Siacoin (SC) - the utility token of Sia, a blockchain-based distributed decentralized cloud storage platform.
Contents:
General information about Siacoin (SC)
Siacoin acts as a secure, trustless cloud storage marketplace where users can rent access to their unused storage space. Agreements and transactions are secured through smart contracts, and Siacoin is a medium of exchange for paying for storage on the network. The main goal of the project - to become "the main layer of data storage in the network." The name Sia is a reference to the Egyptian god.
The main developers of the project are:
- David Vorick;
- Luke Champine;
Bain Capital Ventures, Paradigm and INBlockchain have shown their support for the company through several rounds of funding and grants.
Uniqueness
The developers believe that the long-term goal of the project is to compete with existing storage solutions. The protocol sees itself in direct competition with major cloud storage providers such as Amazon, Google and Microsoft. Through its decentralized backbone, Sia is able to offer competitive storage rates.
Sia features:
| Skynet | Adds file sharing and data publishing capabilities to Sia and creates the infrastructure, needed by applications, to store and serve content in a fully decentralized manner. |
| SiaStream | Cloud-based media streaming application. |
Sia distributes and stores redundant file segments on nodes around the world, eliminating any single point of failure and delivering uptime that rivals traditional cloud storage providers.
Security of Siacoin (SC)
The blockchain platform is secured, using a proof-of-work consensus algorithm, which means that miners compete with each other to mine new blocks on the blockchain, and a majority must validate a record in order to publish it. This way to protect the network is good because it limits the ability of attackers to attack the network with huge energy and equipment costs.
According to the Sia development team, hosts must pay a deposit in order to participate in the network, actions reduce any incentive for bad actors. Also, the protocol pointed to the fact that downloaded data is split into 30 segments, which are distributed around the world, as a guarantee that its network cannot be disconnected, except in the event of a major natural disaster or geopolitical event. And as long as 10 out of 30 hosts survive an attack on his network, the files can still be retrieved.
Tokenomics
Siacoin does not have a maximum supply. Since it is a utility token, designed to enable transactions via smart contracts, the project has stated that an unlimited supply should be there to match the virtually unlimited amount of data that can be created and stored.
The Siacoin token is available on various exchanges. One such option is Binance, although there are other good options as well:
- Huobi Global;
- OKEx;
- Upbit;
In the future, the development team intends to introduce a proof-of-burn mechanism, whereby hosts will have to burn a small percentage of their income to prove they are real and have good intentions.