Siacoin Cryptocurrency Review – The Project

Siacoin Cryptocurrency Review – The Project! SiaCoin project offers users to store files in the cloud using other users’ free disk space and people with free disk space to earn something extra by providing it to the network. Sia uses SiaCoin, a cryptocurrency token that is used for getting contracts to store your files as well as to get paid for sharing your free disk space. The SiaCoin is also available for mining in a more traditional way, so you might want to try that as well as an alternative way for obtaining the cryptocurrency token used by the service instead of trading it on an exchange.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

The siacoin project started as an idea back in 2013 at HackMIT. The idea is simple, allow anyone to rent out their storage space and in return reward them for their contribution. Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host.

Sia’s main objective is to introduce storage into the shared economy. Sia’s team believes that it is possible to free the unused storage of the world and unite it in a free market. Under this configuration, the data is distributed across a vast network. The Sia platform is open source under the MIT license and presents us with a new storage platform where the customer has complete control of their data.

Today’s cloud storage services are mostly centralized and the data is stored on a third-party server. With Siacoin, the storage would be decentralized as each user would contribute their own share of resources.

Siacoin Cryptocurrency Review – The Project