The blockchain technology is mainly developed by David Vorick, Luke Champine and the start-up company Nebulous Inc. The idea for the development originated at HackMIT 2013, an annual “hackathon” in which collaborative software and hardware development is used to jointly produce new projects within a short period of time. The aim of the developers was to convert free storage space into a market for storage space. In the long run, Sia is to become the backbone storage layer on the Internet. And David Vorick and Luke Champine want to design a cloud that is decentralized, fast and inexpensive.
At the same time, the storage of data on their cloud should also be secure and, in the sense of crypto currencies, anonymous. In addition, users should be able to earn money by using the platform. By giving users something to jump off when providing storage space, similar to what happens when mining Bitcoin. For the two programmers, data should be freely accessible to everyone.
Sia Coin – advantages and disadvantages according to onlinebetrug
One of the advantages of the decentralized, redundant network is that it is very difficult to hack, says onlinebetrug. A hacker who gains access to one of the servers will not find any usable data there, but only many small parts. He can’t do anything with these pieces. Read more on onlinebetrug. Instead, he would have to attack every server in the network to get his hands on anything usable. Which is virtually impossible. The use of Smart Contracts seems to be a clever idea. Thanks to them, the user is guaranteed storage space as soon as he has paid. The fact that the hosters only receive the crypto currency if they can provide storage space for a while is a good incentive for the network to fulfil its function as cloud storage.
What is striking about all of this is that cloud technology is clearly in the foreground at Sia. The Sia Coin is one of these crypto currencies that has a specific function for the developers. However, it is not regarded as a digital means of payment that could develop into an alternative to fiat money. So the Sia Coin price depends on how well the underlying concept works. It will be difficult to establish itself as a purely speculative object, but it is not suitable for this purpose. Also because not much is lost through prospecting, it is unlikely that one can get rich with the Sia Coin crypto currency. Nevertheless, the digital currency has developed extremely positively in recent months.
Bitcoin code – Development – Forecast
Bitcoin code is one of the TOP 50 crypto currencies, but is still far from being in the front row. Nevertheless, the Bitcoin code development on the stock market looks promising. In the years before 2017, the price was consistently quoted at only a few cents, in some cases well below 1 cent per coin. In April 2017, the crypto currency reached a value of 1 cent per coin for the first time and has since risen to up to 2 cents. After a short slide in the exchange rate, a positive forecast was again made when the coin rose to 0.7 cents in the summer. But the right course for success did not come until the beginning of 2018. After the crypto currency had reached another 1.5 cents in December, it experienced an upsurge to up to 7 cents per coin at the beginning of the year. Thus the Coin brought in its so far best result. The price will probably fall again, but the forecast for 2018 looks good nevertheless. Looking at last year’s performance, there is a clear upward trend.
Create Sia Coin Wallet
If you decide to buy Sia Coin, you need a wallet for the first time. The easiest way is to download the Sia UI from the company’s official website. These are available for a wide variety of operating systems. After installing the Sia-UI, remember the password and unlock the wallet. After a while, the wallet is synchronized with the servers, which can take up to 24 hours. After this is finished, you get an address via “Receive Sia Coin”. You need this address if you buy Sia Coins or if you want someone to send you the Coins on the Sia Wallet.
Where can I buy Sia Coins?
You can buy Sia Coin on not many stock exchanges so far. A large part of the volume is on Bittrex, a well-known crypto exchange. Here the coins have to be exchanged for Bitcoins. For this you need an account on Bittrex. Poloniex and HitBTC offer alternatives to Bittrex. Also here you can only exchange Sia Coins for other crypto currencies.
Sia Coin could reach the value of one $1 in 2018. Opinion of a Crypto Enthusiast