Siacoin Price (SC)

Cloud storage is setting itself up to be an integral part of the future. With the advent of blockchain technology, we are seeing a number of networks pop up that offer seamless, safe cloud storage capabilities to users and businesses alike. The question is, “How viable an investment are these entities?”

Siacoin is one of the companies at the forefront of this movement. Before we can focus on the Siacoin price, it helps to have all the necessary information. Below, you can find out about what Siacoin is, who founded it, what makes it unique, and everything you could possibly need to know before investing.

What is Siacoin (SC)?

To put it simply, Siacoin is a decentralised cloud storage platform that offers peer-to-peer services. Participants on the network are able to rent out – and subsequently use – data storage space. Because there is no central authority, users are responsible for conducting transactions among one another.

Siacoin manages to stand out because it offers more secure, cost-effective cloud storage services than traditional providers. Those with extra storage space are able to rent it out while also being rewarded with Siacoin tokens. It is the perfect use of excess bandwidth and gives users the potential for passive income as a result.

Who are the founders of Siacoin (SC)?

Siacoin is the idea of David Vorick and Luke Champine. The co-founders of Nebulous Inc. eventually launched the beta network for Siacoin in 2015. With $750,000 in initial funding, the final version of the storage network was officially launched. Since then, the pair has raised more than $6.5 million in capital from major investors like Raptor Group, INBlockchain, and Fenbushi Capital.

Siacoin has managed to grow at an impressive rate since its launch. The duo of Champine and Vorick have managed to add several unique developers to their team, evolving the network to make it better and more efficient.

What Makes Siacoin (SC) Unique?

When it comes to making a Siacoin price prediction, it helps to know why so many investors have faith in the network. To really grasp that concept, it helps to know what makes Siacoin unique, especially when compared to competitors within that niche.

Siacoin is unique largely because of its efficient functions and original utility. Siacoin is challenging traditional cloud service providers who charge much higher fees for rentals and face issues like lack of security, data ownership, server responsiveness, and the mismanagement of data.

Siacoin manages to stand out because it offers a peer-to-peer, decentralised system where users can access file contracts, define the prices of storage, and hammer out their own rental agreements. Siacoin looks on its way to becoming one of the largest decentralised cloud storage networks in the world, with superior storage and protection available.

How Many Siacoin (SC) Coins are There in Circulation?

One of the most critical factors when deciding whether to invest in a token is the total number available. The total supply of SC is estimated to be roughly 61.46 billion tokens. The max supply is potentially infinite, but that is the total supply as of now.

Of that 61 billion, a shade more than 56 billion SC have already been introduced into circulation. Miners are able to create a new block, validate transactions, and earn rewards in the form of SC for each new block that they create. Siacoin was created to handle the infinite demand for cloud storage services, which in theory could be in unlimited demand.

How is the Siacoin Network Secured?

Data is secured on the Siacoin network through data fragmentation. When data is uploaded, the proof-of-work mechanism combines with fragmentation to keep user data safe. Transactions are written permanently into blocks that are created by miners. Miners are rewarded for creating those new blocks and also verifying transactions that take place on the ledger.

All data uploaded into one of these rented servers is protected as a result of fragmentation. The idea is that, should one of the nodes become compromised, the data will remain whole because it is still distributed through other nodes. Proof of ownership is the only way to unlock the data, which is done through matching private keys.

Siacoin Ecosystem

Though the core use of Siacoin is as a data storage network, there is more than meets the eye when it comes to the network’s ecosystem. There are a handful of components within the ecosystem that bear acknowledging:

SiaDrive: SiaDrive aims to make the exploration of the Sia ecosystem easier through a number of different tools and networks.

Host Browser: Also known as Sia Central, this tool gives users the ability to filter and explore hosts within the Sia network, all based on a number of different criteria.

Filebase: This object network platform is S3 compatible, using the decentralised Sia network as a backend. Developers are then given the freedom to integrate their decentralised storage seamlessly into any other applications they may have.

Siaberry: This is a network that is run on the Sia network. It is similar to Raspberry Pi in that it is a low-power, low-cost device.

Minebox: This is a storage appliance that gives users the ability to easily provide storage space within the Sia network while also monetising that excess, unused storage space.

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