Top 3 Verified Siacoin Wallets to Use in 2021
Finding a reliable wallet for bitcoin or ether is simple — the market is full of options and there are thousands of customer reviews for each. But what about a secure storage place for a less popular cryptocurrency, like Siacoin? You cannot simply use the first wallet that comes up in Google. There are things you need to consider, and we are here to help you figure it all out.
First of all, unlike most altcoins, which use the ERC-20 standard, Siacoin is a native coin — hence, it requires a dedicated wallet. If you had any other type of crypto, you could probably go for multi-cryptocurrency options like Exodus or CoinBase, but with Siacoin, you have to look for specific Siacoin Wallets.
As a result, it is exceptionally difficult to choose a wallet for your Siacoin. More so because there aren’t many third-party-developed dedicated Siacoin wallets.
The good news is that there are some good options out there if you’re looking to store your Siacoin. Read further to learn about the best Siacoin wallets in 2021-2025.
What Is Sia Platform and Siacoin
Siacoin is often abbreviated as SC. It is the utility token of the Sia network that facilitates access to the Sia platform — a blockchain cloud storage service that lets owners rent out their storage space. Sia is a secure and reliable cloud storage marketplace that implements agreements and transactions through smart contracts. Therefore, it facilitates these transactions by acting as the medium of exchange.
Although Sia was initially announced in 2014, it was in June 2015 that it was officially launched after being revised.
Sia has the edge over some of the other storage service providers such as Amazon, Microsoft, and Google because it is decentralized. It also offers competitive rates.
Sia is unique because of the following reasons:
- The Sia network keeps uploaded files in 30 encrypted segments — each of these segments is hosted separately for redundancy.
- Smart contracts execute the agreement between hosts and uploaders.
- Hosts are paid in SC currency by the uploaders.
- Smart contracts are used to lock SC as collateral by the hosts.
- On top of the Sia network, there is SiaStream, a cloud-based streaming platform.
- The Sia blockchain uses the Proof-of-Work (PoW) consensus algorithm.
For ease of access to the Sia network, you’ll require to have Siacoin — this is where the Siacoin wallet comes in handy.
The Siacoin wallets listed in this article offer you security and privacy on the Sia network. To get the best Siacoin wallet, make sure to check for the following distinctive features:
- passphrase that acts as an additional security layer
- simple user interface
- fast and energy-efficient
- access to your private keys
With that said, here are the three best Sia wallets you can consider:
- Sia Cold Storage
- Ledger Nano S
Developed by Nebulous, the team of developers behind the Sia platform, Sia-UI is the official desktop wallet designed as secure storage for Siacoin. The Sia team recommends this wallet to its community as safe and convenient.
- It is a full node wallet thus requires the whole blockchain to be downloaded for it to function.
- It enables you to interact with the blockchain by selling or renting out any storage space you’re not using on the platform.
- You can receive or send SC cryptocurrency.
- You can track your transaction history and balance.
- It is compatible with macOS, Linux, and Windows.
- You can convert SC to Bitcoin.
To use Sia UI, you have to be patient during the initial setup process because it will take a lot of time for the download to complete and synchronization to be successful.
Sia Cold Storage
Cold storage is known to be the safest place for your crypto. This Sia cold storage option is an offline application that works based on the principle of air gapping. It can keep your Siacoin safe from hackers by preventing them from tracing the Siacoin back to your wallet.
This Sia wallet releases a seed code along with a host of addresses for your wallet.
- It allows you to share your address for receiving coins.
- You can restore the seed code by integrating this cold storage with the Sia UI.
- You can send and exchange coins from this wallet
- It lets you participate in mining pools.
For this storage method, it is recommended to use a computer that is free from any viruses and bugs.
Ledger Nano S
In addition to the Sia cold storage wallet, you can also consider the well-known Ledger Nano S wallet for your coins. This is the only third-party Sia wallet storage that is endorsed by the Sia team. Ledger Nano S prevents online access to your coin’s private keys by saving them on an offline device.
- It is multicurrency, hence it can be used to store Siacoin along with other cryptocurrencies.
- It requires a USB connection to complete a transaction, providing security for your keys from any malware on your PC.
- The Ledger USB stick is made using strong and durable material.
The Sia network requires that any wallet storing Siacoin run as a full node. Therefore, you’ll need knowledge of command-line code to download the whole blockchain and enable your Ledger to store Siacoin.
The number of Sia wallets is limited, which means you don’t have so many options to choose from. Don’t entrust your Siacoin to an unverified developer claiming to provide storage for Siacoin. Make sure to download your wallets only from trusted sources, like the official Sia website or GitHub. The above list of Siacoin wallets has been thoroughly researched to include only wallets developed by the official Sia team or third-party wallets endorsed by the Sia team.
Read more: https://naponewsonline.org/category/finance/
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