Siacoin (SC) is a cryptocurrency used for decentralized data storage on the Sia network with low costs and high security.
The Siacoin project provides decentralized cloud storage solutions using blockchain technology and smart contracts, aiming to create a reliable storage market to replace traditional services like Google or Amazon.
MAIN CONTENT
Siacoin operates on the decentralized storage platform Sia, reducing costs by up to 90% compared to traditional storage.
The technology of File Contracts and Proof of Storage ensures data security and transaction transparency.
An experienced development team and strong support from reputable investment funds help Siacoin continuously develop its ecosystem.
What is Siacoin (SC)?
Siacoin (SC) was launched in 2015 by Nebulous Inc, now Skynet Labs, with the goal of building a decentralized cloud storage system. Using Proof of Work (PoW) technology to mine coins, Siacoin provides a distributed, secure, and reliable data storage solution focused on enterprises.
Siacoin has shown rapid growth immediately after launch, with many businesses opting for decentralized cloud services due to cost savings and transparency on the Blockchain.
What is the technology of Siacoin?
Siacoin uses a system of File Contracts combined with local encryption and distribution across multiple servers. Data can only be accessed by the owner of the Private Key, ensuring high security and privacy.
Compared to services like Amazon S3, the storage cost on Siacoin is only about 10%, for example, 1TB of storage costs only 2 USD/month compared to 23 USD on Amazon.
Siacoin creates a completely new approach to storage, opening up opportunities for cost savings and enhanced security, suitable for global data storage needs.
David Vorick – Co-founder & CTO, 2023
What are the highlights of Siacoin?
Siacoin is a decentralized storage project that reduces costs by up to 90%, ensuring absolute security through distributed data encryption technology, using File Contracts and Proof of Storage to ensure integrity.
The Sia network is open to all participants without needing permission, helping to increase scalability and promote true decentralization.
Decentralized storage significantly reduces costs compared to traditional cloud services.
Data security through encryption and distribution, only those holding the private key can access.
The File Contracts and Proof of Storage systems ensure transparency and integrity.
No registration required, allowing anyone to participate in providing or renting storage.
What are the main products of Siacoin?
The core platform of Siacoin is the Sia Storage Platform, allowing transactions for renting and leasing storage space with the SC Token without intermediaries.
Skynet was once a platform built on Sia to develop a decentralized web. Although it is no longer operational independently, it plays an important role in the ecosystem.
Sia Storage Platform: Safe and transparent distributed data storage.
Skynet: Decentralized web for permanent content encryption and sharing.
Sia Central and SiaStats: Dashboard for monitoring the network, block explorer, and performance statistics.
Sia Wallets (GUI and CLI): Official multi-platform wallet for managing SC and storage contracts.
What is the basic information about Siacoin (SC)?
Siacoin is a mineable coin using Proof of Work, operating on the Sia platform with File Contracts and a circulating supply of over 57.4 billion SC, total supply over 57.5 billion SC.
Attribute Information Ticker SC Platform Sia Token Type Coin, Mineable Consensus Mechanism Proof of Work (PoW) Circulating Supply 57,494,682,569 SC Total Supply 57,522,315,000 SC Transaction Fee 0.02–0.03 SC/KB on the Sia network
The token is primarily used to pay transaction fees and for renting data storage at a rate of 2 USD/terabyte per month.
Storage providers earn profits in SC based on file contracts.
How to own and acquire Siacoin?
Users can acquire SC by becoming hosts renting storage capacity or purchasing SC on reputable exchanges such as Binance, Bittrex, and Upbit.
Additionally, mining SC using ASIC devices or joining Mining Pools like Siamining, Luxor, F2pool is a popular approach.
Who are the development team and investors of Siacoin?
Development Team
Siacoin is developed by Nebulous Inc (now Skynet Labs), with a team including David Vorick (Co-founder & CTO) and Luke Champine (Co-founder). They both have a strong technical background in blockchain and cloud computing.
Skynet Labs ceased operations in 2022, but the project continues to be maintained by the open-source community managed by the Sia Foundation.
Investor
In September 2020, Siacoin successfully raised 3 million USD in a seed round led by Paradigm along with funds like Dragonfly Capital, Bain Capital Crypto, and Hack VC, strengthening financial resources and product development.
This investment helps Siacoin expand its decentralized storage ecosystem, enhance the development of products like Skynet, while also improving the technical infrastructure for the Sia network.
Joe Montana – Partner at Paradigm, 2020
Summary
Siacoin is a pioneering project in the field of decentralized data storage, offering cost-saving, secure solutions based on blockchain. Despite undergoing many challenges, Siacoin continues to be strongly developed by the community and the Sia Foundation, suitable for businesses and individuals seeking decentralized data storage.
This article is for informational purposes only and is not investment advice.
Frequently Asked Questions
What is Siacoin used for? SC is used to pay transaction fees and rent storage capacity on the Sia network.
How to mine Siacoin? Siacoin can be mined using ASIC mining machines or by joining mining pools like Siamining, Luxor.
Is the storage cost on Siacoin cheaper than traditional services? Yes, the cost is about 90% cheaper, only around 2 USD/month for 1 TB of storage.
What technology does Siacoin operate on? It uses blockchain, smart contracts called File Contracts, and a Proof of Work mechanism.
Who developed Siacoin? The project was developed by Nebulous Inc and later transferred to the Sia Foundation for management and maintenance.
Source: https://tintucbitcoin.com/siacoin-sc-la-gi/
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