In today’s article, we will look at the features and uses provided by the Sia-UI Siacoin wallet, and we will also evaluate its advantages and disadvantages.
Siacoin Wallet Review
Sia Storage Platform (SSP) is a blockchain platform developed for cloud storage, similar to Amazon AWS and Google Drive.
Sia is a crypto that allows users to rent storage capacity over a global network that is encrypted using the blockchain protocol.
Sia-UI is the only official wallet app launched by Nebulous, which is the developer of the Sia Storage Platform. Nebulous, Inc. is a Boston-based company founded in 2014. The company is supported by Raptor Group, First Star Ventures, Fenbushi Capital and INBlockchain.
David Vorick and Luke Champine are co-founders and lead developers of the project, launching the Sia Storage platform out of their passion for blockchain and programming.
Supported currencies and available countries
Sia-UI only supports depositing and receiving Sia tokens.
Users from all over the world can download and use the Siacoin wallet.
Compatibility with Siacoin wallet
The desktop application is compatible with Mac, Linux and Windows operating systems. There are also mobile versions for Android and iOS devices.
User interface and experience
The user interface is very clean and intuitive to use. By opening the wallet you will notice five tabs that are quite understandable: files, hosting, wallet, terminal and About. Below each of the above-mentioned tabs you will find sub-tabs at the top right end of the app.
On these sub-tabs, you will be able to perform tasks, such as transferring files, browsing file transfers, or creating an add-on.
How to get a Siacoin wallet
- Go to the official Https://Sia.Tech .
- Click on the ” Start ” button.
- You will then be redirected to another site to download “Sia UI” or “Sia Daemon”. (In this guide, we will use the Sia-UI wallet for Windows).
- Download the wallet.
- When the download is complete, right-click it and select “Extract All”.
- Click “Allow access” if a firewall notification appears.
- Wait for the wallet to sync.
- When the synchronization is complete, click “Wallet” on the left.
- Click “Create New Wallet.”
- In the window that appears, copy or write down the highlighted seed and password. If you lose them, you will not be able to access your wallet.
- Hover over the black box to reveal the password.
- Click “I wrote them down in a safe place.”
- Confirm “Seed and Password.”
- Copy and paste them to confirm.
- Click “Confirm”.
- In the window that will ask you to unlock your wallet, enter the password and click “Unlock”.
- Wait until the wallet is unlocked.
- At this point, it is recommended to change the password so that both the initial and the password are different.
- Click “Wallet” on the left and click “Change Password”.
How to use Siacoin wallet
It is very easy to make transactions with this wallet, because you will soon find out:
HOW TO SEND SIACOINS:
- Go to your wallet and click “Send Siacoin;”
- Enter how much you want to send to the “Send amount (SC)” tab;
- Enter the address to which you want to send your coins;
- Check the details, then click “Submit”.
HOW TO GET SIACOINS:
- Go to your wallet and click “Receive Siacoin;”
- Your Siacoin address will be highlighted in the window. Hold the mouse pointer over the address, double-click it to copy;
- Click “OK;”
- Send the address to the person who wants to send you the coins.
There are other functions that can be performed from your Siacoin wallet, which we will explain soon.
CREATING AN ALLOWANCE
Creating permissions gives you access to cloud storage. You set how many Siacoins you want to allocate for storage, and the program automatically calculates the fees and the amount you would get.
You can also rent space to others to store their files on your drives and you will get paid for it. You just determine how much space you offer and the price you charge for your services.
The terminal allows you to terminate, reset and modify the lease or rental agreement.
Siacoin wallet fees
There is no fee to pick up your wallet.
Sending Siacoin requires a fee calculated by the wallet when you decide to make a transaction. The fee is deducted from your wallet balance, so be sure to consider the transaction fee.
Transactions can take several minutes to show up in your wallet. This is because the transactions are paired into blocks that the miners finalize every 10 minutes.
Transactions need to be grouped and confirmed to complete your Siacoin transaction.
File segments sent from the renter’s account are encrypted to ensure that hosts only store encrypted user data segments.
Unlike traditional cloud storage providers like Amazon , which by default do not encrypt user data, Sia only offers storage of encrypted file segments, unlike entire files.
Sia uses an open source algorithm called Threefish, which is a secure high-performance encryption standard.
Sia blockchain uses file contracts, which are a type of smart contract, to establish terms between the renter and the host. These smart contracts allow the creation of a cryptographic service level (SLA) agreement, which is recorded on the Sia block.
You can contact the Sia team via email, and the website contains descriptive guides on how to install and use your wallet.
Reputation of Siacoin wallets
There aren’t many complaints online about the wallet. So far, the application has been downloaded over 1,023,682 times.
Siacoin Wallet Review: Judgment
Although the Sia project was launched in 2015, there are very few wallets that support this coin. Sia-UI is the only wallet developed by the official team, so we recommend using this wallet if you intend to use Sia.
Siacoin wallet: advantages and disadvantages
- Clean interface;
- Long transaction times;
- Allows you to rent file storage space;
- It allows you to make money by renting space to others.
- The terminal can be difficult to use;
- There is not much data on security protocols.