The Siacoin crypto software allows any computer to rent out its unused hard drive space to others who wish to store files. It is fairly similar to cloud storage solutions, such as Amazon or Google, but it relies on software and a network of global computers instead of a single entity to manage and store the data.
To add to security and ease of workability, files stored on the Sia network are sliced into small fragments, so only a small portion of each one is stored on a single computer. Furthermore, the files are also encrypted, so they cannot be accessed by unauthorized users.
Siacoin token, the platform’s native currency, is then used as payment for renting out storage.
During the file contract process, the host must prove that they are storing the data in a process known as storage proof. This allows the host to prove the data they are storing is actually part of the renter’s files.
Siacoin price UK history shows the highest value of 0.04 GBP . We recorded this price on April 18, 2021, but we cannot exclude that a higher price was registered before April 11, 2019.