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Siacoin is an open-source, low-cost solution platform for cloud storage, offering encryption and distribution of files selected for storage by users on a decentralized peer network. The cloud storage market offered to users of the Sia blockchain aims to be redundant, completely private, and more affordable than many alternatives.
What is Siacoin (SC)?
Siacoin (SC) is a cryptocurrency that uses the proof-of-work algorithm. The platform behind Siacoin, Sia, is a decentralized cloud storage platform. Sia leverages Blockchain technology to create a more robust and affordable data storage market than traditional cloud storage providers.
According to statements, Sia encrypts and distributes users’ files on a decentralized network. Users, by controlling their private encryption keys, own their data. Unlike traditional cloud storage providers, no company or third party can access or control user files.
On the other hand, it is claimed that Sia’s decentralized cloud storage is about 90% cheaper than conventional cloud storage providers. Storing 1 TB of files on Sia costs about 1-2 USD per month, compared to 23 USD on Amazon S3.
In addition, Sia distributes and stores redundant file segments across nodes worldwide, eliminating a single point of failure and thus providing uptime competitive with traditional cloud storage providers. Also, Sia’s software is completely open-source, with contributions from leading software engineers and a growing developer community creating innovative applications on the Sia API.
Furthermore, using the Sia blockchain, Sia creates a decentralized storage market where storage providers compete for business at the lowest possible prices. Tenants make payments using Siacoin, which can also be mined and invested in.
In addition, the Sia platform, which believes that neither individuals nor institutions should be indebted to large companies, was created to support and protect users’ freedoms. They aim to mainstream decentralized storage built on blockchain technology without compromising on price or performance.
Opinions on SC Coin
Looking at the comments about SC coin, investors seem to have a lot of confidence in Siacoin. Especially with the recent increase in cryptocurrency, the impact on Siacoin makes the investors’ confidence more understandable.
Additionally, cloud storage holds a significant place today, and Sia’s aim to decentralize it positions the platform among promising future projects.
To better understand investors’ confidence in Siacoin (SC), it is beneficial to look at current and historical data.
According to CoinMarketCap, at the time of writing, Siacoin is trading at 0.0033 USD against the dollar and 0.00000018 BTC against Bitcoin. It is worth noting that SC coin reached its highest level on January 6, 2018, at 0.1117 USD and its lowest on December 1, 2015, at 0.000011 USD.
In addition, the total supply of Siacoin is projected to be 45,080,212,992 SC coins.
How to Buy Siacoin?
You can quickly and securely purchase Siacoin through Binance, the largest cryptocurrency exchange by market cap. It is worth noting that Siacoin was listed on Binance on June 14, 2018. Additionally, Binance users can trade on the exchange with SC/BNB, SC/BTC, and SC/ETH trading pairs.
