Siacoin (SC) Cryptocurrency: An Ultimate Beginner’s Guide

Siacoin-SC-Cryptocurrency

The world of cryptocurrencies is becoming more and more crowded each day. There are already 1400+ cryptocurrencies in the market, and that number keeps growing.

Moreover, there are so many ICOs and new projects coming out each day. It might be overwhelming to keep track of all of these new cryptocurrencies and projects.

And not all projects or currencies are worth noticing, as most fizzle out and die while others later turn into scams.

That’s why at CoinSutra, we do this research for you and only equip you with information that matters. In the past I have published following articles on popular Altcoins:

This article will educate you about one such cryptocurrency project worth noticing. Its name is Sia, and it is fueled by its cryptocurrency called Siacoin (SC).

What is Sia Cryptocurrency?

What is Sia Cryptocurrency

Sia is a cloud storage platform like Google Drive, Dropbox, and Amazon Cloud.

But what sets Sia apart is that it is an open-source, blockchain-based, decentralized cloud storage platform. In short, Sia is a decentralized cloud where data is stored on the blockchain.

Centralized storage services are prone to single points of failure and also the misuse of unencrypted data for higher business profits.

Sia unites together a large amount of unused storage space and couples it with a blockchain to make encrypted and decentralized cloud storage. Thus, it eradicates the need for trusting centralized data centers.

Sia’s official website says:

The long-term goal of Sia is to be the backbone storage layer of the Internet. We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage super server on the planet.

The idea of Sia – decentralized cloud storage – was conceived at the HackMIT 2013 Hackathon, and is now backed by Nebulous Inc. (headquartered in Boston, USA).

What is Siacoin?

What is Siacoin

Siacoin is the cryptocurrency developed to use the Sia platform.

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.

This is a special purpose currency for the Sia network which executes file storage contracts on the Sia blockchain. A host has to keep the files for an agreed upon time and in an agreed upon space. Later, after the end of the agreement, payment will be released to the host in Siacoin.

If the host loses the files, they won’t get paid. These file contracts on the Sia blockchain ensure that the host and the user are both satisfied.

Sia was launched into the market two years back on 7 June 2015, and it started trading at $0.000046 per Siacoin.

At present, the Siacoin is worth $ 0.017867 per unit, which is a 38,700% increment in price in just two years.

This increment is so huge that it has brought Siacoin to the 14th position in the list of top 20 cryptocurrencies by market cap.

Team Sia: Core team of SiaCoins (SC)

The company behind Sia is Nebulous Inc. Nebulous is based in Boston, Massachusetts, USA.

  1. David Vorick (CEO): In addition to being the CEO, he is also the lead developer of Sia Core. He graduated from Rensselaer Polytechnic Institute with a BS in Computer Science.
  2. Luke Champine (Co-Founder): Luke studied at Rensselaer Polytechnic Institute with David. He dropped out of college to work on Sia full-time. He is Sia’s core developer and loves programming.
  3. Johnathan Howell (Sia Core developer): He started programming around age 10. He has an M.A. from Savannah College of Art and Design. He is working on the front-end of Sia to deliver a clean, well-built, and easy to use UX around the core functionality.
  4. Zach Herbert (Head of Operations): He excels at project and product management. He is studying for an MBA at Harvard Business School and graduated from Boston University where he studied mechanical engineering. He started working with the Sia team in January 2017.

Supply of Siacoins

The supply mechanism of Sia is somewhat unique. There will be an infinite number of Siacoins. To start with, developers mined the first 100 blocks. The reward for the first block was 300,000 Siacoins. After the first block, the Siacoin reward will exponentially decrease by one unit for subsequent blocks.

It means that the:

  • 1st block had 300,00 Siacoins.
  • 2nd block had 299,999 Siacoins.
  • 3rd block had 299,998 Siacoins.
  • 4th block had 299,997 Siacoins.

… and so on… until the block rewards are reduced to 30,000 Siacoins.

After that, for every block mined, 30,000 Siacoins will enter the system.

At present, there are 26.7 billion Siacoins available.

Marketcap of Siacoins

According to CoinMarketCap, Siacoin (SC) has a per unit price of $0.003 with a current market cap of $136,400,518 ($136 million) on a 24-hour volume of $1,811,400 with an available supply of 41,284,111,055 SC.

