What is SiaCoin and Where Is it Used?

The SiaCoin is a sort of cryptocurrency for the actively developed storage platform referred to as Sia. Typically, users contribute to disk storage from their PCs to fashion a decentralized network. This cryptocurrency is specifically designed to facilitate for making decentralized payments. You may like think of it as kind of extension the Bitcoin that can provide support for file contracts. Just like Bitcoin, it utilizes a blockchain and is essentially powered by a ‘proof of work’ mining. It is critical to note that the SiaCoin isn’t a direct competitor of the Bitcoin. The latter is a general purpose currency, while the former primarily exists to enable the Sia network. Well, let’s now review some basic info on this Sia network currency.

What is a file contract?

A file contract in the context of the Sia network permits a host and a renter to come to a mutual agreement. Anybody with Siacoin can be able to rent storage from a host on this network. This can be done through what is known as a smart storage file contract, which is stored in the Sia blockchain. The host has to agree to keep the file contract for a mutually agreed period of time, prior to demanding payment. If the host loses this file contract then they won’t get paid.

How many Siacoins exists and how can you acquire them?

Generally speaking, the number of Siacoin which have been made for each block stands a 300,000 height. The genesis block in particular has a height of 0. After arriving a height of 270,000, all blocks then get a reward of 30,000 of this cryptocurrency. To be able to obtain figures on the exact number of this Sia network currency, please feel free to visit http://sia.tech/ When it comes to the issue of just what you can do to get Siacoin, the only means of acquiring it is by making use of Bitcoins. One of the most popular markets where you can be able to make such transactions is Poloniex. Additionally, there happens to be a thread designed for this particular purpose at Bitcoin Talk.

How long does it take solo mine Siacoin blocks?

With any video card you make use of, you will be able to obtain 2 to 10 blocks of mined Siacoin each and every month with extremely high variance.

What are the benefits of Siacoin?

To wrap up this article on the basic info, let’s now review the benefits of this Sia network. The distributed nature of Sia allows numerous optimizations in terms of latency, dependability, security and even through-put. While its decentralized aspects allow anyone with storage to get paid. This minimizes the barrier to entry and also reduces the total cost of cloud storage.

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