Wallets can be very helpful for the person who is the digital currency world. Siacoin is a wallet that has changed the way of storing the cryptocurrencies. So what is Siacoin Wallet and how it has changed the cryptocurrency world?
Siacoin is the wallet that works on the decentralized blockchain-based cloud storage platform. It splits the data apart, encrypts it and then distributes it across the decentralized network.
It is more reliable and cheaper than conventional cloud storage. There are at present 884 active hosts with a storage capacity of 4.4 PB. The data you will be stored in the wallet will be completely under your control because of the private key.
It provides the benefit that a single point of failure is eliminated. This happens because it distributes redundant files on nodes to all the active hosts. This procedure reduces the cost of storage by 90% as compared to the cloud storage.
Encrypted Data: The data you store is fully controlled by you and is safe because of the private key. So providers cannot control your data by any means possible.
Security: To secure the data is the one the reason you are using the wallet. If you are not getting it then it is not worth it. But this not the case in the Siacoin wallet. You will be getting a secure wallet which will protect your data from getting misused.
The data you store in the wallet remains secure and free from the manipulation because there is the proof of storage.
Affordable: It is one of the best ways to store the data. It also reduces the cost of storing by 90% which is quite a lot.
File Contract: There is a contract that is signed between the client and the providers. This is a proof between them to protect your data and confirm payments.
Here ecosystem comprises of providers and clients.
- The host makes the storage space available whereas users rent out that space.
- The market space will be free because of the user and host trade directly.
- The files can be distributed by the client to different hosts. This done to ensure if one denies the access then you can get it from the other.
- Client and the host have the contractual agreement to secure the operations.
- These contracts act as the verification proof for the peers on the network.
- These contracts can be flexible depending upon the client and the provider.
Why Siacoin Wallet
There are some reasons to question the credibility of the Siacoin. As it can be easily manipulated by the third party you are providing your data. But there are things that are provided by it:
- The charges asked by it are very low.
- It is completely private and decentralized.
- Providers should be having the proof of storage all the time.
Siacoin Wallet can be considered as a good investment because of the services it is providing.
We hope that you like the information that has been provided to you. And will be able to decide which wallet you want to use.