Sunday, 5 Feb 2023

What is Siacoin wallet and how to install it?

SIA is a platform that is distributed cloud storage in which the siacoin is used for doing the transactions. But here we are going to share some information about the siacoin wallet which is used to store this siacoin and we will also tell you about how you will have to use it.

What is Siacoin wallet?

For knowing well about the siacoin wallet firstly you have to know about SIA. Everyone is well-known about the Microsoft OneDrive or Dropbox which helps to store your all data on the cloud. SIA works as same as the Microsoft OneDrive or Dropbox which also stores the whole data on the cloud. The Microsoft OneDrive or Dropbox stores all the data at a particular place whereas SIA doesn’t store all the data in a distributive form all over the world.

Siacoin wallet
SiaCoin wallet

You will get so many advantages from SIA which are as follows:
Your data will be properly secured here. All the data which you store here are properly encrypted and distributed in different notes over a large scale. You have the right only to access your own data.
You will get a good quality of security in which there is no chance of attack.
The cost of SIA is cheaper in comparison to old cloud storage providers.

All the above facilities are helpful and beneficial for you but you don’t know who is going to share the storage spaces and how you will give benefits to people who are going to store your files. But for you, there is an option for this purpose which is siacoin. Siacoin is used for the power transaction and it will also help in establishing a market place which uses for storing your data.

What is SIA UI(User Interface)?

SIA UI is a one-stop-shop for SIA which not only provide you the facility of wallet but also many helpful and beneficial functions which are as follows:

Wallet help in storing your balance siacoin plus which helps in send and receive the coins. This is the most securable way of transferring coins.
Rent space:
This function will help you in making a proper space in your computer system for storing the files of other people.
Store files:
You can easily store files on the SIA network but for that, you have to pay for getting the facility of SIA coins.

How to install Sia-UI ?

For installing the Sia-UI you have to follow some steps:
1. Firstly you have to download the Sia files. There is so many version of this file which are Windows, Linux, and macOS.
2. You the place where you have to extract the files. You will not get the facility of installing it but you will have the application from the extracted files.
3. After the extraction of the files, your application will be easily launched from it.
4. You will get the option of creating the new wallet or loading the new data in an existing wallet.
5. If you are creating a new wallet then you will get a seed and password for using it next time. If you want to load files to your wallet then firstly you have to enter the seed and password.
6. The copy of the blockchain properly kept in the wallet, you can easily see this syncing.

How Sia-UI interface looks like.

When you open the application first you will see the main menu on the left-hand side of your screen:

Siacoin wallet
Main option in a left

You have to upload all the files here.
This will help you to rent out space from your computer for storing the files of others.
With the help of a wallet, you can easily send and receive the siacoin.
It will you in running the command against the Sia network.
You will get all the information about the updates.

Sia-UI wallet

When you go on the option of wallet from the main then you will get a toolbar which contains the following option:

All the wallet option are available at the top

Backup wallet:
It will help in creating the backup of your seed phrase.
Change password:
You can easily update your password from here.
Lock wallet:
You will have to enter the password for again opening it.
Recover seed:
You can easily gain your previous backed-up seed by accessing the wallet.
Send Siacoin:
It is used to send the siacoin.
Receive siacoin:
It helps in receiving the siacoin.

I hope you will get all the information about the siacoin wallet and it will be helpful for you.

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