Siacoin (SC) is a major challenger in the world of cryptocurrency and blockchain market featuring among the top 16 in terms of market cap. Why is it so valuable? And why is it growing so fast?
Just like Bitcoin, it is relies of blockchain technology, reorganization and profound storage solution for users. From the look of things, miners find it appropriate since it separates, encodes and alots your files across a decentralized unit. Since the user is the main possessor of keys, data is effectively stored. No external company can gain access nor regulate your files unlike the old cloud storage providers.
Users have the ability to store their files freely in their computers in a more decentralized fashion. Unlike other coins, it does not occur as a rival for Bitcoin. Rather, it is an ordinary form of currency which is motivated by ‘evidence of work’ when storing files on central servers. Eventually, Sia’s blockchain will reorganize file storage thus making it an open source.
Reasoning behind the file of contract
Currently, most cloud storage platforms operate on centralized platforms which involves storing of data on a third party server. On the other hand, Siacoin is one of the most forthright company which enables users to remain accountable for their own share of investments. It stores minute pieces of your files on numerous nodes all over the world. As a user, you are allowed to come into agreement with your host under a smart file contract. Here, the representative will retain your files depending on an agreed period before requesting for payment. Your representative will receive payment only if he adheres to terms of contract.
The number of Siacoin (SC) present in the market and How to obtain them
At present, Siacoin occurs at 300,000 in terms of height. The preceding block has attained a height of 0. It is only after reaching a height of 270,000 that all blocks can retrieve a payment of 30,000 worth the cryptocurrency. Users are allowed to log into websites http://sia.tech/ to determine the exact numerical values of the currency.
The only way to access SC coin is by putting Bitcoins to good use. Take advantage of Polinex to complete your daily transactions. Bitcoin Talk is the best platform to acquire more information.
How long it takes to solo mine Siacoin blocks
Depending on how lucky you are, you can acquire between 2 and 10 blocks each month. This is achievable through a video card which is uniquely created for all users.
Advantages of using Siacoin (SC)
The sky is truly the Limit when it comes to Siacoin owing to a number of reasons. For starters, it is one of the fewest blockchain companies that is very open and candid about their road map. With a simple file sharing system, it could be the beginning of hosting in the near future simply because it operates on decentralized servers.
Its new approach to cloud storage platforms means users can hire their hard drives for money. Also, data remains confidential based on redundancy and cryptography. In a nutshell, Sia allows users to make use of it as the best alternative to Bitcoins and other old cryptocurrencies.