Siacoins (SC)

About

Siacoin (SC) is a cryptocurrency integral to the Sia decentralized cloud storage platform. Launched in 2015, Sia allows users to rent out unused hard drive space, creating a peer-to-peer storage ecosystem. This system utilizes blockchain technology to ensure secure and decentralized data storage. Siacoin serves as the native utility token, facilitating transactions between renters and hosts. Renters pay hosts in Siacoin for storage services, while hosts earn Siacoin by providing storage proofs, demonstrating they are storing files as agreed upon in smart contracts. Siacoin operates on a Proof-of-Work consensus mechanism, with its supply increasing as new blocks are mined. The network also includes Siafunds, a secondary token that helps fund the project by distributing a portion of contract revenues to holders. Sia's decentralized approach ensures data privacy and redundancy, using encryption and erasure coding to protect files. This setup allows users to store data securely without relying on centralized cloud storage providers, offering a flexible and cost-effective alternative.