Welcome to Ogbeta Online, in this blog post I will be sharing with you, how to mine Siacoin on your Android phone with just a little initial Internet connection.
So, I recommend you continue to read through the entire post to get all the details.
History of Siacoin (SC)
Luke Champine and David Vorick conceived Sia network at HackMIT in 2013. At that time, Champine and Vorick were studying computer science at Rensselaer Polytechnic Institute.
In 2014, Nebulous, Inc. was established by Champine and Vorick, and Sia is a product of Nebulous, Inc. Nebulous, Inc. is based in Boston and was rebranded as Skynet in 2021.
The whitepaper of the Sia network was released on November 29, 2014.
Also Read: How to Recharge Moreplex TV Decoder
Siacoin is a cryptocurrency that powers the Sia network, a decentralized cloud storage system that lets anyone rent out spare hard drive space or utilize other people’s spare hard drive space to store files.
What Is Siacoin (SC)?
Siacoin (SC) is a decentralized platform for cloud storage to compete with existing storage solutions at both the P2P (peer-to-peer) and enterprise levels.
The core goal of the platform is to bring decentralization to data storage.
The platform strives to ensure that the data is protected against censorship theft and the user is never denied access to the data by miners, hackers, government bodies, or developers.
On the network, peers rent storage from each other instead of a centralized provider. Further, the platform itself stores only the storage contracts formed between parties, defining the terms of their arrangement.
According to the Sia documents, the network is secured by blockchain technology and is a variant of the Bitcoin protocol that has created a data storage marketplace.
Primarily, the platform connects users who need storage to the hosts providing underutilized hard drive capacity. Sia network comprises a renter, a host, and contracts to facilitate the connection.
A renter uploads the files to the network, and the host lends their storage space for uploading the files on the network. Eventually, contracts are formed between renters and hosts.
Explicitly, the network uses an M-of-N multi-signature scheme for all transactions, renouncing the scripting system entirely. Further, this reduces complexity and attacks the surface.
M-of-N transactions are referred to as multisig transactions. In such transactions, M is the required number of signatures or keys, and N is the total number of signatures or keys involved in the transaction.
Also Read: 7 secrets to growing your business quickly
Additionally, at least two signatures must approve the transaction between three addresses in a multisig transaction.
How to Mine Siacoin on your Android phone
Tap this link to download the Mining the App and Sign Up. The Mining timing is every 12 hours.
After 12 hours a circle is complete. For Mining to continue, you need to Tap the Mining button again.
You can refer people to increase your Mining rate. I have been Mining with some of my Friends and I thought is high time I share it the Public.
The beauty of Mining Siacoin with this App, is that, it does not consume your data. You only need Internet to start the Mining process.
When it starts Mining, you can off your data. The Mining will continue on its own, until 12 hours circle is complete.
The Withdrawal is also easy. The Withdrawal to Binance is 20 Siacoin, while to Non Binance is 25 Siacoin. It is free and it worth trying.
If you encounter issues, contact me on WhatsApp.
