Siacoin (SC) is one of the pioneers in the field of decentralized cloud storage, providing an alternative to traditional storage services. With the strong development in the cryptocurrency industry and blockchain technology, SC stands out as an important cryptocurrency in the cloud storage ecosystem.
Therefore, this article by AZCoin will delve into understanding Siacoin (SC), the Sia project and the SC token.
What is Siacoin (SC)?
Siacoin (SC) is known as a decentralized cloud storage platform that operates on blockchain technology. This project allows users to rent storage space from other members of the network, creating a distributed storage system that is more cost-effective than centralized cloud services. With Siacoin, you can optimize the use of your computer’s excess bandwidth to store data for others, similar to renting Wifi.
Siacoin current network capacity is around 2 petabytes (equivalent to 2,256 terabytes). In 2020, Siacoin attracted around 333 node operators and in mid-2021, the project reached a storage milestone of 766 terabytes, demonstrating the strong growth of the platform.
Who is the founder of the Sia project?
The Siacoin project was founded by David Vorick and Luke Champine. David Vorick and Luke Champine, two visionary founders, started this project in 2015 with the goal of creating a powerful and efficient decentralized cloud storage platform. Their creativity and relentless efforts have contributed greatly to the success of Siacoin in changing the way we store data online.
How does the Sia Network work?
The Sia Network works by distributing data across multiple servers. When a user uploads a file to the Sia network, the file is broken into multiple pieces and encrypted. Each piece of data is stored on different servers in the network, creating a decentralized and secure storage system.
The storage servers in the Sia network will sign contracts with users to ensure that their data is stored properly. These contracts are called File Contracts and are executed via smart contracts on the Sia blockchain. To use the storage service, the renter must pay the servers with Siacoin. Servers can use Siacoin as collateral or receive rewards for storing data.
Evaluate the pros and cons of the Sia project
Pros
- Low cost: Compared to traditional cloud storage services, storage fees on Siacoin are very low, around $2/terabyte per month.
- High security: Data is encrypted and distributed across multiple servers, reducing the risk of loss and attack.
- Control: Users have complete control over their data, as no single server stores all the files.
Cons
- Scalability: Although Siacoin has many advantages, as a new platform, its reliability and stability may not be as high as traditional cloud storage services.
- SC price volatility: Sia Network is relatively new and widespread adoption in the business community may face challenges.
Besides the Hooked Protocol project, there are currently a number of other potential projects on the market that many investors are interested in. You can refer to them: 0x protocol, CELO Coin and Echelon Prime.
Basic information about SC token
What is the SC token?
SC (Siacoin) is the native cryptocurrency of the Siacoin platform, used to make transactions on the network. SC token was released on June 6, 2015 by Nebulous, Inc. This is the main currency used to pay for storage fees, server rewards and transaction fees on the Sia platform.
Technical parameters
- Token code name: Siacoin
- Ticker: SC
- Contract: File Contracts
- Type: Coin, Mineable
- Consensus: PoW
- Blockchain: Sia Platform
- Total supply: Unlimited
- Circulating supply: 40,268,304,879 SC
SC token allocation
With the total supply as above, SC token is allocated as follows:
- Founder & Project: 88,4%
- Investors: 11,6%
Where is SC token traded?
SC token is currently being traded on many ò the best cryptocurrency exchanges such as Binance, OKX, Kucoin, MEXC, Bittrex, Poloniex,…
Secure SC token storage wallet
Some wallets that support SC token include:
- Sia-UI: Sia official wallet, providing effective security and management features for SC coin.
- Hardware wallets: Hardware wallets such as Ledger Nano S and Trezor can support secure SC coin storage.
Practical applications of Siacoin
Siacoin has been integrated into various platforms and services, including:
- Filebase: As a large storage platform that uses Siacoin, Filebase leverages the power of Siacoin to provide storage services with high redundancy, allowing users to access files even when the server is offline.
- Skynet: Similar to Filebase, Skynet provides a decentralized storage platform with Skylinks, unique ID codes for accessing files.
- Nextcloud: A secure and efficient data storage service, Nextcloud uses Siacoin to provide data redundancy and storage.
Should I invest in the SC token project?
Siacoin (SC) is a project with great potential in the decentralized cloud storage space. With its ability to provide secure and low-cost storage services, Siacoin can be an attractive option for investors.
However, as with any investment, there are risks to consider. The price prediction of SC tokens may have positive growth in the future, but it’s also necessary to pay attention to the volatility of the cryptocurrency market.
Conclusion
Hopefully through this article you will have a clearer view of Siacoin (SC) and the Sia project. Siacoin is not only a cryptocurrency but also a promising decentralized cloud storage platform. Wish you successful investment and achieve the best results in your investment activities.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
