Simple Guide to the Best Siacoin Wallets in 2024
Obtaining a wallet is necessary step toward your day to day operation within a blockchain. Using the Sia wallet you can access the platform and use the file storage function either to upload your own files or rent out your hard drive space. While in other blockchain networks, you can use a vast array of commands in the wallet to get information about the blockchain, in the Siacoin system, you are very restricted in that matter. This makes it difficult even for seasoned developers to obtain the information they need, but in any case, the wallet does provide you with an encryption option for higher security.
01.The Best Siacoin Wallets
In the table below, I have listed what I consider are the best Siacoin wallets based on a handful of criteria, their advantages, and disadvantages. I highly recommend reading their reviews that are linked inside for a more complete understanding of each option. After all, my aim is to provide you with an alternative that would be the most appropriate solution for your needs.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full Sia UI Review |
SC only |
Official Siacoin Client Extremely Resource Hungry (Occasional Freezing Possible) |
Download | |
| Mobile Wallets | Full Sia Review |
SC only |
Ease of Use Unofficial Wallet |
Download | |
| Web Wallets | Full Coinspot Review |
Web |
30 Coins ERC20Tokens |
Two-Factor Authentication No Control Over Private Keys |
Visit Website |
02. Common Features of Siacoin Wallets
As you can see, there is a limited choice in wallets that support Siacoin. The total number is four, two of which are official wallets and just one third-party that is a web wallet. I would like to first talk about the official Siacoin wallets and what they have in common. The user interfaces for the GUI wallets is really resource demanding, making even modern computers stutter and experience difficulties especially during the first 20% of the wallet synchronization and blockchain download. It is unknown for now why it is happening, but my best bet is just pure lack of optimization. On the other hand, the wallet allows you to rent out your free hard drive space for a certain amount of SC coins, depending on the size of files you get. Security wise, you get the option to back up your SEED with a passphrase as well as encrypting the backup file itself. In the Siacoin daemon client, the commands that you can use for extracting information regarding the blockchain are quite limited and makes it a real pain even for professionals to work with. This also raises a red flag for anyone who wants to control the operation of their node on the network. The mobile version of the wallet doesn’t seem to have any other functions and you will need to download the full blockchain history with it as well. Expect your mobile device to stutter and heat up.
On the other hand, the web wallet is somewhat famous among community members for its easy to use interface, immediate buy and sell options, and virtually no resource consumption. With it, you don’t get any security features except for username and password though and you don’t have access to your private key.
Security and Privacy
Since all of the wallets are iterations of the official one, apart from the web wallet, they share some functions and similarities when it comes to the security and privacy aspects. While not being a security-oriented network and coin, Siacoin wallets have these two options below in common.
Open Source
Open-source software means that the code is wide open to the public. Anyone can review it, download it and modify as they see fit.
Passphrase
The passphrase is set in order to add an additional layer of security to your device, wallet, and funds.
Secure Siacoin Wallet To Consider
Transaction Fee Management
When it comes to calculating and managing your transaction fees in the Siacoin network, there is no real method to go with. The fee depends on the size of your transaction and from what I could find, a rough average is about 0.03 SC coins per Kilobyte (KB).
03.FAQ
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Can I upload my files to the network through the Si wallet?
Yes, you can. The option is coded in the client itself and you can either choose to upload a file for storage or rent out your free disk space on the platform.
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Why is my machine freezing randomly while downloading the blockchain?
As I mentioned earlier in the article, there is no accurate answer to this. My wild guess is that it lacks optimization and thus consumes almost all of the computer’s resources during that process.
04.About Siacoin
Siacoin is a decentralized storage platform where users can rent each other’s free hard drive space for storage. It is done via peer to peer contracts that will state what data and at what price will be stored. This will require the storage provider to frequently prove that they are upholding their end of the deal. These contracts are stored on the blockchain, making them publicly auditable. The cloud storage market is a fierce place that requires a lot of data centers and investment to remain competitive, but Siacoin goes around that. Any user with access to hard drive space can rent it out on the platform and make some money. Along with blockchain technology and small efficient data centers, it is one of the fastest and most innovative cloud storage platforms in the world. Siacoin achieved this without any need to build market trust or marketing budget. The coin has the potential to become a serious competitor to other cloud storage platforms including Dropbox, Google Drive, and OneDrive.