What is Siacoin (SC Coin)?

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SC Coin Price

What is Siacoin | A Quick Overview

SIA is a decentralized cloud storage company that uses Siacoin for blockchain based cloud storage applications.

What makes Sia different than traditional cloud servers is its blockchain applicability, privacy, affordability, and it is open-source.

The History of SIA

David Vorick and Luke Champine attended a HackMIT in 2013.

Instead of creating another store-of-value or cryptocurrency based payment mechanism, they wanted to create a cryptocurrency based application that uses the utility token for file sharing and storage.

After its inception in September 2013, they created Nebulous Inc in 2014.

They then received a total of $750,000 for their first seed round, followed by $500,000 from SiaFunds and finally in 2017 a grant of $1.5 million by INBlockchain.

Siacoin released their first blockchain beta in March 2015; version 1.0.0 was released in June 2016.

The Founders of Siacoin Cryptocurrency

Luke Champine - Linkedin - Nebulous Co-Founder

David Vorick - Linkedin - Nebulous Co-Founder

Check out their Github for more on the current development and developers of Siacoin.

The Purpose of SC Coin

Most cryptocurrencies, social media platforms, and just about anything on the internet require big data.

Not the data that most people think, but much more data than a regular user creates.

Then add to the fact that videos are in higher qualities, audios require more memory, and everything needs to be stored somewhere.

That’s where Siacoin fits into place.

See the issue is that cloud storage can be expensive and centralized.

With the leaking of centralized entities information (Equifax) and many other storage based facilities getting hacked for their information and data, decentralization is a better solution.

That’s why SIA is a decentralized, open-source cloud storage mechanism.

Instead of storing your memory on a central database, they allow anyone to store their videos, files and more in a private and decentralized manner.

Now, Siacoin is used by this system as a means of payment.

To rent out decentralized spaces, they created an incentive-based system whereby allowing for storage renting out on people’s computers, while receiving a reward, i.e., Siacoin for their storage.

Then these users pay with Siacoin to the person giving out the storage.

All in a way that is decentralized, where it creates a p2p marketplace of storage.

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The Features of Sia and SC Cryptocurrency

Completely Private and High Redundancy

Utilizing a decentralized network, Sia splits apart a users files and storage scattering the data. Then with only private keys (which the user holds) the user can access and hold their data.

This is done by utilizing a BLAKE2b hash function at its core.

Although, they also keep the information redundant, so a user isn’t at risk to the decentralized entities the data is stored on.

Which means that while the data is split apart and stored in various places, this is done many times so that it is copied and always at hand by another storage facility.

Affordability For Users

Sia isn’t as expensive as typical cloud storage.

For only $10 a month, a user can hold five terabytes of memory.

Check out this chart for more:

siacoin price

Marketplace on The Blockchain

Utilizing a peer-to-peer mechanism, Sia is a decentralized storage marketplace.

Meaning renters pay using Siacoin and can find the lowest price of storage from competitors around the world.

A Proof-of-Work and Proof-of-Burn Model

With Siacoin there is a proof-of-work mining based method for consensus.

On the Sia network, there is a 10 minute block time similar to Bitcoin.

Granted they have a plan to implement proof-of-burn where annual inflation ex-burn should be below 4% in 2020 and below 3% in 2025.

They also have a block reward reduction where the reward of 300,000 coins per block from Genesis will be 30,000 on block 270,000.

SiaFunds (SF) | The Second Cryptocurrency on Sia

While Siacoin (SC) is the most popular cryptocurrency on the network, there is another called Saifunds.

This initially launched with only 10,000 tokens.

And 1,175 were sold in may 2014 to help fund the creation of the platform bringing in $500,000.

The rest of the coins are owned by the parent company Nebulous in which 3.9% of all transactions moving through Sia go to the holders.

What Does GCA Think of Siacoin?

Siacoin is a great method for moving data storage to a decentralized route.

Being one of the first movers in the space, they have been continually updating and improving their services while offering them at an affordable cost.

We currently do not hold Siacoin but are watching it.

As more and more cloud storage companies like filecoin, storj and many others will aim to take hold of the market.

These are all great coins to watch in the ever growing area of file storage.

If you liked this review and want to help support the academy donate some Siacoin below!

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February 23rd 2018, 06:18