Sia is an open-source blockchain project providing a solution to decentralized data storage. It features the Siacoin which is used to pay for the data storage space the users are consuming. Sia aims to compete with the likes of Google, Amazon and Dropbox. And while Dropbox charges you around 10 USD per TB and month, the same storage costs you 0.62 USD at Sia currently.
The upcoming Sia hard fork
The Sia protocol is mainly developed by Nebulous Inc. and has launched the Sia storage platform back in 2015. The Sia team is also the one behind the Obelisk mining hardware which is currently supporting Decred and Siacoin.
However there are also community members who use mining hardware from third party companies like Bitmain and Innosilicon. Be it as it may, the Sia team is not happy about that, the official statement can be viewed on their blog. That is why the Sia development team is aiming for a hard fork at Oktober 31st to break the support of third-party mining hardware. This fork is going to be keep the current name Siacoin and will be supported by all major cryptocurrency exchange platforms. That means theoretically you could keep all your Siacoin assets on your exchange and you will be fine. However there is a downside on this.
The Sia Classic and Sia Prime forks
As mentioned above parts of the community don’t agree with this procedure. Hence there will be at least two hard forks named Sia Classic and Sia Prime. A good overview of their motivations and goals can be accessed on Reddit. As it has been with Bitcoin and Bitcoin Cash in 2017, investors hence have the chance to get additional free tokens namely Sia Classic and Sia Prime. However this is only possible if you hold your own private keys. The easiest way to accomplish that is by using the official Sia UI application. We provide you with a easy to follow step-by-step guide for setting this up below.
Step by step guide to setup your Sia UI wallet
1) Go to the download section on the official Sia website and download Sia UI for your operating system.
2) After installation and launching the program you will be presented the Sia UI interface. We recommend you to wait until the synchronization (upper right hand corner) is finished.
3) Once the synchronization is finished, click Wallet on the left.
4) Now press Create a new wallet.
5) You are now presented your seed and your password. Note that they are the same in this case. Make sure to write them down on a piece of paper and store it securely. Once you have done that confirm by pressing the button at the bottom.
6) After that a window pops up and you have to confirm both your seed and your password.
7) Unlock your wallet in the next step.
8) Now go to the Wallet section and press Receive Siacoin on the upper right hand corner.
9) Give a name to your receiving address. I simply called it Receiving Address 1 here. Save it and then click Done.
10) Now you have completed the setup and can press Receive Siacoin to see your address again. You can now copy your Receiving Address 1 and paste it on your exchange platform to send the tokens to your personal Sia wallet.
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