What Is Siacoin (SC) – How It Works & Where To Buy It

Siacoin is an innovative blockchain project that is pioneering the field of cloud storage. The Siacoin platform has grown to become known as one of the most reputable and affordable blockchain solutions in the cloud storage sector.

SC is the project’s utility token and is used to perform various actions in the network.

The SC token is currently the 129th largest cryptocurrency by market capitalization.

How Siacoin (SC) Works

Siacoin is a peer-to-peer, decentralized cloud services platform that is built using blockchain technology. On this platform, network members may rent and consume storage space and surplus bandwidth coming from different users. Because the Sia network does not have a central control/authority, the P2P system is used across the whole system. This results in the democratization of the entire system.

Cloud storage using Siacoin is not only more budget-friendly than standard cloud storage services but also provides a higher level of security. The pricing for renting storage space using Siacoin is much cheaper than prices charged by traditional hosting companies.

To get rewarded in the form of Siacoin tokens, which are paid for by customers who utilize rental bandwidth and storage space, anybody who has spare storage space can rent it out on the Siacoin marketplace. Those who rent out their storage space will receive the tokens as a reward.

When it comes to the expense of renting storage spaceloud service, providers like Apple and Google, despite their evident inadequacies, remain a popular option in the marketplace.

In contrast, the Siacoin network is attempting to onboard existing cloud service users to enjoy the safe and low-cost storage environment that Sia provides. As a result, Siacoin wants to empower consumers to regain control of their personal information.

Users of the Siacoin network own their data since the system is not controlled by a third party or a central authority. To address several imminent and pressing challenges faced by cloud storage providers, Siacoin has developed a mechanism called Siacoin Tokens (STC).

Renters pay providers in Siacoin (SC), for the services they receive, but users of the Sia network retain full ownership of personal data and storage space. The information belonging to users is broken up into more manageable pieces before being distributed to Siacoin’s network nodes.

Because the information of the users is private and can only be accessed with the use of private keys that confirm ownership, a random node cannot access it. Additionally, it is impossible to get all of this information from any one node, rendering the data futile.

The degree of vulnerability is reduced and the security level is improved as a consequence of the dispersion between nodes. Every bit of information is broken down into 30 smaller pieces for easier storage and retrieval.

Decentralization allows Siacoin to answer all queries in real-time, rather than requiring users to wait for excessive amounts of time due to slow and typically congested central servers.

Individuals that are interested in learning more about how Siacoin optimizes decentralized data storage and monetizes the usage of unused storage space through their cloud storage services can read the Siacoin whitepaper.

 

What Is Siacoin (SC) Used For?

Siacoin’s usability and efficiency make it stand out from its competitors. The project prioritizes decentralization, and Siacoin intends to take over the decentralized cloud storage market.

Siacoin network data users opt for Siacoin’s decentralized storage because it’s more affordable and the utilization of smart contracts makes it more transparent and secure than centralized cloud storage providers. Essentially, network participants, namely renters and hosters, help keep the Siacoin network secured.

People utilize Siacoin because conventional cloud service providers charge higher rates for renting, and may have difficulties with mismanagement of data, lack of security, server response, and data ownership – Siacoin addresses these issues and provides a solution. Individuals pay in Siacoin, and the Siacoin price works out to be more economical than traditional cloud storage services pricing.

Additionally, some individuals swing and arbitrage trade SC tokens on various exchanges. These traders have the potential to make large profits but also run the risk of losing a lot.

 

Where To Buy Siacoin (SC) Token

Siacoin (SC) has been around for several years and many individuals in the crypto community are familiar with the project.

Siacoin (SC) tokens are traded on the most reputable centralized crypto exchanges. Before purchasing SC, users will need to use fiat money to purchase SC from the crypto exchange; sequentially, SC tokens will be sent to the users’ digital wallets on the exchange.

Here are some of the most secure places to purchase, sell, and hold tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

In general, crypto token holders opt to transfer their tokens into a digital wallet. Holders can then easily link their wallets to several decentralized marketplaces and take advantage of lucrative DeFi services.

