What Is Siacoin (SIA)?
Siacoin is a distributed digital ledger that enables peer-to-peer data storage. Nodes with enough bandwidth and space can rent out storage space to users that’s encrypted and partitioned away from the rest of their files. SIA is used to tokenize transactions on the network.
Who Is Siacoin?
Sia was created by Nebulous Labs. Co-founders David Vorick and Luck Champine have a solid team around them and also owns Obelisk, an ASIC manufacturing company. This makes them a powerful force in the cryptocurrency market.
Use Cases of Siacoin
Cloud storage is a massive business, and tech giants like Amazon, Google, Microsoft, Apple, and Samsung are all involved. Everyone wants a piece of your data, and Sia could find a niche by offering an immutable solution. It’ll need more than just storage space to house streaming services and other high-access data.
How to Mine SIA
SIA is mined using a Proof-of-Storage (PoSt) mining algorithm. Essentially, the more data you’re storing (or at least reserving for storage), the more SIA you earn.
Learn More About Siacoin
If you want to learn more about Siacoin, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.