What is Siacoin (SC)? All about the SC Token

What is Siacoin?

Siacoin (SC) is the native token of the Sia network and serves as a utility token. It is one of the first cryptocurrencies built on the Ethereum network that offer decentralized cloud storage.

David Vorick and Luke Champine are the two computer scientists that developed Sia. It was first announced in 2014, amended, and then announced once more in 2015. A multibillionaire investor named Jim Pallotta provided the money for the Sia project. 

How does Siacoin work?

Sia network allows people to store data in a decentralized manner. In order for users to store files, they need to pay the network by using Siacoins. The fees are relatively low, and are considerably lower than the fees which traditional cloud storages require.

Additionally, users can store many files at once without causing any trouble to the functionality of the network. Recently, the storage used has been increasing by terabytes.

Each blockchain transaction is governed by smart contracts, which are used by Sia. Decentralized blockchains are made possible by smart contracts, which are collections of software. File contracts are the smart contracts that make it possible for the Sia network to function. These file contracts typically last 90 days.

The host must demonstrate after 90 days that the data is being stored by disclosing a tiny portion of the host’s data. The term “Proof-of-Storage” refers to this proof technique (PoS). The host receives Siacoin in exchange for validating the data, which is then recorded on the Sia blockchain.

Proof-of-Work (PoW) is the consensus mechanism used by Sia. As a result, users can mine Siacoins. The network will reward the nodes with Siacoins only once they have successfully verified a transaction during the mining process. 

SC Token Use Cases

Siacoin (SC) is designed for use cases within the Sia decentralized storage ecosystem.

Transaction fees

Obviously, SC will be used to pay transaction fees (TX fee) in the blockchain network of Sia. In order for the network to operate stably.

Renting on Sia (renting data storage space)

You have to pay to rent data storage packages with quite expensive costs when using traditional data storage platforms such as Amazon S3, Dropbox, Google Drive…etc.

With Sia Storage Platform, you will pay this cost many times lower. Specifically, storage on Sia costs only $2/terabyte per month.

Of course, you will have to pay this fee in SC equivalent to the value of $2.

Hosting on Sia (storage space for rent)

Unlike traditional data storage platforms, they either own or lease back the hardware to create a place to store the data.

With Sia, they allow users with hardware and a need to rent that data storage space. And get profit back in SC.

All rental or rental activities are required to be paid in SC coins through Sia’s smart contract, File Contracts.

Team, Investors, and Partners

Team

Investors

Up to date, Sia has raised $3M with 11 investors including INBlockchain and Dragonfly Capital Partner.

Partners

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Roadmap and Updates

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What is SC token?

As I mentioned from the beginning, SC token is the native token of the Sia network and serves as a utility token.

Detailed information about SC Token

SC Token metric

• Ticker: SC.
• Contract: File Contracts.
• Type: Coin,Mineable.
• Consensus: Proof of Work (PoW).
• Algorithm: Blake2b.
• Blockchain: Sia Platform.
• Subunits: 10^-24 hasting.
• Total supply: Unlimited.
• Circulating supply: 51,526,612,992 SC.

SC Token Allocation

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SC Token Release Schedule

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How to get SC token

Become a Host

As I mentioned above, Sia’s ecosystem needs to have Hosts who provide data storage space for users.

Of course, the Host will have income from this rental.

If you have a need to rent storage space, you should refer to this form here.

Buy SC on exchanges

Currently, Siacoin (SC) is being traded on major exchanges such as Binance, Bittrex, Upbit…

Mining

Like other mineable coins, you need to set up hardware such as ASIC machines, or GPUs to mine coins and receive block rewards. However, SC only supports ASIC miners issued by Obelisk company.​

This means, you cannot use ASIC machines produced by Bitmain to mine Siacoin. Currently, the most popular way to mine Siacoin is to join the Mining Pool. Some large Siacoin mining pools you can refer to such as Luxor, Hyperpool, F2pool and Siamining.

How to store SC Token

Siacoin (SC) can be stored on 2 official Sia’s wallets. These are Sia UI and Sia Daemon:

• Sia UI is designed to be user-friendly, simplified for new users.
• Sia Daemon is designed for developers on Sia. Of course, it is a lot more complicated than Sia UI so it requires a high level of skill.

And both wallets already support Windows, macOS and Linux operating systems.

The Ledger Nano S cold wallet has also supported Siacoin (SC) storage on their devices.

In addition, you can also store SC on exchanges that support SC trading such as Binance, Bittrex, Upbit…etc.

How to buy SC Token

Siacoin has a long history on the market (8 years on the market up to now), so the SC token can be purchased on many CEX, DEX,.. You can also buy SC from Pandoraland Exchange.

Siacoin’s Network Commnity

• Twitter: https://twitter.com/sia__foundation – 13K Followers
• Reddit: https://www.reddit.com/r/siacoin – 51K Members
• Discord: https://discord.gg/sia – 8.9K Members

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