Siacoin is a secure cloud storage marketplace where users may rent out their excess space. Smart contracts are used on the blockchain to organise agreements between landlords and tenants. It also has its own cryptocurrency, siacoin, that is utilised for transactions.
There may be a demand for a decentralised alternative to data storage in a technology-driven society that uses more data. As it prepares to deliver the next big update to its blockchain, Siacoin hopes to capitalise on this demand. Dropbox and Google Drive are household names in the world of online data storage. Can Sia and its siacoin, a blockchain alternative, catch up to these centralised services?
What Is Siacoin (SC) ?
Sia was first announced in May 2014, then amended and re-announced in May 2015, a year later. It became operational in June of 2015. Siacoin (SC) is the native utility token of Sia, a distributed, decentralised cloud storage platform built on the Ethereum blockchain.
Sia is a secure and trustworthy cloud storage marketplace where users may rent out their excess storage space. Smart contracts enforce agreements and transactions, and Siacoin is the medium of exchange for paying for network storage. The project’s major goal is to become the “internet’s backbone storage layer.”
How does the Siacoin function?
The Sia blockchain is protected by a proof-of-work consensus method, which means that miners compete to add new blocks to the blockchain, and a majority must approve a record before it can be published. In June 2017, Sia co-founder Vorick stated that proof-of-work is the best way to safeguard the network since it ties a hostile actor’s capacity to attack it to large energy and hardware costs.
The fact that hosts must put up collateral in order to participate in the network’s operations, according to Sia’s development team, reduces any motivation for unscrupulous actors. It has also cited the fact that it divides uploaded data into 30 parts, which are subsequently disseminated around the world, as proof that its network cannot be shut down until a catastrophic natural disaster or geopolitical crisis occurs. Files can still be recovered if 10 out of 30 hosts survive an attack on the network.
What Makes Siacoin Unique?
Sia’s long-term ambition, according to its whitepaper, is to compete with conventional storage systems. It sees itself as a direct competitor to Amazon, Google, and Microsoft when it comes to cloud storage. Sia can offer competitive storage charges because of its decentralised nature.
The Sia network divides files into 30 encrypted segments, each of which is uploaded to a different host for redundancy. Uploaders and hosts’ agreements are recorded on Sia’s blockchain and enforced by smart contracts. The network’s payment method is Siacoin (SC), with renters paying hosts with SC and hosts locking SC in smart contracts as collateral.
Where Can You Buy Siacoin (SC)?
You must first open an account with a reputable Cryptocurrency exchange to begin trading and investing in cryptocurrencies. A cryptocurrency exchange is a platform that allows you to trade digital currencies.
Let’s say you want to buy Siacoin in India and want to acquire the best price as quickly as possible. BuyUcoin Exchange is the sole exchange you’ll need to start investing in SC in such an instance. You can even invest in Siacoin with your debit card through MasterCard, NEFT or UPI.
Is Siacoin a good investment?
Siacoin, according to WalletInvestor, is a “great long-term investment.” Its Siacoin price estimate for 2022 has SC breaking through the $0.01 barrier in a year, and SC reaching $0.02 in 2023. Its SC coin price forecast for the next five years is $0.04.
According to DigitalCoinPrice, the currency will be worth $0.013 on average in 2022. It predicts a $0.02 Siacoin price in 2025, with an average SC price of $0.047 in 2030.
SC coin price predictions from Gov.Capital are $0.02 in a year and $0.10 in five years.
PricePrediction’s Siacoin price prediction for 2030 is that the coin will keep its value and rise from $0.01 in 2022 to a high of $0.27 by the end of the decade.
Tokens – SC, SC-INR, INR-SC, USDT-SC, SC-USDT