Throughout the years, individuals have been limited to sending, receiving, and storing their cryptocurrency assets. Storing files in a decentralized cloud storage system was a rare occurrence. However, everything changed when two undergraduate students took it upon themselves to create a decentralized crypto cloud storage for HackMIT in 2013, giving birth to Siacoin.
Just three months ago, the introduction of Skynet Homescreen was announced. DeFi requires decentralized front-ends, and the Sia community proudly launched the first and only dashboard for managing decentralized apps in one convenient location in-browser. This revolutionary development eliminates the need for a middleman developer who could potentially inject malicious code. This allows users to have a completely decentralized experience from start to finish.
Regulators have recently been using the term “DINO,” or “Decentralized In Name Only,” and have been discussing the possibility of pressuring developers to add controls and restrictions to their applications. This is the direction they are moving in.
This comprehensive guide delves into the world of Siacoin wallets and provides a list of the best wallets available on the market. There may be some lingering questions at the end, but feel free to ask them later.
So, what exactly is a Siacoin wallet? The Siacoin Wallet is a decentralized cloud storage platform that is secured by the Sia blockchain. Before diving into the specifics of the Siacoin wallet, it’s important to understand what decentralized cloud storage platforms are. These platforms encrypt data and distribute it across a decentralized network, as opposed to centralized cloud networks that have a single point of failure in the event of a hack. This is the essence of Siacoin.
Since its inception, the founders of Siacoin have aimed to promote the benefits of peer-to-peer cloud storage. Siacoin functions similarly to Dropbox, but with the added advantage of being decentralized. It is often referred to as a “decentralized Dropbox.” The Sia network also offers affordable cloud storage compared to other platforms, which can cost up to $10 per month. In contrast, the Sia storage platform only requires $1-2 per month.
When Sia users upload their files to the Sia blockchain network, they become renters. These files are then broken down into smaller encrypted fragments and distributed among other users. It’s important to note that none of the other users can access these files, as they only receive a fragment. In fact, many users may not even be aware that the files exist.
The idea for Siacoin originated as a school project. David Vorick and Luke Champine, both computer science undergraduate students at Rensselaer Polytechnic Institute, developed the concept during HackMIT 2013. What sets this project apart is its focus on using Siacoin as a means of payment for storing files, rather than as a medium of exchange.
According to Vorick, Siacoin was created to prevent anyone from having control over it. He was primarily motivated by the desire to address hidden agendas during the project’s development. Recognizing the potential of Siacoin, he established Nebulous Inc. in 2014. Nebulous serves as the parent company of Sia, and since its inception, Sia has experienced significant growth.
The mastermind behind Siacoin is David Vorick. He led the development of Sia Core and started programming at the age of 11. Vorick initially worked with HTML and JavaScript, then progressed to developing websites with PHP databases. He later learned Java and pursued an undergraduate degree in Computer Science at Rensselaer Polytechnic Institute. During his final semester, he focused on working on the Sia project, thanks to his light workload.
The Sia network is maintained using the Siacoin (SC) cryptocurrency. Siacoin is used to purchase storage space on the network, and hosts are also rewarded with Siacoin for their services. It’s worth noting that Siacoin can be exchanged for other cryptocurrencies and fiat currencies that support SC.
There are two types of Siacoin wallets: software wallets and hardware wallets.
Software wallets store cryptocurrency coins in an online application. The Siacoin-compatible software wallets are as follows:
1. Sia UI: The officially recommended Sia wallet by Nebulous Inc. This wallet allows you to store, view your balance, track your transaction history, and send/receive Siacoin. It also allows you to interact with the decentralized network. Sia UI is compatible with Windows, Linux, and macOS.
2. Sia Cold Storage: This wallet generates seeds and addresses offline, without a direct connection to the Sia network (known as air gapping). Although it cannot send or receive Siacoin, it provides secure long-term storage and protection against hacking.
3. Sia Android Wallet: This mobile application allows you to send, receive, and store Siacoin, as well as store files on the network. It is beginner-friendly but not officially recommended by the Sia team due to slow blockchain syncing.
Hardware wallets are physical devices used to store cryptocurrency securely. The only hardware wallet that currently supports Siacoin is the Ledger Nano S. It can be purchased online or at tech stores and provides storage for over 100 digital currencies. The private keys never leave the Ledger Nano S, making it highly secure against theft unless connected to a compromised computer.
In conclusion, Sia is a decentralized cloud storage platform powered by the Sia blockchain. It aims to provide users with reliable and affordable storage solutions. Various wallets support its token, Siacoin (SC), but it is important to consider factors such as security, customer support, usability, user interface, continuous development, and private key policies when choosing a wallet. Generally, the official wallet is the safest choice. If you prefer a hardware wallet, the Ledger Nano S is a secure option.
For more discussions on Siacoin, follow @SkynetLabs and @Sia__Foundation on social media.
