A crypto wallet is a program, device, or physical medium that allows you to store your digital assets.
All crypto wallets can be divided into cold and hot ones. The key difference between these two options is that cold wallets store coins offline. These wallets are physical devices you can access at all times. Hot wallets function using the Internet. They can be separate services or parts of the exchange platforms you use to convert your crypto.
There are many crypto wallets today. And before activating one of them, you should know what cryptocurrency you plan to store in it. The thing is, some crypto wallets are dedicated to one currency only, while others support several cryptocurrencies at once. Moreover, there are coins that need a dedicated wallet. So if you want to invest in Siacoin, you will need to have an active Siacoin wallet. Keep reading to learn more about how it works.
Sia Network: How Does It Work
Sia is a project that was created to facilitate decentralized cloud storage. The key point is to utilize excess space of users’ hard drives and rent it to other users for storing their data. All transactions are verified using the Siacoin public ledger.
Sia uses erasure coding that splits data into 30 encrypted fragments across the network and allows full file recovery with only 10 of those fragments. Sia is based on an independent blockchain that operates using Siacoins.
Cloud storage services are growing in popularity, so Siacoin may soon rightfully be called the best cryptocurrency to invest in. Siacoin is currently priced at $ 0.01, and according to the expert prediction, it may reach $0.0862 in the next five years.
Top 3 Wallets for Siacoin in 2021
Siacoin is not part of the ERC-20 standard. It is a native token that can work only with a dedicated wallet. None of the popular multi-currency options are compatible with it. But there are other ways to store this currency, and here are the most common ones.
Sia Cold Storage
This is an application that will enable you to create an address for a Sia wallet. This program can run offline, and it is one of its benefits. This feature protects users from harmful viruses and malware. You cannot use cold storage for sending and receiving coins; for this, you will need a crypto wallet. You may get Sia Cold Storage on Github. It is recommended to use it on an offline computer.
Sia Wallet Android
This mobile application has been created by a third party. It is an open-source wallet, and the official Sia developers cannot guarantee its safety. But being the only mobile wallet on the market for Siacoin, it is used by many customers.
It works as a full node of the network. It allows you to conduct transactions with Siacoin and get access to the Sia platform. But note that you will not get access to all the functions on the official platform. In particular, the application does not allow the user to provide storage space within the network. At the same time, it works well enough for sending and receiving tokens. The application is decentralized, and there is little chance third parties will get access to your keys.
The safest way to store your SIA is through the Sia-UI application. You can download it from the official website of the project. The app can be used as a wallet for secure coin storage, or you can use it to sell and rent storage space on the Sia network. The wallet enables you to send and receive Siacon to other users.
The app records the history of your operations. Each transaction is accompanied by the following parameters: transaction ID, its amount, time, TX type, and status. You can also view your seed and change the password if necessary. Sia UI is compatible with iOS and Android.
To Sum Up
It is up to you to decide what storage option suits you best. The best support is given to Sia-UI, which has been downloaded more than a million times. Users that are constantly on the go will definitely find a mobile wallet the most convenient, and those who prefer to store the keys offline will be fine with Sia Cold Storage.
No matter what storage method you choose, the key idea is always to keep abreast of Sia community events so as not to miss a profitable moment for investment.