[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"f64ee17e-b925-475a-9679-7088f33d738c","updated_at":"2022-08-12T10:44:00+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The advancement of the Internet correlates to public concern about privacy in storing files and data. Siacoin, therefore, was introduced as a simple decentralized cloud data storage at a lower cost. Let’s take a deep dive into Siacoin and its SC token!","sapo":"The advancement of the Internet correlates to public concern about privacy in storing files and data. Siacoin, therefore, was introduced as a simple decentralized cloud data storage at a lower cost. Let’s take a deep dive into Siacoin and its SC token!","title":"Siacoin (SC): Is It A Good Investment?","content":"

Overview of Siacoin

Sia is a crypto blockchain project that offers decentralized cloud data storage and a peer-to-peer marketplace for both the P2P and enterprise levels.

Siacoin's storage platform leverages underutilized hard drive capacity worldwide to create a market for reliable storage at lower fees than traditional cloud hosts.

Siacoin enables the formation of storage contracts between peers instead of renting storage from a centralized provider.

Running without intermediaries, each individual using Siacoin can store or access encrypted storage through the platform.

History of Siacoin

The idea of the Sia project was incubated by developers David Vorick and Luke Champine in 2013.

In 2014, the Sia blockchain was officially founded by Boston-based Nebulous.

Sia’s public beta was first launched in March 2015, with the live network finally launching to the public in June.

On January 6, 2018, the SC token hit an all-time high of $0.1117.

In 2020, Nebulous evolved with a re-organization and re-branding, divided into two entities: the non-profit Sia Foundation and the for-profit Skynet Labs.

About Siacoin (SC) token

Siacoin (Symbol: SC) is the native utility token of the Sia network, used to pay for storage services within the platform.

The SC token acts the following functions:

Transaction fees: Holders can use SC tokens to pay transaction fees, operating the Sia blockchain.
Renting on Sia: SC tokens are paid to rent data storage space at a lower cost.
Hosting on Sia: Sia supports users who have the hardware and need to lease that data storage space, receiving profits in SC coins.

How Siacoin works

Proof-of-Work (PoW) is the consensus algorithm mechanism used in the Sia network, which facilitates users’ mining.

The Sia network will reward the nodes with Siacoins for the successful verification of a transaction during the mining process.

Participants' data will be stored by Siacoin by splitting, encrypting, and distributing them on the project's decentralized network.

Siacoin encrypts and distributes File Contract throughout the hosts, but only the holder of the Private Key will have access to the data.

A File Contract in the SIA network creates the host-renter relationship like price and uptime commitments.

Users can also store data and files on Skynet – an open source protocol.

Features of Siacoin

Siacoin captures investors’ attraction with these striking features, including:

Completely Private: Sia encrypts and distributes your files across a decentralized network without a third party.
Highly Redundant: Sia distributes and stores redundant file segments on nodes across the globe.
Open Source: Sia's software is completely open source, with contributions from developers building innovative applications on the Sia API.
Far More Affordable: Sia's decentralized cloud storage costs 90% less than incumbent cloud storage providers, about $1-2 per month for storing 1 TB of files.

Outlook on SC token

Intending to compete with existing storage solutions, Sia is a decentralized cloud storage platform that enables the formation of storage contracts between peers.

Sia can be considered a Bitcoin derivative that includes support for such contracts and ensures the privacy protection of customers.

Following the advancement of Siacoin’s features, the SC token made a slight leap of over 26% within the past month.

At the time of writing, on August 11, 2022, the SC value remains $0.00496.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[{"tag":{"tag":"PoW","id_tag":"pow"}}],"image":{"fileName":"siacoin-sc-deep-dive.png"}}]

Siacoin (SC): Is It A Good Investment?

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