What Is Siacoin?
Siacoin has quickly become a well establish coin and is one of the most traded coins in the world right now. A quick summary of Siacoin is that it is the Airbnb of hard drives. Essentially, one would be able to rent out their hard drive to other users and gain siacoin in return, serving as an additional way for individuals to earn money. The concept of Siacoin is relatively straightforward to grasp.
Siacoin Round Up
Each individual typically has an excess of hard drive space on their computer, not everyone is at capacity, and not everyone will ever be at capacity. This means that the resulting hard drive space is not being used, and if it is not being used, there’s potential for it to be used, opening up a whole new world of productivity and storage. Siacoin exists to facilitate this unlocking of productivity in the hard drive space. The project allows users to rent out their unused hard drive space to people that need more space, meeting the needs of both parties. One party is able to earn money by renting their space, the other is able to have more space to store files.
How does it work?
One simply opens up the Siacoin application and connects to the network while playing the role they want to. They can choose to be one of the hosts who rent out their space or they can choose to be the renter.
When one user wants to upload their file, the file is encrypted and stored on various devices that are participating in the network of Siacoin.
The only person that can access those files is the one who holds the private encryption key, the individual who uploaded their file to the network.
Would it be safe?
Yes, it would be safe because of the nature of encryption.
Siacoin has a massive benefit of decreasing costs for file storage, yet there might be some sort of
compromise as the decreased costs might come with slower speeds.
Is the coin mine – able?
Yes, the coin is certainly mineable.
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