Siacoin (SC) aims to provide an open-source low-cost solution for cloud storage, offering encryption and distribution of files chosen for storage by users across a decentralized network of peers. User-controlled private keys give the assertion that no third parties should have access to or control over data stored on the network. As a result, the cloud storage marketplace made available to users of the Sia blockchain is meant to be highly redundant, completely private, and more affordable than many alternatives.
What Is Siacoin?
Siacoin, or Sia for short, provides a decentralized cloud storage option that competes with centralized legacy competitors such as DropBox, Amazon, Apple, and Microsoft. Using Sia, anyone can host or access encrypted storage through the platform, and all contracts, storage proofs, and transactions are verifiable using the blockchain’s public ledger.
Remember that old Apple marketing campaign when the iPhone was in its infancy and the app store craze was in full swing? “There’s an app for that.” Well, blockchain has taken the world for a ride with its own rise in popularity, and as use cases and adoption abound, a similar mantra could ring true: there’s a crypto for that.
How Does Siacoin Work?
On a fundamental level, Sia takes cloud storage out of the hands of monolithic providers and puts it back into the hands of individuals. Doing so provides a peer-to-peer storage ecosystem that allows anyone to rent out or take advantage of spare hard drive space.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.