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The Sia network’s currency is Siacoin. Users pay hosts in Siacoin for hard drive space, and hosts only get paid if they can prove that the file in question is being stored on their hard drive.
Any computer running the Sia cryptocurrency software can rent out unused hard drive space to other users who need a place to store files.
When it comes to cloud storage, Sia is a lot like Amazon or Google’s offerings, but instead of relying on a single company to store your data, you rely on software that connects to a worldwide network of computers.
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Because Siacoin is the only form of payment that can be used by users of the Sia blockchain when they enter renter or host agreements, its value is derived from its utility on the network.
Some other economic participants in the Siacoin market include the miners, who must spend computer energy creating the blocks that batch transactions in Siacoin’s blockchain. As of 2020, every time a block is accepted, miners will receive 40,511 SC (roughly $40).
It is possible that supporters of Sia believe that the technology will allow individuals to regain control of their personal data from large corporations or the government.
Users who care about privacy can store their files without worrying that their information will be viewed or that their files will be used to target ads.
Sia and its cryptocurrency, SC, as well as other blockchain-based offerings, continue to draw in new customers because of this use case.
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FAQs
What are Siafunds, and are they different from Siacoins?
Renters and hosts exchange Siacoins, which are used to fulfill Sia’s smart contracts, for the currency. However, Siafunds is also a token on the network.
Siafunds encourage more people to join the Sia network by providing incentives for them to do so. Token holders are entitled to a 3.9% share of all funding sources following the completion of a contract, including renter fees, bandwidth costs, and host collateral.
As a result, while the number of Siacoins is virtually limitless, the number of Siafunds tokens will always be capped at the initial launch of Sia’s software in 2015.
Who are Siacoin’s competitors?
Because it is not the only cryptocurrency project looking to disrupt the storage market, Siacoin’s price may come under pressure if it is unable to gain traction with users.
Other decentralized cloud storage systems, such as Filecoin, Storj, and MaidSafe, are the main competition for Siacoin. These systems have varying technical capabilities.
