Altcoin Siacoin – cryptocurrency and cloud storage technology

Incryptico » Altcoin Siacoin — cryptocurrency and cloud storage technology
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The SIA platform is a decentralized storage of files that works on blockchain technology and uses its own cryptocurrency Siacoin. The launch of the project took place in 2015. Official website: https: // SIA.Tech.

Idea and principle of work

The SIA network provides a fundamentally new approach to data storage. Users have the opportunity to rent a space on their hard drive using smart contracts and receive a reward in case of fulfilling their conditions. All information remains protected by encryption and only its owner can get access to it. 
After loading data into the system, it creates a contract for them, which contains records of payment for storage and information about the host. The latter must provide evidence of the availability of files up to the completion of the contract. If successful, the host receives a reward in SC, in case of failure – a fine.
Reliability of conservation is achieved by “remote coding”. It breaks the file into many fragments, and with the help of just a few of them it can be restored.
Thus, this project solves the problem of data security and eliminates the need to use a centralized cloud storage service. The SIA system provides the possibility of cheap and safe lease of disk space and is able to compete with such technological giants as Google and Amazon.


The encryption algorithm that this cryptocurrency uses is Blake2b, and the PowPoc hybrid method is the proof method. Despite the anonymity of the storage of files, the Siacoin blockchain is completely open and the transactions are not confidential. 
Before launch, the developers held a prean for the first 100 blocks. The reward for the first was 300,000 and with each next it decreases by one coin. When reaching a number of 30,000, the amount will be recorded and will not change anymore. The average block formation time is 10 minutes. Now the currency has no limitation of emissions and new tokens can be created endlessly.
In the future, the team plans to expand the possibilities that provide smart contracts. They are going to add support for full -fledged applications from third -party developers based on them. An example of a project on this platform is now available, which resembles a Bittorrent program.


As of the end of January 2018, the cost of Siacoin is about 4 cents per coin. The presence of emission in 31.3 billion tokens allows you to have capitalization in 1.$ 27 billion and take 30th place in the ranking of all cryptocurrencies according to the data from Coinmarketcap. The project also managed to take the 28th place in terms of trading on exchanges over the past month.

The coin reached its record cost on January 7, 2018. Then the price apiece exceeded 9 cents. Now the course is adjusted after this powerful pamp and the cost is reduced daily.


All applications that are necessary for working with the SIA network can be found on the official website of the project in the “Downloads” section. The wallet is available in two versions – with a graphic interface (for users) and console (for developers). Both are developed for the three most popular operating systems:

  • Windows
  • Linux
  • MacOS
  • There are versions only for X64-bit systems. Links to their pages on Github are available. 

    The wallet itself is not only a means for working with a cryptocurrency account, but also a tool for working with the SIA platform, which allows you to place files there and conclude contracts. With his help, it is possible to provide their disk space for other users for remuneration.
    In addition, on the same page page you can see a number of other programs and services for interacting with Siacoin. Among them, there is even a Siaberry operating system for the Raspberry Pi single -pay computer, which is imprisoned for the use of SIA, and the Siadrive application, which allows you to mount the network of the project as a separate catalog.

    Altcoin Siacoin - cryptocurrency and cloud storage technology


    The official software used to minine Siacoin cryptocurrency can be found in the corresponding section on the same page of the site. An alternative application from third -party developers is also available there. Graphic processors are used to extract SC coins.
    Solo-items are no longer profitable and now it is better to use pools to jointly work with other miners. To calculate approximate income, one of the profit calculators should be used, which shows a possible profit based on the currency course, the user hashrate and energy consumption.
    It should also be noted that recently Obelisk first began the production of high-performance ASICs for Siacoin. You can get acquainted with them on the company’s official website: https: // obelisk.Tech.

    Altcoin Siacoin - cryptocurrency and cloud storage technology

    Where to buy

    Despite the considerable popularity, the coin is available only on a few truly large exchanges. Below is a list of platforms where you can exchange Siacoin for bitcoins:

  • Bittrex
  • Poloniex
  • Hitbtc
  • Bittrex is also available a trade pair with cryptocurrency etherium.
    Most other exchanges where you can find SC are not translated into English or have too small bidding. The largest is observed on Bittrex – there it reaches $ 18 million per day against 5 million for Poloniex and 350 thousand for hitbtc.


    In conclusion, this project really deserves attention. The developers tried to find a modern solution to the problems that arise when using cloud storages. They continue to work on the project until today and have already gathered a considerable community around it. Investing in such a promising and developing project should become really profitable. However, it is necessary to monitor the market so as not to invest in a coin at the peak of value or in front of a protracted dump. This cryptocurrency will also be interested in traders, because its course is often experienced by serious changes that allow you to earn on its jumps.

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