 

Buying and Storing Siacoins

Step 1: Get a Cryptocurrency (BTC/ETH/LTC)

To get a cryptocurrency like BTC/ETH, convert your fiat currency to BTC/ETH on any popular cryptocurrency marketplace. For converting fiat into BTC, you can use this guide: Buying Bitcoins Using A Debit/Credit Card.

If you already have BTC/ETH, you can skip this step.

Step 2: Crypto to Siacoin

There are few major exchanges from where you can exchange BTC/ETC  for Siacoin:

  1. Binance-SC/BTC, SC/ETH
  2. Bittrex– SC/BTC, SC/ETH, SC/USDT
  3. Poloniex-SC/BTC, SC/USDT
  4. Bitsquare-SC/BTC

Out of these, Shapeshift is the easiest way to get ahold of your first Siacoin. If you want to know the step by step process of using Shapeshift, see our guide on how to convert Bitcoin into any other altcoin.

Now that you have bought your Siacoins, move them to a wallet.

Step 3: From exchange to Sia Wallet

At present, Sia only supports desktop wallets on Linux, Mac, and Windows platforms.

  • Download the most recent Sia wallet here.
  • Run the wallet and wait for synchronization with the blockchain. (This can take several hours.)

Sia Wallet

  • Create a new wallet and unlock it using the seed key displayed. (Unlocking can take several minutes.)

Sia - Create a new wallet

  • Secure your seed key.

Sia - Secure your seed key

  • Click the Receive Siacoin button and send the Siacoin you purchased from the exchange to this address.

That’s it!

The Future of Sia

Unlike many other coins or crypto projects, Sia didn’t start with an ICO or pre-mining. Still, to date, Nebulous Inc. has raised $1.25M in total funding. Prominent investors include Procyon Ventures, Raptor Group, Fenbushi Capital, and angel investors like Xiaolai Li.

The long-term goal of Sia is to compete with cloud storage platforms like Dropbox, Google Drive, and OneDrive. In the blockchain space, Sia’s direct competitors are Storj and MaidSafe, but Sia claims to be better with encryption and decentralization.

The developer’s community is confident that they are making a highly competent product and they don’t believe in mass marketing campaigns for promotion.

Sia- Decentralized Cloud Storage

I think Sia has come just at the right time because the need for data privacy, security, and decentralization is at an all-time high in the market.

And it goes without saying that the future of Siacoin hinges on the success and rate of adoption of Sia cloud storage, which is looking promising at the moment.

And at the time of this writing, the price of Siacoin has increased 50 % in the last 7 days.

The future is looking bright for Sia.

What do you think about Sia and Siacoin? Are you intrigued by its potential? Do you think it’s over-hyped? Let me hear your comments and thoughts in the comments below!

Update: The Siafunds Tokenized Securities Offering (TSO) concluded on Saturday morning. They sold 231 Siafunds at a price of $7,500 per Siafund. Taking into account presale agreements with three investors, we raised approximately $1.5 million.

Sia release v1.3.3 video streaming is featured. This allows you to store video files on the Sia network for a fraction of storage and traffic costs compared to other cloud storage providers.

Useful Siacoin Cryptocurrency Resources

To keep yourself updated on the latest news on Sia:

Like this post? Don’t forget to share it!

Here are more altcoins that you can read about:

12 thoughts on “Siacoin (SC) Cryptocurrency: An Ultimate Beginner’s Guide”

  1. Loved knowing about another crypto. Very elaborate.
    I just wanted to know if we have any community in India which is making it’s own crypto or has plans in future. We have a humongous population to support the devs.

    Please also write over the clouds hovering over crypto’s by end of july and august that everybody is talking.

    1. Sudhir Khatwani

      @ Ulhas

      Yes, there are some people in India trying to make their own crypto-coins. But not sure how serious and legit they are.

      And will surely include your request in upcoming write-ups.

  2. I cannot get the Sia wallet to download.Can you think of what I may be doing wrong?I clicked on the link you provided and it takes make to the Sia page but it won’t download

  3. I got detailed instructions from Siacoins website and instructions for downloading their wallet looks to be super complicated and probably more unsecure than just leaving the coins on a good exchange.

  4. why should we keep currencies in sia wallet rather than some good old exchange, can you please elaborate. would appreciate if you could explain mining and other jargans used in cryptocurrency market.

  5. HI good article. Very much enjoyed it. The only thing missing for me was whether you can get sia wallet on to a hardware wallet i.e. ledger nano S in anyway? or the best way to store it offline.

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