Siacoin was founded in 2013 and the beta version of its network launched in 2015. It is a peer-to-peer blockchain platform with the main function of providing decentralized cloud storage. Essentially the project allows network users to either host storage space or rent it from other users. Siacoin aims to improve upon traditional cloud-based storage by being more secure, offer lower prices, and incentivize more users to join and participate with its platform by distiributing rewards.

SC is the platform’s native cryptocurrency and functions as a utility token.

What are Siacoin’s key features and how does it work?

Siacoin functions in a completely decentralized manner. Network participants can act as either hosts of cloud storage space, or renters. Renters can use the platform to manage and organize their data and any stored information. Renters pay hosts SC in exchange for their service, i.e. storing a file or data by using their spare hard drive space. Siacoin facilitates this by making use of smart contracts called “file contracts”. These establish a set of parameters between the host and renter of the hard drive space, including price and uptime commitments. Hosts become part of a network of nodes on the Sia blockchain. Storage proof is the process of a host proving that they are in fact hosting a part of the renter’s file. A host will receive Siacoin as payment if their proof is added to the blockchain in a timely manner.

Files stored through the Sia network are sliced into small fractions meaning that only a very tiny amount of each file is stored on any one hard drive. Each file is also encrypted. Together this makes the Sia network more securer than centralized cloud storage services.

What is noteworthy about Siacoin?

Sia makes use of two tokens on its platform. As previously mentioned, Siacoin’s SC is the currency that is exchanged between those who rent and host hard drive space, and to fulfil smart contracts. The platform also has Siafunds. Siafunds are used as an incentive to encourage more network participation. Siafund token holders are entitled to a share of 3.9% of the various fees from completed contracts. This includes renter fees, bandwidth costs and host collateral.

Where can you buy Siacoin?

SC is available to buy from the CEXs and DEXs as listed here. The platforms with the highst liquidity include Binance, OKX, and MEXC Global.

Siacoin SC

Historical Data for Siacoin