6 min read
The blockchain technology is gradually adapting to all kinds of functions that we can use in our daily lives, whether in social networks, streaming platforms, digital money, marketing, etc.
But… Did you ever think that you could receive money for lending part of your hard drive storage? Well, let me tell you that Siacoin has managed to put this system into operation using blockchain technology.
You lend part of your storage to other users and they in turn pay you Siacoins for this space. That said, Siacoin could be considered as the Dropbox of the crypto community. If you want to learn more about how you can benefit from this cryptos, stick around to find out.
History of Siacoin
The beginning of Siacoin (SC) takes place years ago, specifically in September 2013. In this year David Vorick and Luke Champine, developers of Siacoin, had the idea of creating a project with the aim of taking advantage of the large amount of storage that is not used by users around the world.
From the moment this idea arose, Vorick and Champine focused on creating a decentralized platform with network storage, through which users could rent part of their available storage and in return receive a reward.
In 2014 Vorick and Champine founded Nebolous and this Boston-based company is currently developing Sia’s software.
Since 2014 Siacoin and its Sia platform have been developed by Nebolous, and it was not until 2015 that they launched the first beta version of the Sia network to the public.
Today the platform already has between 1,000 and 2,000 users.
Between all of them they have surpassed the 4 petabytes (PB) of storage.
Petabytes? Yes, you have read well. To give you an idea, one petabyte is equivalent to 1,000,000,000,000 bytes.
Let me know if you can read that figure, because I have not been able to.
How does Sia work?
First of all you need to understand that Sia is a platform and Siacoin (SC) is the token that you get for renting out your spare hard disk space.
This platform is a new approach to cloud storage platforms. Instead of all the data centers being owned and operated by one company, Sia opens the floodgates and allows anyone to make money by renting out their surplus hard disk space.
Sia combines a peer-to-peer network with blockchain technology which allows anyone to be part of it. The operation of this decentralized network is based on
- The users: these will be the ones who want to rent storage in other people’s computers, for this they will use a common program, (developed by Sia) with the computers in which the files are going to be stored.
- The computers: it is the hard disk of the person who is renting its storage, once the file is hosted on your computer you will not be able to see the content of the file which has been stored by the user, since it will be encrypted. In this way only the user who has paid for the storage will be able to view your files.
Funds can be returned in case the hard disk performance is too poor.
In addition, Sia’s decentralized storage costs 90% less than established cloud storage providers. Sia’s 1 TB of file storage costs between $1 and $2 per month, unlike providers such as Google Drive or Amazon s3 where it would cost $23 per month.
Siacoin can be obtained by renting some storage or by buying it from cryptomoney buying and selling sites like Bitnovo. However, if you prefer to obtain Siacoins by mining it, let me tell you that it is also possible.
Siacoin uses the Proof of Work (PoW) consensus protocol, and the generation time for each block is around 10 minutes. This provides greater security to the network and has no limit on the number of cryptomonies mined, unlike cryptomonies like Bitcoin whose limit is 21 million.
Siacoin’s market capitalization is $118,748,619 USD.
If you want to buy siacoins you will need a place to store them. That place is a wallet where you can store your digital coins safely.
- Sia-UI is the only official application made by Nebulous, the developers of Sia. It is considered one of the safest Siacoin wallets.
- Sia Client, this is Sia’s android application that works like a wallet. You can receive and send Siacoin and store your files on the Sia network. Sia distributes your files through a decentralized network where you control your private encryption keys and your own data.
- The Ledger Nano S is one of the best hardware wallets, supports most crypto currencies and allows the storage of their private keys in a separate device, which helps to prevent any piracy or malicious theft.
Where to buy Siacoin (SC)?
If you want to know how to buy siacoins or where to do it, of course we will recommend the Bitnovo website. And this is not simply because we are inside the brand’s blog, but because Bitnovo is really a fast and safe way to do it.
Our goal as a company is to make it possible for a person who just entered the crypto world to buy any crypto in a matter of minutes, without experiencing the problems that most crypt exchanges have.