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What is Siacoin and how does it work?

Siacoin is a cryptocurrency which allows decentralized payments like Bitcoin and many other cryptocurrencies. This token was created by David Vorick and his team at Sia Tech, a storage company.

Sia was born with the purpose of allowing users to earn money for lending part of their hard drive to another users. It means that you as a Sia user can "rent" part of your disk space to other users who pay you for that space in Siacoins. We can consider it the Dropbox of the community.

Siacoin uses the Proof of Work algorithm so it can be mined and it is based on open source. Behind this project is Nebulous - the parent company of Sia which earns a small commission for each storage contract between users.

If you want to know in which Wallet to store your Siacoin we recommend you take a look at this article where we recommend the most recognized Wallets of this cryptocurrency.

To track any Wallet or transaction made with Monero you just have to access this website, it is an explorer which gives you the available information of the transactions.

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