Siacoin belongs to a platform specializing in encrypted cloud storage. Anyone in the world can rent space on the network from his peers, as well as provide a place for storage.
What Is Siacoin?
Siacoin belongs to a platform specializing in encrypted cloud storage. Anyone in the world can rent space on the network from his peers, as well as provide a place for storage. Siacoin cryptocurrency is a utility token since it is required to pay for any services within the network. Users who provide space for files on their devices receive payment in the form of Siacoin and renters use SC to access the network. Siacoin can also be mined which works according to the Proof-Of-Work system on the Blake2b cryptocurrency algorithm. The platform also has a wallet called Sia UI, which is available for Windows, macOS, and Linux. At the moment, you can also buy Siacoin cryptocurrency on almost any of the top exchanges.
Pros and Cons of Siacoin
Advantages of Siacoin
Sia is committed to creating a post-cloud world of cloud storage where there are no third parties, and make it more robust and more affordable than traditional forms of data storage. Without the need for a central bank of servers to store data, Sia can absolutely revolutionize the cloud storage industry by using blockchain technology to provide peer-to-peer file storage. It offers a fast, safe and cheap way to store data and takes into account the interests of both parties while benefiting them as well. So far, the network has 367 storage providers and the coin is traded among the top-100 cryptocurrencies. Siacoin is cheap to buy and has quite profitable mining with ASICs. The Siacoin team works tirelessly on the project and its coin, as evidenced by the monthly reports published on the official website. Siacoin also has investors committed to sponsoring the project.
Disadvantages of Siacoin
Sia and its coin face competition beyond traditional forms of cloud storage like Google Drive, DropBox, Microsoft, and Amazon. There are also similar coins like Storj that pose a threat. Sia currently has no service in Africa or Latin America and covers mainly North America and Europe, as well as parts of Asia. Whoever dominates the region there can also become a threat to Siacoin in the future. For now, attracting customers and building a reputation lies entirely with the development team.
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