Siacoin (SC)

SIACOIN - what is this cryptocurrency?

Siacoin is a project aimed at delivering the data cloud. The platform uses Blockchain technology, thanks to which the data is cryptographically secured and distributed among users. In practice, the data is stored in nodes. Anyone who wants to share their own computing power, for which they will receive remuneration in the cryptocurrency of the platform - Siacoin, can become a node. The project has big ambitions and wants to compete with the largest cloud companies, including Google, Amazon and Apple. Siacoin can be competitive thanks to much lower fees. They are about 10 times lower than what the largest companies offer, and their competitive prices are to ensure direct salary determination by specific nodes. Additionally, the project uses distributed Blockchain technology and cryptographic encryption, making the data safer.

Siacoin (SC) forecasts

Siacoin currently ranks 75th in terms of capitalization among all cryptocurrencies. The highest valuation of the cryptocurrency took place on January 6, 2018 and was $ 0.11. The daily turnover is now over $ 181 million. The project is listed on 15 exchanges, of which UpBit is responsible for over half of the turnover, and Binance for another 30%. Then, Kraken is responsible for another 4% of the turnover, and Bittrex for 2%. S.C. can also be purchased on Poloniex and Huobi, but the turnover there does not exceed 1%.

Principle of operation

The Siacoin cryptocurrency operates on the Proof of Work consensus using the Blake2b algorithm. This enables the extraction of SCs using computing power and devices dedicated to this by project managers. The second option is to receive remuneration for sharing your computing power. This requires the creation of a full node wallet using the application, where the wallet balance will be at least 2000SC and with a free disk space of at least 100 GB. Then the user sets the fees and his offer appears in the list of nodes. If someone decides to use it, the user will receive a fixed remuneration. Siacoin is an inflationary cryptocurrency as there is no limited supply. To minimize this process, the Proof of Burn algorithm is used, which instructs hosts to destroy between 0.25 and 2.5% of their profit.

History of Siacoin

The project started in 2013, when David Vorich and Luke Champine came up with the idea of using unused disk space. Their work on the project took about two years. During this period, the Nebulous Lab company was established, which received over a million dollars of support from Venture Capital funds for the development of the project. Finally, on March 17, 2015, the Siacoin cryptocurrency was officially launched. In June, a year later, the finished version of the Sia 1.0.0 project was published. In 2018, the Hard Fork eliminated the possibility of mining with other ASIC excavators than those created by Nebulous Labs, the Obelisk S.C1. The project is still evolving and pursues its goal of having a similar number of users as Google or Amazon.

Wallet for Siacoin

For SC storage, download the official Sia Ul desktop wallet. It is a full node wallet which means it requires you to download the entire blockchain. You can also use an unofficial Sia mobile wallet. When it comes to hardware wallets, unfortunately neither Ledger nor Trezor currently support the Siacoin cryptocurrency in a safe and compatible manner.