Best Wallet To Store Siacoin (SC) Tokens: Honest Review
The blockchain industry has been growing and diversifying ever since its practical implementation in 2009. It began as a simple vessel for exchanging bitcoins, with limited use cases mostly in finances. However, thanks to smart contracts, it has now evolved into a disruptive technology capable of improving almost any industry known to man.
Today, blockchain can be found in logistics, healthcare, agriculture, and even file-sharing systems. Siacoin was one of the pioneers that used this innovative tech to help users share storage space in a decentralized manner.
In this article, we take a closer look at the Sia network and its Siacoin currency. We will provide you with thorough information about this coin and reveal the Siacoin best wallet on the market today. To this end, we will analyze three of the most popular storage solutions available. Let’s get started.
What Are Siacoin and What Are the Benefits?
Siacoin is the native currency of the Sia network, a decentralized cloud solution that uses blockchain for encryption and distribution.
While cloud storage is an increasingly popular technology for both individuals and businesses, it comes with a considerable caveat — it’s entirely centralized. This centralization leads to security failures, as hackers can attack the servers where your files are stored. This can result in total loss of sensitive data, or your details could be shared on the internet with malicious actors that could use this private information against you.
Sia solves this issue by using a decentralized network of nodes that store your files. In fact, anyone can become a file host on Sia just by sharing extra storage on their disk. Prior to upload, your files are split into 30 pieces and are separately encrypted using the blockchain’s cryptography. Then, they are distributed to many different hosts, ensuring there’s no single point of failure in the system.
And because all participants have a trace of the transactions on Sia, they can hold each other accountable. This ensures that file integrity is conserved at all times.
The SC coin is used when you wish to use storage space on the network. When you lock your SC in a smart contract, the coins will be distributed to those that are sharing their storage space with you.
How Do I Choose the Perfect Crypto Wallet?
Choosing a crypto wallet can be extremely challenging. This is especially true for Sia, as it uses a proprietary blockchain and cannot be stored on a common ERC-20 wallet. When looking for the perfect Siacoin wallet you need to find something that is simultaneous:
- Convenient. A good wallet needs to be easy to use and have a friendly user interface for quick SC transfers.
- Secure. Maybe the most important feature of any crypto wallet is its security. After all, SC has real-world value, and you wouldn’t want it to get hacked or stolen.
- Easily transportable. You should be able to easily carry your wallet with you in case you need to move or sign transactions on the go.
With all that in mind, let’s have a look at the different options for storing Sia.
Siacoin Wallet Comparison
Below are the three best wallets that can store Siacoin. Unfortunately, there’s still no smartphone wallet app that reliably stores SC, so we didn’t include any wallets of that type.
- Ledger Nano S. Ledger Nano S is one of the most popular cold wallets on the market. It is the only hardware wallet that supports SC tokens at the moment of writing. While priced at almost $85, it provides a great balance of security, convenience, and transportability. It also has other nifty features, and you will be able to convert LTC to BTC and many other coins using its UI.
- Sia.UI. It is the official solution of the Sia network. As such it allows you to store SC, but also participate in its ecosystem and store files or provide storage space.
- Sia Central. This wallet is a lightweight version of the official Siacoin wallet. It will allow you to transfer SC coins without having to download the entire blockchain.
Verdict
To conclude, we will have to give the victory to the Ledger Nano S. Even though it isn’t free like the other wallets on our list, it does combine all of the benefits a good wallet should have. On the other hand, if you want to use the Sia ecosystem, you will have to use Sia.UI instead.
Wrapping Up
In this article, we provided you with some basic knowledge about the Sia Network as well as Siacoin (SC), its native cryptocurrency. More importantly, we listed some of the best solutions for storing SC. If you are serious about your Siacoin holdings, you should purchase a Ledger Nano S wallet to store and use regularly. $85 is a small price to pay for securing your funds and making them accessible whenever you need them.
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