Miner

Simultaneous mining of Siacoin and Ethereum cryptocurrencies is possible. It is more profitable to mine crypto coins with other users. Popular siacoin pools:

• Nanopool.org;
• F2pool;
• Luxor.tech.

The profitability of mining depends on the current exchange rate of cryptocurrencies, electricity prices and equipment capacity. To calculate your expected profit, you should use the Siacoin calculator.

Blockchain algorithm

Blockchain-based smart contracts use cryptographic proof of custody. Hosts receive payment only if all obligations are met. The platform uses deletion codes, such as Reed-Solomon, which guarantees a high probability of saving files even if most providers fail.

User information is encrypted so hosts cannot track the contents of files. The distribution of the Siacoin network maximizes features such as security, throughput, and latency. The decentralized project allows anyone with free space to join the system and receive rewards.

Work technology

To store information, the user’s account must have Siacoin coins, with which the network participant will pay for the services provided. You need to create a SIA-UI wallet. You can get tokens in two ways: buy on a specialized resource at the current rate or mine.

As soon as the user sends information for storage, the system automatically selects 30 hosts and concludes contracts that specify a clear storage time. Before choosing a provider, the system analyzes other parameters: amount of free space, price, age.

After the contracts are concluded, the download of a file of 30 segments begins, which are created using the Reed-Solomon code. The method allows you to split a file into parts in such a way that its recovery is possible if there are 10 parts out of 30. If 20 out of 30 hosts fail, this will not affect the user’s interaction with the data. Data is automatically transferred to production hosts. The system encrypts each segment, which ensures complete security. The average contract period is 13 weeks, which can then be extended.

To rent out a place, you will need a SIA-UI wallet. The account must have at least two thousand Siacoin tokens. When a contract is concluded, part of the tokens will be frozen as collateral until the end of the transaction. The provider must have storage space (at least 100 GB) and uninterrupted network connection.

The platform is designed in such a way that hosts constantly demonstrate the safety of files. To do this, a special Stake of Storage algorithm is used, which confirms small segments as part of a large file.

The goal of each provider is to ensure a high level of file security for the agreed period, since payment for the service is accrued upon completion of the contract. Otherwise, the host will pay a penalty for non-compliance.

What are Sia and Siacoin?

Nebulous Inc. is the Boston-based parent company of Sia, formed in 2014, and launched the Sia Storage Platform in 2015.

As mentioned above, Sia aims to connect users who need file storage with hosts, which are simply computers connected to the Internet running Sia's host software.

Sia blockchain and related ones are the foundation of market disintermediation (removing economic intermediaries from the supply chain) of cloud storage. Blockchain is used to protect data and manage an automatic reward system based on the Siacoin cryptocurrency.

Sia's ultimate goal is to become the "trusted storage facility of the Internet," using blockchain technology to replace the functions of centralized data centers and cloud storage services such as Amazon and Dropbox.

According to Sia's website, their platform ensures that "no one can censor or deny access to data - not miners, not developers, not any government."

Sia works by breaking files into small encrypted pieces and distributing them across a network of hosts. In theory, anyone can rent storage space from hosts, and anyone with hard drive space and a good internet connection is eligible to become a host.

Number of SIA hosts:

The Sia team envisions that at first the Sia network will be filled with hosts that use mostly "leftover or unwanted drives" that can offer low prices due to the low cost of installing them. This may change in the long term as competition for hosting drives the need for faster, higher quality drives.

Technology Sia

The Sia Storage Platform technology is quite complex, but by understanding how it works, we can understand it better.

First and foremost, because anyone can become a host, the platform aims to keep data secure on the network—even if the host or group of hosts has bad intentions. To achieve this, Sia uses three main strategies: redundancy, encryption, and automatic host incentives.

Redundancy

Once the user has completed the steps to download files, Sia's software automatically splits the files into 30 segments before downloading, with each portion sent to multiple hosts anywhere on the planet.

This wide distribution ensures that no single host becomes the only point accepting files, and network redundancy and uptime are maximized.

File segments are created using a process called Reed-Solomon coding, a technology commonly used in CD and DVD recording that creates redundancy in data sets so that lost data does not result in missing files.

Using this technology, Sia encodes the data in such a way that any 10 out of 30 segments can completely recover the files. Therefore, even if 20 out of 30 hosts are down, Sia users can still access their files.

Encryption

All files stored on the Sia network are encrypted using the Twofish encryption algorithm, an open encryption standard that makes data unreadable to hosts. Files are encrypted before segments are sent to host computers, so hosts store only unreadable segments of encrypted data.

Host stimulation

Hosts on the Sia Storage platform are incentivized to ensure data security through an incentive program that uses smart contracts called “file contracts.” These digital agreements between tenant and host set terms related to pricing, uptime, and time period commitments.

Once an agreement is reached, the tenant stores Siacoin in a smart contract as escrow using the blockchain.

At the end of the contract period (usually 90 days), the host provides proof of custody to the blockchain. Their deposit is then returned and the contract file automatically sends payments to the hosts.

The Sia system automatically renews contracts if necessary, and otherwise returns unused Siacoin to the tenant at the end of the contract.

Features and benefits of the platform

To understand the benefits of the Siacoin project, it is enough to compare how users store information. In most cases, this is an external hard drive or hard drive, but if the device flies, you will have to forget about years of accumulated information: restoring it is time-consuming, expensive, and not always possible.

An alternative to disk is the cloud. The advantage is that data can be accessed from anywhere where there is an Internet connection. The disadvantage of this method is that the files are in one place. Users entrust important information to a third-party company, which at any time can raise prices, change terms of use or cease to exist altogether, not to mention the danger of hacker attacks, from which no cloud is immune. Users remember the iCloud hack, when photos of celebrities were leaked onto the Internet.

Siacoin offers secure data storage. The platform is decentralized, which means there is no single point of failure. User information cannot be lost or inaccessible. The cost of the project deserves special attention. When other resources charge $23 per month for 1 terabyte of information, the SIA blockchain provides such a service for $2, regardless of the rate of SIA tokens.

As for the Siacoin cryptocurrency, the coin currently ranks 27th in terms of capitalization. The popularity of the coin is gradually increasing, which has a beneficial effect on the exchange rate. The temporary price pullback in 2020 did not frighten investors, since the situation is related to speculative actions and concerns other cryptocurrencies.

Siacoin: cryptocurrency rates to the ruble

Current cryptocurrency rates to 0x – follow fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the ratio of 0x and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.

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Prospects for the Siacoin blockchain

The Siacoin cryptocurrency provides access to all functions of the platform. The developers have already brought the project to a high level, but are not going to stop.

In 2020, the team plans to expand functionality and surpass Amazon S3. Closer to 2020, developers aim to overtake many competitors who today occupy leading positions in the market.

In the future, users will be able to listen to music, watch photos and movies directly from SIA. The project is open to the public. Those interested can create their own projects based on the platform. All facts will have a positive impact on the exchange rate of the coin. Already today, investors are investing in SIA tokens for the long term. Experts have given good forecasts for the token’s price since its appearance on the market.

It is difficult to say about the dynamics of the Siacoin rate in 2020, but analysts are inclined to be positive. With the stabilization of the cryptocurrency market, the rate of the coin will creep up, as it did in 2017, when no one expected the rapid rise in the rate of Siacoin.