Review on Siacoin by francis fernandez
Siacoin is a digital currency, whose symbol is SC, launched on the market in June 2015 that does not have an issuance limit.
The Siacoin platform is based on an open source blockchain, which uses a peer to peer methodology to allow the use of data storage on the hard drives of multiple computing equipment.
In this sense; those owners of computer equipment can earn income by renting the storage capacity of their equipment and those who wish to protect data will pay for the use of storage.
In this way, the hosts would be the ones who rent their hard drives and the miners are the ones who carry out the validation of the network transactions.
The advantage that the Siacoin ecosystem offers is to offer greater storage capacity at a lower cost than its competitors in the market today.
Other important characteristics of this coin are the following:
* The Siacoin token can be used as a payment instrument and as a means of reward for both miners and hosting (providers).
* The Siacoin methodology contemplates the Twofish algorithm capable of protecting the Siacoin ecosystem from fraud.
* Mining is another important advantage of Siacoin; since anyone can mine the currency and validate the operations of other users from their own computer without requiring special software.
* The currency does not include a limit or maximum amount of issue; which makes it vulnerable to inflationary processes.
* SIA OR Siacoin currency can also be purchased through exchange platforms, such as: Poloniex, Upbit and Bittrex.
* The Siacoin platform also allows to develop smart contracts; allowing its creators to protect them by renting secure storage.
Pros
- Allows any user with a hard drive available on their computer equipment to earn income by leasing their available Gb.
- Enables large organizations to obtain high-volume data storage quickly and securely at low cost.
- Siacoin coin serves as a means of payment and reward currency for miners and storage providers.
Cons
- Their transactions are not as fast as other blockchains, since the validation of the blocks can take up to 10 minutes.
- By not having an emission limit, it could
