Best Siacoin Wallet
The above table shows the available wallets for Siacoin, the results are derived from our wallet search tool which you can use to find compatible wallets for any cryptocurrency. The choice of wallets is a bit like the old Ferrari joke you can have it in any colour as long as it’s red. With wallets for SIA you only have a choice of one wallet the SIA-UI.
To understand what SIA is and the wallet associated with it lets let’s first take a look at what SIA is. You are probably already familiar with services like Microsoft OneDrive or Dropbox which allow you to store your files in the Cloud. SIA offers the same capabilities to store your files in the cloud but with a different back-end infrastructure.
Standard services like OneDrive use centralised datacentres to store the files where as SIA uses a distributed network of computers spread across the globe to store files. SIA sights the advantages of their dectralized approach to storage as
- Privacy – All files are encrypted and spread across many distributed nodes. Only you have access to your private encryption keys and therefore your data
- Security – There is no single point of attack
- Cost – SIA estimates costs are 90% cheaper versus traditional cloud storage providers
- Availability– The SIA network keeps many copies of the data spread across a global network of distributed nodes there is no single point of failure increasing the chances of high availability
This all sounds well and good but who is going to want to share storage space and how would you incentivise people to store your files? This is where Siacoin comes in, it is used to power transactions and create a storage market place. Those sharing storage space from their computer are rewarded with Siacoin and those wishing to store files on the SIA network must pay in Siacoin. Storage providers can choose what to charge which then combined with demand levels creates a natural marketplace. This is where SIA UI comes in this is your tool to interact with the SIA network.
SIA UI is the one stop shop for SIA, not only being a wallet but fulfilling several other functions:
Wallet – Used to hold your balance of siacoin plus send and receive coins
Rent space – Allows you to make space available from your computer for others to store files in in return for Siacoin
Store files – You can store your files on SIA network, you pay for the service using SIA coins
Let’s run through the steps to get SIA UI setup and take a look around the interface.
1 Download the Sia-UI files. There are Windows, Linux and MacOS versions
2 Choose where to extract the files. There is no install so where you choose to extract the files to will be where the application resides
3 Once the files are extracted you will launch the application from the file called Sia-UI
4 You will be presented with the option to create a new wallet or load an existing wallet from seed
5 We will choose create a new wallet. You will be prompted to write down the seed and password. Make sure you keep these safe as you will need them to logon and if you ever need to recover your wallet.
6 The wallet keeps a full copy of the blockchain, you will see this syncing
You will see the main menu on the left hand side. The items you can select from are:
- Files – Upload your files
- Hosting – Used to rent out space from your machine
- Wallet – Send and receive Siacoin
- Terminal – Run commands against the SIA network
- About – Check for version updates
Once in the wallet section for Sia-UI you will see the toolbar above the options are
- Backup wallet – This creates a backup of your seed phrase
- Change password – Update the password for the wallet
- Lock wallet – So it requires a password to open again
- Recover seed – Gain access to a wallet you previously backed up the seed for
- Send Siacoin – Used to send Siacoin to another user
- Receive Siacoin – A new address is generated each time you choose to receive Siacoin
This post provided an overview of the Siacoin wallet the SIA-UI and how to use it. To find available wallets for other crypto assets you own check out our wallet search tool.