Siacoin (SC) Price
- Siacoin(SC)$0.0032+0.0001(+5.1087%)12:58:09(GMT)|Real-Time Data, Currency in USD
- Open$0.0031Day's Range$0.0031- $0.0034
- Market Cap$105.50 MVolume$1.43 M
- Current Supply33.10 BSCMax SupplyN/ASC
- Proof TypePoW
- Market Cap$105.50 M
- Volume$1.16 M
- Current Supply33.10 BSC
- Max SupplyN/ASC
- Day's Range$0.0031- $0.0034
Siacoin is a cryptocurrency and open source blockchain that makes the use of underutilized hard drive capacity across the Sia network to deliver file storage on Sia’s blockchain that, not only secures the data but also enables improved economics for users and hosts.
Removing the need for intermediaries, Sia’s blockchain secures storage transactions with smart contracts, creating a more reliable and cost-effective platform than traditional cloud providers.
Sia encrypts and distributes files across the decentralized network, allowing the owner of the files to take full control of the data with the use of private encryption keys. No outside parties can access or control the files, unlikely cloud storage providers.
Storing 1TB of files on Sia costs $2 per month, which is significantly less than the more than $20 per month for equivalent file storage on Amazon S3.
Low pricing is achieved through Sia’s decentralized storage marketplace in which storage providers compete for business. Renters pay using Siacoin, which is also minable and tradeable.
An algorithm called Reed-Solomon coding splits files into smaller encrypted pieces allowing their distribution across the Sia network.
Sia has three core strategies:
Redundancy: Sia’s software breaks uploaded files into as many as 30 smaller pieces before uploading, each piece going to multiple hosts across the Sia network, removing the risk of a single point of failure. An advantage of distributing file segments to multiple hosts is that it removes the risk of any malicious intent by hosts.
Encryption: All uploaded files are encrypted using Sia’s Twofish encryption algorithm prior to distribution to hosts across the Sia network.
Host Incentivization: Smart contracts are used to ensure that data is safely stored, the contracts being between the renter and host, detailing price, uptime and commitment period.
Each host is required to place Siacoin as collateral, when providing storage, with storage providers being required to deliver on the agreed services or face the loss of the collateral and previously agreed on Siacoin income.
Renters store Siacoin in smart contracts and upon the completion of a contract, hosts are required to provide proof of storage on the blockchain to then receive the agreed fee and have placed collateral returned.
Sia’s blockchain uses a customized proof-of-work protocol, with Bitcoin’s original blockchain being given some necessary improvements to deliver on the encryption needs of secure file storage across the Sia network.
Some distinct differences and characteristics of the Siacoin Platform include:
- Storage space providers are rewarded with Siacoin.
- Data stored on Sia is decentralized and not in one single, centralized data center.
- Sia brings together hosts, the providers of data storage, to users who need to file storage space.
- Mining for Siacoin is by way of proof-of-storage, where hosts are paid for the supply of their computing power.
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- Moving AveragesBUY(12)
|Williams %R (14)||-41.9048|
|Stochastic RSI (14)||99.5286|
|Ultimate oscillator (7,14,28)||44.5722|
|Stochastic Fast (14)||58.0952|