Over the years, people have only been able to send, receive, and store their crypto assets. It was unusual to store files in a decentralized cloud storage system. However, everything changed when two undergrad students decided to run a crypto decentralized cloud storage for HackMIT in 2013, birth to Siacoin.
Three months ago, the launch of Skynet Homescreen was announced. DeFi needs decentralized front-ends, and the Sia community proudly launched the FIRST and ONLY dashboard for managing decentralized apps in one place in-browser. The result is that the dev team is no longer a middleman that can inject malicious code. This enables users to have an end-to-end decentralized experience.
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Regulators have increasingly been throwing around the term “DINO,” or “Decentralized In Name Only,” and have also been increasingly talking about putting legal pressure on developers to add controls and restrictions to their applications. So, that’s how they’re progressing.
This guide takes a detailed look at the Siacoin wallet and the best wallets to choose from on the market. You will probably have a few questions at the end. Kindly shoot up the questions later.
What is Siacoin Wallet?
The Siacoin Wallet is a decentralized cloud storage platform secured by the Sia blockchain. Before discussing the Siacoin wallet, we need to know what decentralized cloud storage platforms mean. Decentralized cloud storage platforms encrypt data and distribute encrypted data across a decentralized network, as opposed to centralized cloud networks, which provide a single point of failure in the event of a hack; this is precisely what Siacoin is all about.
Since the inception of this wallet, the founders have been looking to publicize the merits of peer-to-peer cloud storage. Siacoin works like a dropbox, but it is decentralized. You can also call it a “decentralized Dropbox.” Sia network makes it affordable to use their cloud storage, too. Some other storage platforms might require as much as $10 per month, but the Sia storage platform requires just $1-2 per month.
Sia users become renters when they upload their files to the Sia blockchain network. The moment you upload your files as a Sia user, the files are broken apart into tiny bits, encrypted, and scattered among other users. You need to know that none of the other users can access your files except you because they only receive a fragment of your file. Some will not even know the files are there.
History of Siacoin Wallet
The idea behind Siacoin first started as a school project. David Vorick and Luke Champine were computer science undergraduate students at Rensselaer Polytechnic Institute in Troy, New York, when they developed a HackMIT 2013.
The unique thing about the development of this project is that it focused on using the Siacoin token as a means of payment to store files rather than as a medium of exchange.
In Vorick’s words, Siacoin was developed so that nobody could have control over it. He focused mainly on tackling ulterior motives when he developed the project. When he saw the potential of Siacoin, he started Nebulous Inc. in 2014. Nebulous serves as the umbrella company of Sia, and since then, Sia has grown by leaps and bounds.
Founder of Siacoin Wallet
Source: David Vorick – Bing images
David Vorick is the brain behind Siacoin. He was the one that led the development of Sia Core. According to him, he started programming when he was around 11. Subsequently, Vorick started with HTML and JavaScript. He moved to develop websites after two years. His websites had most of their databases in PHP. Vorick then learned Java and proceeded to get an undergraduate degree in Computer Science. He did that at Rensselaer Polytechnic Institute and was in the process of getting his degree when he started the Sia project; he then devoted his final semester in school to working on Sia. He was able to do this because of his very light workload.
You might wonder how the Sia network is maintained, and it will interest you to know that it is maintained using the crypto coin Siacoin (SC). Also, Siacoin (SC) is the token used to buy storage space in the network, and hosts also get paid in Siacoin (SC). It is worth noting that Siacoin (SC) can be exchanged with other cryptocurrencies and fiat currencies that support SC.
Siacoin Wallets
Siacoin (SC) are the tokens used to make sure the Sia network properly functions; that is, the tokens are used to maintain the Siacoin network. These tokens are not just floating around; they need to be kept in a place, hence the introduction of wallets. Siacoin wallets abound, and there are many. Now we will look at the wallets.
Siacoin wallets are divided into two:
- Software wallets
- Hardware wallets
Software Wallets
Software wallets are wallets that store crypto coins in an application online. The software wallets that support Siacoin are explained below:
Sia UI
Sia UI is the officially recommended Sia wallet by Nebulous Inc. This official wallet helps store your Siacoin. By using the wallet, you can see your available balance, follow your transaction history, and send and receive Siacoin. A significant advantage of using Siacoin is that you can simultaneously manage your Siacoin (SC) and interact with a decentralized network. Sia UI is compatible with Windows, Linux, and macOS.
Sia Cold Storage
The Sia cold storage wallet helps to generate your seeds and addresses without a direct connection to the Sia network using a process called air gapping. While Sia cold storage wallet cannot send or receive your Siacoins, it will safely store your token and guard it against any possible hack. It is not susceptible to hacking makes Sia cold storage perfect for long-term storage.
Sia Android Wallet
Sia Android Wallet is a mobile application that helps send, receive, and store Siacoins and stores your files on the network. This mobile app is beginner-friendly and quickly helps manage your assets, but the Sia team does not recommend it as they did not develop it. However, a disadvantage of the app is that it syncs with blockchain technology slowly, which makes many users discard it.
Hardware Wallets
Sia Android Wallet is a mobile application that helps send, receive, and store Siacoins and stores your files on the network. This mobile app is beginner-friendly and quickly helps manage your assets, but the Sia team does not recommend it as they did not develop it. However, a disadvantage of the app is that it syncs with blockchain technology slowly, which makes many users discard it.
Ledger Nano S wallet
Source: ledger nano s – Bing images
The Ledger Nano S recently announced that it could support Siacoin, and it is the only hardware wallet to do so to date. You can avail of it at any tech store near you or order it online. The Ledger Nano S serves as a storage space for more than 100 digital currencies. It is secure in that users’ private keys never leave the Ledger Nano S. Trespassers cannot steal it unless it is plugged into a compromised computer.
Conclusion
Sia is a decentralized cloud storage platform backed by the Sia blockchain. The network is intended to give every user a reliable and affordable way to store information. Thankfully, different wallets support its token: Siacon. Still, your choice must be guided by certain factors such as security, customer support, usability, user interface, continuous development, and private key policies. In any case, its official wallet is usually the best and safest bet. If you want to go for a hardware wallet, too, the Ledger Nano S is safe.
For discussions on Siacoin, follow their new accounts at @SkynetLabs and Sia at @Sia__Foundation
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