What is Siacoin?
Sia is one of the virtuous leading cloud storage rostra, just like Google Drive, Dropbox, Amazon cloud, working on blockchain technology and aiming to be a decentralized solution for storage purposes. Peer-to-peer network allows individuals to rent a storage device from one another in an ultra-safe and confidential way without any third-party interference, cause to any failure or misuse the data from inside. Besides that, Sia is also cost-effective as it puts one’s unused space to rent through the storage itself and acquires money from it in the care of its own token Siacoin (SC).
SC is the main utility token on the platform, which is infinite by the supply and all must be mined (300,000 SC was the miner’s reward for the first block, and it’s reducing till it gets 30,000 SC/block). The second token is Siafunds (SF), which means of financial support of the ecosystem’s growth, as it makes the Sia independent from ICO or premine.
Sia’s decentralized network executes a P2P storage work with a file contract that makes the host and the renter communicate with each other according to create and complete cryptographic service level agreements (SLAs), which get stored on the Sia’s blockchain. The SLAs are a form of smart contracts with a similar algorithm: after the renter fixes the SC amount for the financial storage and transmission capacity of the required demand, the request gets locked within the wallet until the software chooses up to 50 relevant hosts. Then, the chosen host locks up any amount of Siacoins in collateral, and both sides sign the contract, which gets submitted to the network. To avoid the termination of the file contract or any failure, which is related to the centralized storage platforms, the Siacoin blockchain contains these features:
The Sia’s blockchain splits up the user’s files and spreads them into multiple nodes on the platform, making them encrypted and accessible only by having the private keys of the user. Another node or individual can not get possession over the file. Even if the other node finds out the private key, he will be able to own only a small portion of the file, which has no use.
In contrast with the centralized platform, the user’s geographical location doesn’t cause a problem to the processing speed, or the misplace of the date in case of the lack of server’s connection.
There is no need to overpay for high-cost maintenance and full-time staff as there are nodes, who deal with everything on the Sia’s blockchain.
What is Siacoin Wallet?
By wallet, we generally mean the place to keep our valuables safe and secure. It works the same with the cryptocurrencies’ wallets. There are different types of such applications: desktop, mobile, hardware, and website. Although you should keep in mind, in any case, it should be the wallet you can rely on, safe, and secure. Siacoin wallet is an application that allows you to manage your Siacoin private key, send and receive SC.
Siacoin Wallet Security
To be able to fully control your crypto funds, analyze all the options, and choose the best that suits you, the one which you trust. If you go for a non-custodial wallet app, don’t forget to make copies of your mnemonic seed, private keys, passwords, and keep it in a place that is better known only by you.
Atomic Wallet is a decentralized application that supports all the top crypto like Bitcoin, Ethereum, Litecoin, Stellar, Ripple, Tron, and others, and provides high-level security, anonymity, and splendid user experience all in one interface. Being non-custodial and encrypted it gives users all the rights and responsibility for the allowance of the keys and the funds. Your funds are safe until you keep your mnemonic seed in a secure place.
How does Atomic Wallet Work?
When you own something precious all the world is chasing for privacy becomes a necessity. Here is when Atomic wallet comes to the league to safety and assurity in a way that is highly reliable and user-friendly. Atomic wallet is a decentralized multi-cryptocurrency app that has a desktop and mobile software support compatible with Windows, MacOs, Ubuntu, Debian, Fedora. A software program that stores private and public keys and using blockchain advancement enable users to send and receive digital currency and also helps manage their funds just the right way. It supports over 300+ cryptocurrencies and tokens that makes it a one stop market where you don’t need multiple applications to complete and manage funds.
Atomic wallet is designed to manage and control multi-cryptocurrencies on single platform and become part of a fully-fledged decentralized cryptocurrency ecosystem. You can download it as PC application on computer and mobile application from playstore on your mobile or iOS that will be launched soon. As you receive private keys and other data will be stored on your PC in an encrypted code. The application then uses blockchain advancement that further supports various coins. For example, if you check the transaction history in the program, it looks it up on the blockchain and then shows up to you, rather than saving the potential valuable data somewhere.
Anyone new to cryptocurrency world can operate Atomic wallet without having any much complications and technical experience. Atomic Wallet can be downloaded and used entirely for free, although using certain services may incur variable charges at different points.
In the wallet, peer-to-peer currency trades can also incur different fees depending on the currency and the options selected. Download the wallet and check out the options available for instant exchange or buying. As of services, which provide Atomic the above features, there are Changelly, Shapeshift and Changenow power the exchange option, and Simplex, online-banking that allows customers to buy BTC, ETH, XLM, LTC and other coins with a credit card through the wallet interface. The whole process takes just a few clicks.
Where to keep Siacoin?
Atomic Wallet as mentioned above the detailed working mechanism is one of the easiest handling applications that has blockchain technology to handle your private keys, encrypted in the form of 12-digit mnemonic seed. Wallet notifies about the time-to-time application update, which is very important. It has all the latest robust features that makes the wallet out lead the rest. As your seed is of great importance you should have physical and digital method of storing it safely. Store it the same way it is given to you: all lower-case letters, with a space between each word. Be sure there is no space at the beginning or end of the seed. Atomic wallet could be a great choice to handle not only Siacoin but all the other cryptocurrencies it supports.