Why You Need a Wallet for Your Siacoins
Crypto wallets are not like regular wallets. While they both enable you to store your assets, a crypto wallet also allows you to trade and stake your holdings. Without it, you won’t be able to store, send, or receive crypto.
There are two main types of cryptocurrency wallets. Cold wallets allow their owners to have complete control over their crypto keys. They also entail a higher level of responsibility. If users lose their keys — their digital assets will be gone for good. Hot wallets, on the other hand, are centralized, meaning you can always contact a support team to restore your keys. However, it’s a double-edged sword problem at play as your privacy can get compromised.
Today, we’ll look at some cryptocurrency wallets and pick the best Siacoin wallet. But before we find out the best wallet for Siacoin, let’s quickly refresh your memory of the particularities of the Siacoin project.
How Everything Works Within the Sia Network
The Sia blockchain is currently the best-decentralized storage platform globally. The platform’s uniqueness lies in its ease of use, and anyone with free drive space can earn some digital currency by renting it out at competitive rates. Furthermore, stored data is secured and cannot be accessed by anyone but you.
Renters and Hosts
A renter is an individual who uploads a file on the Sia platform to keep it safe, while a host is someone who makes their storage available for the renter to store their data.
File Contracts
They enable the renter to use the host storage guided by a set of rules.
Proof of Storage
This was enforced to protect renters from malicious providers. Therefore, to receive payments for storage provision, the provider must present some proof to the Sia network, following the internal rules.
Siacoin and Siafunds
Siacoin and Siafunds are different. Storage space is priced in Siacoins, while Siafunds act as a fundraising instrument and incentives for developers..
Are There Any Reasons to Store Siacoin?
Sia might not be as popular as Bitcoin and Ethereum. However, it features unique benefits. Some promising projects within the Seacoin ecosystem are SiaStream and Skynet.
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Skynet
It is aimed to create a decentralized Internet space for global citizens. The advantages of the platform are:
- fast download speed (500ms);
- stream rate (up to one Gbps);
- free to use;
- persistence (your data stays alive no matter what);
- decentralization.
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SiaStream
It is a cloud streaming solution that provides you with 35 TB of storage for your favorite shows, TV series, and movies. Storing and streaming with SiaStream is affordable (5 times cheaper than Amazon or Google Cloud) and fast (4k, 60fps videos are buffered a few seconds). It’s a next-gen streaming service that encrypts your data and provides you with fast-load quality content.
Top Wallets for Siacoin in 2022
Siacoin is not an ERC20 token; hence, there is a limited number of wallets that support it. Here is a list of the best options.
1. Sia-UI
Sia-UI is the official wallet for Siacoins and our top pick.
Why We Recommend It
It is an offline application made by the project developers that you can download to your computer and safely store your coins.
Pros & Cons
You don’t need to buy a hardware wallet, and you can become a miner. The wallet also supports the major operating systems (iOS, Mac, Windows, and Linux).
For it to become fully functional, it requires a complete download of the whole blockchain. You may lose the coins if you store them on your computer and it shuts down.
Details
It is Sia’s network official storage, and it operates as a desktop wallet. Thus, it is recommended by the community, is effectively maintained, and can be downloaded from GitHub or the official website.
2. Sia Wallet Android
It is the only available mobile app for Android devices. It’s third-party software and is not recommended by Sia’s team of developers.
Why We Recommend It
The wallet is perfectly compatible with Android devices, and you can store your files on the Sia blockchain using it.
Pros & Cons
With this wallet, your private keys are encrypted. The wallet is decentralized, and no third party has access to it. It’s open-source and lets you send, receive, and hold tokens.
There have been complaints about the long download time and small storage space.
Details
Our reason for recommending this wallet is that you can store your files on the Sia blockchain using your Android device.
Overall, it is a good option for basic use. However, it is time-consuming in the beginning and not officially approved by the Sia team.
3. Sia Cold Storage
This software generates the main addresses for your Sia wallet.
Why We Recommend It
We recommend it because it allows you to store coins for a long time. It is considered one of the most secure options because it is not prone to hacking.
Pros & Cons
You can run this utility, write down the seed and the addresses, and send coins safely to any of the addresses without having to worry about malware. You can use Sia to restore the seed and spend the funds at any time.
Like with other cold wallets, you won’t be able to restore your private keys. It might be good for long-term investments, but it’s not the best choice for daily transactions.
Details
It is designed to operate offline through air gripping, which protects your wallets from hackers, viruses, or malware.
To Sum Up
Sia UI is the best Siacon wallet for SC. Although it takes time to fully download the blockchain, its functionality is superb, and it offers you security against viruses and hackers. The fact that Sia UI supports all operating systems strengthens its top position. If you want to join the network of Siacoin holders, the Siacoin UI wallet would be a perfect way to start.
