Siacoin SC Price

What is Siacoin (SC)?

Siacoin (SC): Revolutionizing Cloud Storage with Decentralization

Siacoin (SC) is at the forefront of transforming the landscape of cloud storage through its blockchain-based distributed and decentralized platform, Sia. Serving as the native utility token, Siacoin facilitates secure, trustless transactions within this innovative marketplace. Launched officially in June 2015, Sia aims to establish itself as the backbone storage layer of the internet.

Founding Visionaries

The genesis of Sia can be traced back to mid-2013 when David Vorick, a computer science student at Rensselaer Polytechnic Institute, conceptualized the idea. Collaborating with college friend Luke Champine, the duo brought Sia to life, officially named in early 2014 as a nod to the Egyptian god of perception. Nebulous, Inc., founded by Vorick and Champine, played a pivotal role in Sia's development until the establishment of The Sia Foundation in 2021.

Role of The Sia Foundation

Now a registered 501(c)(3) non-profit organization based in the US, The Sia Foundation oversees the project. Tasked with maintaining core protocols, supporting developers, promoting partnerships, and ensuring user accessibility to siacoins, the foundation plays a crucial role. Funding is secured through a block-subsidy, supporting a vibrant grants program initiated in October 2022, aimed at fostering projects benefiting the Sia network and ecosystem.

Decentralized Storage and Security

Sia's unique approach to cloud storage distinguishes it from major providers like Amazon, Google, and Microsoft. Utilizing smart contracts, Sia divides files into 30 encrypted segments, distributed globally for redundancy. Hosts and uploaders establish agreements recorded on the Sia blockchain, with Siacoin as the medium of exchange. The proof-of-work consensus algorithm secures the network, tethering malicious actors to substantial energy and hardware expenses.

Mitigating Risks

Sia's design mitigates the risk of bad actors by requiring hosts to put up collateral. Additionally, the global distribution of file segments ensures network resilience against attacks, making it robust except in the face of catastrophic natural or geopolitical events. With a survival threshold of 10 out of 30 hosts, Sia guarantees file retrieval even under adverse conditions.

Revenue Model and Siafunds

Sia generates revenue through fees on storage contracts, with 3.9% of the contract fund distributed to holders of Siafunds. Initially, Nebulous held 88% of Siafunds, with the remaining shares distributed among early backers. Not used as payments on the platform, Siafunds add an economic layer to the ecosystem.

Siacoin's vision of decentralizing cloud storage, coupled with its robust security measures and innovative economic model, positions it as a formidable player in the industry. As The Sia Foundation continues to drive development and collaboration, Siacoin stands poised to redefine the way we perceive and utilize cloud storage in the digital age.

What is unique about Siacoin (SC)?

Siacoin stands out with its decentralized cloud storage platform, leveraging blockchain technology to offer secure, private, and affordable storage solutions. Its global network, smart contracts, and use of Siacoin as a medium of exchange make it a unique competitor against major centralized cloud storage providers.

Who are the founders of Siacoin (SC)?

Sia was conceptualized in mid-2013 by David Vorick and Luke Champine. Vorick, a computer science student at Rensselaer Polytechnic Institute, shared his vision with Champine, who became a key contributor. The project was officially named Sia in 2014, and both founders played pivotal roles until the establishment of The Sia Foundation in 2021.

Who are the backers/investors of Siacoin (SC)?

Sia's economic model involves Siafunds, with Nebulous initially holding 88%, and the rest distributed among early backers. Siafunds, however, are not utilized as payments on the platform. The project operates with a block-subsidy model, sustaining The Sia Foundation, a non-profit organization overseeing development and partnerships.

What is the consensus mechanism of Siacoin (SC)?

Siacoin (SC) secures its blockchain using a proof-of-work consensus algorithm. Co-founder David Vorick argued in 2017 that this mechanism is optimal for network security, tying malicious actors to significant energy and hardware expenses. The decentralized nature, global file distribution, and collateral requirements for hosts add layers of security to the Siacoin network.

Where can I buy Siacoin (SC)?

You can buy Siacoin (SC) on Binance, MEXC, Gate.io, BybitOKX cryptocurrency exchanges.