What Is The Purpose Of Siacoin SC Mining

Check out their Github for more on the current development and developers of Siacoin. The Purpose of SC. Siacoin there is a proof-of-work mining. A Beginner’s Guide to Mining Siacoin & Set up. 4 Find “SC - Siacoin” in the list of. I do not recommend buying a GPU for the express purpose of mining.

What is Siacoin A Quick Overview SIA is a decentralized cloud storage company that uses Siacoin for blockchain based cloud storage applications. What makes Sia different than traditional cloud servers is its blockchain applicability, privacy, affordability, and it is open-source. The History of SIA David Vorick and Luke Champine attended a HackMIT in 2013.

Instead of creating another store-of-value or cryptocurrency based payment mechanism, they wanted to create a cryptocurrency based application that uses the utility token for file sharing and storage. After its inception in September 2013, they created Nebulous Inc in 2014.

They then received a total of $750,000 for their first seed round, followed by $500,000 from SiaFunds and finally in 2017 a grant of $1.5 million by INBlockchain. Siacoin released their first blockchain beta in March 2015; version 1.0.0 was released in June 2016. The Founders of Siacoin Cryptocurrency Luke Champine - - Nebulous Co-Founder David Vorick - - Nebulous Co-Founder Check out their for more on the current development and developers of.

The Purpose of SC Coin Most cryptocurrencies, social media platforms, and just about anything on the internet require big data. Not the data that most people think, but much more data than a regular user creates. Then add to the fact that videos are in higher qualities, audios require more memory, and everything needs to be stored somewhere. That’s where Siacoin fits into place. See the issue is that cloud storage can be expensive and centralized. With the leaking of centralized entities information (Equifax) and many other storage based facilities getting hacked for their information and data, decentralization is a better solution.

That’s why SIA is a decentralized, open-source cloud storage mechanism. Instead of storing your memory on a central database, they allow anyone to store their videos, files and more in a private and decentralized manner. Now, Siacoin is used by this system as a means of payment. To rent out decentralized spaces, they created an incentive-based system whereby allowing for storage renting out on people’s computers, while receiving a reward, i.e., Siacoin for their storage. Then these users pay with Siacoin to the person giving out the storage. All in a way that is decentralized, where it creates a p2p marketplace of storage.

The Features of Sia and SC Cryptocurrency Completely Private and High Redundancy Utilizing a decentralized network, Sia splits apart a users files and storage scattering the data. Then with only private keys (which the user holds) the user can access and hold their data. This is done by utilizing a BLAKE2b hash function at its core. Although, they also keep the information redundant, so a user isn’t at risk to the decentralized entities the data is stored on. Which means that while the data is split apart and stored in various places, this is done many times so that it is copied and always at hand by another storage facility. Affordability For Users Sia isn’t as expensive as typical cloud storage. For only $10 a month, a user can hold five terabytes of memory.

Check out this chart for more: Marketplace on The Blockchain Utilizing a peer-to-peer mechanism, Sia is a decentralized storage marketplace. Meaning renters pay using Siacoin and can find the lowest price of storage from competitors around the world. A Proof-of-Work and Proof-of-Burn Model With Siacoin there is a based method for consensus. On the Sia network, there is a 10 minute block time similar to. Granted they have a plan to implement proof-of-burn where annual inflation ex-burn should be below 4% in 2020 and below 3% in 2025. They also have a block reward reduction where the reward of 300,000 coins per block from Genesis will be 30,000 on block 270,000. SiaFunds (SF) The Second Cryptocurrency on Sia While Siacoin (SC) is the most popular cryptocurrency on the network, there is another called Saifunds.

This initially launched with only 10,000 tokens. And 1,175 were sold in may 2014 to help fund the creation of the platform bringing in $500,000. The rest of the coins are owned by the parent company Nebulous in which 3.9% of all transactions moving through Sia go to the holders. What Does GCA Think of Siacoin? Siacoin is a great method for moving data storage to a decentralized route. Being one of the first movers in the space, they have been continually updating and improving their services while offering them at an affordable cost.

We currently do not hold Siacoin but are watching it. As more and more cloud storage companies like filecoin, storj and many others will aim to take hold of the market.

These are all great coins to watch in the ever growing area of file storage. © 2017 Global Crypto Academy All Rights Reserved You may not republish, upload, post, transmit or otherwise distribute any Global Crypto Academy content to online bulletin and message boards, blogs, chat rooms, intranets, or in other any manner, without our prior written authorization. Any modification or use of the content for purposes other than your personal, noncommercial use is a violation of our copyright and proprietary rights, and may subject you to legal liability and result in the cancellation of your services. Information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed.

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The cryptocurrency industry is growing at an impressive rate and shows no signs of slowing down. Since its introduction in 2009, Bitcoin has increased in value by more than 7,000%, demonstrating a steady increase over time.

Bitcoin was the first widely recognized virtual currency, and operated on a peer-to-peer network that allowed users from across the globe to perform anonymous transactions. Bitcoin made it possible for its users to verify their transactions through technology called “blockchain,” which allowed the network to keep a record of any transaction that occurred. Many different peer-to-peer networks and virtual currencies have arisen through the use of blockchain technology, which has resulted in hundreds in different cryptocurrencies today. The concept of a decentralized transaction network has captivated the internet and acted as the catalyst for a number of new technologies, such as those provided through Sia and Siacoin.

Sia was developed shortly after emerged and has taken its technology to fuel a number of new concepts. Sia combines blockchain technology and cryptocurrency on a peer-to-peer network that was created in an attempt to create the largest cloud based storage network on the planet.