Users are encouraged to withdraw their tokens from centralized exchanges as doing so offers them entire control of their crypto tokens and private keys.

None of the abovementioned information is investment advice.

 

About Siacoin (SC)

How long has Siacoin (SC) existed?

David Vorick and Luke Champine presented the concept of Siacoin cloud storage during a hackathon at MIT. They established Nebulous Inc. (holding company of Siacoin) in 2014 and launched the beta network in 2015 for Siacoin.

The Nebulous Inc. and Siacoin initiative got $750,000 in investment from many sources. The finalized Siacoin storage network was released by Vorick and Champine in 2015.

To date, investors including Fenbushi Capital, and First Star Ventures have contributed approximately $6.4 million to the firm since the final blockchain was launched.

What’s controversial about Siacoin (SC)?

Most of the globe is still mostly unregulated when it comes to blockchain and cryptocurrency. This is both good and bad since a decentralized monetary system is needed, yet frauds are commonplace when there are no restrictions in place.

Before making any investment, people should exercise caution and make sure they’ve done their research.

Let’s take a look at the top controversy surrounding Siacoin (SC):

• Competition – The cloud storage sector is incredibly competitive, and even though Siacoin has been around for several years, the project isn’t leading the sector. It faces competition from several projects and many individuals believe that the future of the project doesn’t look too bright.

  This is mainly because Siacoin has been around for 7 years and still hasn’t managed to claim a top spot in the sector. Projects that were launched after Siacoin have gone on to amass large global communities and bigger market caps than Siacoin.

How many Siacoin (SC) Tokens are there?

At the time of writing, Siacoin (SC) has a circulating supply of 51.49B SC.

The total supply of Siacoin (SC) is 51,488,062,992.

Siacoin (SC) has an unlimited maximum supply.

Can Siacoin (SC) be mined?

Due to the fact that the Proof-of-Work (PoW) protocol enables Siacoin, SC coins can be mined, and the total amount of Siacoin that can ever be produced is not subject to any predetermined cap (SC).

Some centralized exchanges let users earn returns by staking SC tokens.

What is the market cap of Siacoin (SC)?

The market cap of Siacoin (SC) is: the total amount of coins in circulation x the current market price of SC.

Siacoin (SC) Market Cap = 51.49B SC x $0.004 = $217 million (129th largest market cap).

GMT is currently one of the top 100 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Siacoin (SC)

The cloud storage sector is notoriously competitive and several top-tier projects are providing people with exceptional solutions. One of the main issues is that most of these projects don’t vary a great deal and users often choose one project and don’t end up changing to another.

Siacoin’s biggest competitors are:

• Filecoin
• BitTorrent
• Holo
• Arweave

 

What Are The Future Plans Of Siacoin (SC)?

Siacoin is hard at work cultivating additional exposure for its services, onboarding an increased number of users, and developing an ecosystem of valuable DeFi products.

In addition to this, the project will strive to solidify its position in the cryptocurrency industry by providing consumers with cutting-edge solutions that are anticipated to be viable in the years to come.

 

Pros And Cons Of Siacoin (SC)

Pros:

• Innovative decentralized solution – The Siacoin project runs seamlessly and provides users with a secure storage solution that is more affordable and efficient than most traditional cloud service providers.
• Major exchange listings – The project is listed on Binance, KuCoin, and most of the other well-known cryptocurrency exchanges.

Cons:

• Not energy efficient – As the world adopts a more carbon neutral stance, blockchain projects like Bitcoin and Siacoin that utilize a proof-of-work consensus mechanism are deemed to not be eco-friendly. Many projects are transitioning to a more environmentally friendly consensus mechanism such as proof-of-stake. As such, many investors are skeptical about investing in projects that utilize proof-of-work (mining) consensus algorithms.
• Competition – The Siacoin project has been around for several years but it has failed to dominate in its sector. The project has onboarded a large number of users but it isn’t able to compete with the likes of Filecoin and BitTorrent. Many individuals believe the project won’t be dominant in the coming years.