What is Siacoin? - for Beginners

What is Siacoin?

Siacoin is a crypto-application developed by a company called Nebulous Incorporated. It offers cloud service data storage similar to what Google drive does. However, Siacoin services are completely decentralized, private and relatively cheap compared to its competitors.

How It Works

Siacoin allows the formation of agreements with peers where its users can then utilize cloud data storage across a wide network of participants in a reliable manner. The contracts between the customers and cloud vendors are stored in a publicly auditable block chain format. Periodic tests done by the host are required to assure the customers that their data is safe.

Target Market

Siacoin digs in a bid to free large swathes of unused storage spaces globally and uniting them under this platform of a free market. Through the employment of this blockchain multi-million dollar project, Siacoin aims to attract both enterprises and individual persons who need cheap, secure data storage.

How Can you be a Part of Siacoin?

You can be involved with Siacoin by validation of transactions through coin mining. Alternatively, you can be a host where you rent out space. Payment is done by use of Siacoins as per the agreement.

Conclusion

Siacoin is the next big thing in cryptocurrencies. It aims to offer cheap, reliable, secure and easily auditable data storage to its clientele.