What is Siacoin (SC)?
Future of SC Cryptocurrency and know how to buy SC

What is Siacoin (SC)? 

#1 - What is Siacoin?

The blockchain makes for some great applications. One of those is cloud storage space. While the market is currently dominated by providers like Google Drive, Dropbox and others, the blockchain is making its way into this space and is poised to revolutionize it, thanks to cryptocurrencies like Siacoin.

Siacoin: The Basics

  1. Sia is a digital cloud storage space, powered by blockchain technology. It creates a decentralized online cloud storage for users, who can rent out their unused digital space for a certain fee, which is paid in the Siacoin cryptocurrency - the SC token. What is SC, you ask? It is the abbreviation.
  2. As compared to other cloud storage services, Sia offers storage at a much cheaper rate, since it is being paid out to a large number of individual users. All payments are done using the SC cryptocurrency.
  3. Sia’s concept was developed in 2013 in a hackathon organized by Massachusetts Institute of Technology. It was started by Luke Champine and David Vorid, with the first version being released in June 2016, and the most recent version in December 2017.

 

#2 - What are the Benefits of Siacoin?

  1. Sia works on a cooperative cloud storage model - a decentralized network which allows users to rent their spare, hard drive storage space. The transaction on the network is performed using the SC cryptocurrency.
  2. Users can rent out or rent storage space, with the blockchain acting as a ledger which records who stores what, and all the payments. The system then splits the system into storage units of equal sizes, hashes them, and divides them into many host storage sites.
  3. As is the foundation the blockchain is built on, SC technology does not let one single server have all the files, and makes several copies of the files on different hosts, ensuring that if one of them malfunctions, the information isn’t lost.
  4. The user alone has the encryption key to his data, which ensures that s/he is the only one with the access to his files.
  5. Contracts on the Sia platform make sure that the terms between the peers who are part of the rental agreement are met. Those who rent out the storage space have to provide ‘Proof-of-Work’ from time to time, to reassure their client.

Transactional Process

  • Transaction process of Sia is very simple. There is a contract between the client and the host, which spells out the terms of the agreement.
  • The host is supposed to provide proof of storage regularly. This is helped along by the blockchain, which ensures that the data is not on any one server, and cannot be changed or deleted.
  • As long as the host provides regular proofs, s/he will be paid. If they fail to do so, the money will be lost, the contract terminated, and the information returned.

Corporate Usage

  • Corporates can really take advantage of SC benefits. Since a lot of storage is available for a cheaper rate, organizations stand to make significant savings on their costs. As corporates need a lot of data stored, they can use this instead of using expensive cloud storage platforms.
  • Data is encrypted and this encryption can be viewed on the public ledgers on which they are stored, so the corporates don’t have to worry about fraud.

Value Proposition

SC technologies provide many benefits to the client:

  • The users do not have to worry about verification procedure, as the network does it for them.
  • All the data and contracts are stored on public ledgers, so they can be verified by the user anytime they want.
  • Security deposits are made by both host and user to ensure that the money is compensated to either party in case of unsuccessful termination of the contract.    
  • The money is released by the user to the Sia platform, and the payments are made to the host as they release proof of storage for verification.

 

#3 - How to Buy and Store Siacoin (SC)?

  • SC mining, like other cryptocurrencies, relies on the computing power of the hardware to secure the network. Mining is only performed when you have a Siacoin wallet to store your mined Siacoins.
  • Sia-UI is the official Siacoin wallet, and is the safest wallet to store Siacoins. Another wallet is Bittrex, which is quicker, but a less safe wallet.
  • Siacoins can also be exchanged for other cryptocurrencies, like Bitcoin and Ethereum. CoinSwitch, best cryptocurrency exchange is an ideal site to exchange this, as it shows various exchange, allowing the best selection possible. It also lets you keep the currencies in your own wallet, so you can access them as and when you want.

 

#4 - What is the future of Siacoin?

  • Siacoin has generally retained good value in the market. As it is a newer coin, it is still experiencing fluctuations and low liquidity.
  • Despite this, it has experienced a rise of nearly 500 times within 3 years, going from $0.00003 in 2015 to $0.01526 in June 2018. Astonishing returns even by crypto standards.
 

Also Read: Complete Analysis of Siacoin | Live Siacoin (SC) Price Charts & Predictions

Price history

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.015260

0.015531

0.015093

0.015353

8,852,350

530,735,000

Apr 01, 2018

0.010711

0.010854

0.009402

0.010207

3,329,020

358,669,000

Jan 01, 2018

0.030113

0.031160

0.028484

0.030770

17,306,300

945,419,000

Sep 01, 2017

0.008394

0.008968

0.008162

0.008824

8,636,340

243,667,000

Jun 01, 2017

0.007472

0.008527

0.007402

0.008492

20,168,700

197,803,000

Jan 01, 2017

0.000242

0.000246

0.000220

0.000230

43,397

5,289,400

Aug 01, 2016

0.000634

0.000636

0.000614

0.000614

97,674

10,696,300

Feb 01, 2016

0.000026

0.000030

0.000022

0.000022

1,342

254,472

Sep 01, 2015

0.000030

0.000032

0.000029

0.000030

1,436

139,925


#5 - How is Siacoin different from other cryptocurrencies?

  1. Sia is unique in its offering to the crypto community - low-cost storage.
  2. It enables users to conduct peer-to-peer transactions, like Bitcoin, except this is employed for transfer between user and host, using the SC cryptocurrency.
  3. It employs the use of contracts, such as the Smart Contracts on Ethereum, which are used as an assurance of payment and set of terms between the host and user.

 

#6 - Should you Invest in Siacoin?

  1. The major point of Siacoin, inexpensive cloud storage, will ensure that it becomes popular in the coming days.
  2. As enterprise cloud storage prices haven’t yet indicated signs of decline in recent times, many organizations may be expected to invest in Siacoin for business use.
  3. Siacoin has begun to make a name for itself in the market owing to its unique offerings and the fact that it's on the blockchain, which tends to attract eyeballs. Add inexpensive pricing to the mix and we have a potential winner for investors.
  4. As the SC cryptocurrency is new in the market, observing its trends for a while before investing could also be a good option.
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