What is Siacoin?
Siaquin is a digital currency for the Sia Active Storage Platform. On this platform, users typically help create a decentralized network by storing disks from their PCs. This currency is designed to facilitate decentralized payments. This platform, just like Bitcoin, is based on the Blockchain and follows the ‘proof of work’ model. It is important to note that Siaquin is not a direct competitor to Bitcoin. Bitcoin is the target currency so that Bitcoin activates the sia network.
What is a file contract?
Sia Network File Agreement is the agreement of the host and the lessor. Anyone with Siaquin can rent storage space from a web host. This is recorded as a storage file in the Blockchain. The host in this system will be rewarded by giving storage space.