History of Sia The concept of Sia was originally born from HackMIT in 2013. Is an unofficial event held at the Massachusetts Institute of Technology that allows students or hackers to come up with new and exciting ways to interact with technology. The concept was to take unused storage space across the globe and combine it in order to create a free, peer-to-peer data network. Sia is a company that has taken a hold of the blockchain technology and used it in a variety of new and progressive ways. It uses this technology to give users a different approach to cloud storage that is truly one of a kind.

The blockchain allows the network to reach a cryptographically secure census of data that can support smart contracts without interference from a third party. Problems with Existing Cloud Storage In recent years there has been a significant rise in cloud storage technology.

Instead of relying on a device’s hard drive, consumers are able to subscribe to a cloud storage service that seemingly exists in space and offers them storage that can be shared across their devices, rather than in one single location. How Do You Mine For Zcash ZEC. As cloud storage has grown in popularity, users have grown skeptical of the security of their data, which is being controlled by big name companies. There is a lingering fear that cloud storage companies are taking personal information and trying to use it without the permission of the cloud storage users.

There are also a number of documented instances where big name cloud storage companies have been hacked, leaving their users’ information vulnerable. Sia’s eliminates this fear. Despite having competition with the likes of Apple, Google, Amazon, and Microsoft, Sia claims to have a network that creates the world’s fastest, cheapest, and most secure cloud storage platform.

This is made possible through the implementation of a network of datacenters provided by its users. Now the question is “Where does crypotcurrency come into play?” How Siacoin Works Siacoin is the cryptocurrecny used by Sia. Blockchain technology is used in two different ways on the Sia network. The first use is, as mentioned previously, its cloud storage services. Siac and Siacoin may seem familiar to traditional peer-to-peer file sharing networks, but its differences are in the blockchain technology.

Unlike torrent based networks, Sia offers users encrypted file sharing across the network and stores data files across a number of different “nodes,” or hard drives, across the network. By decentralizing and encrypting the data, Sia is able to provide unprecedented data security. All of this is paid for with its very own cryptocurrency, Siacoin. Siacoin is similar to other cryptocurrency in a number of ways. All siacoin transactions are confirmed through the open-source blockchain. This particular cryptocurrency is used to enable decentralized payments via file contracts. In order for users to utilize the services offered by Sia, they must pay for the amount of storage space they are interested in using.

In order to pay for this storage, users must use Siacoin. Contributing to the Sia Network Anyone interested in making money by contributing to the computing technology needed to help Sia run can do so by essentially renting their free hard drive space. Users are rewarded with Siacoins based on the amount of hard drive space they offer to the Sia network. This concept is similar to mining in other cryptocurrency networks.

The users that provide the computing power to help run the network are rewarded with the virtual currency. Mining Siacoin Mining is also a way for users to earn Siacoin. Anyone who provides the computing power needed to complete the encryption puzzles needed to add to the blockchain will be rewarded with Siacoing. Like the majority of virtual currencies, Siacoin will be distributed slowly over time and has a cap, and when that cap is reached there can be no additional Siacoins produced or mined. At launch, the initial block reward, or reward for providing the computing to add to the blockchain, was 300,000 Siacoins. This reward decreases by one until reaching block 270,000, at which point the reward for each block will be 30,000 Siacoins. All users on the network are required to own Siacoins, which in addition to the cap on the number of coins in circulation will drive the demand and value of this.

As of June 2017, a single Siacoin can be purchased for as little as $0.01. Siafund Sia also offers a second, less popular cryptocurrency called Siafund.

Like Siacoin, Siafund has a cap on the number of units in circulation. In total, there are 10,000 Siafunds and all of them are pre-mined, meaning they aren’t released over time but rather released at one time. Siafund adds a somewhat confusing component to the Sia network. Nebulous, Sia’s parent company. Holds 8,835 Siafunds. The remaining funds were sold in a crowdfund with the purpose was of helping to finance Sia’s early development. This provided an alternative to collecting donations.

For the most part, Siafunds lack the attention that Siacoin has received as a virtual currency. Siacoin Wallet Siacoin requires users to download what is called Sia-Ui, which acts as a virtual wallet for their Siacoins. The Sia-Ui gives users access to view all transactions taking place on the network, thus demonstrating the open-source blockchain. Through the Sia-Ui users are able to view their current balance, unconfirmed transactions on the network, their Siacoin balance, as well as a number of other functions. Future of Siacoin All of the intriguing aspects of cryptocurrency are present in Siacoin. Open source blockchain technology has taken off since the introduction of virtual currency and has become increasingly more popular in recent years.

The ability to transfer funds seamlessly, with no fees and no personal information being exchanged has caught the eye of internet users all over the world. The increase in attention has even begun to open doorways for businesses interested in exploring the new technology as a way to handle their own transactions. Siacoin offers an intriguing option for anyone interested in investing in virtual currency. It is unlike any other cryptocurrency in that its primary function is serving the cloud-based storage network it operates on. The fact that all Sia users are required to own Siacoin will really cause the value of this cryptocurrency to increase. This combined with the fact that it incorporates the fundamentals of more traditional curyptocurrencies shows some real promise.

Perhaps Siacoin’s biggest asset is also its biggest weakness. The fact that Sia acts primarily as a cloud based storage company takes away from its reputation as a cryptocurrency. Its success is dependent on its ability to create a user-base that is steadily increasing.

People may be hesitant to invest in a cryptocurrency that has yet to really establish itself as a real contender. That being said Siacoin has shown positive signs of improvement and appears that it will continue this trend, while increasing in value. Related Cryptocurrencies • • • • •.