WHAT IS SIACOIN (SC)?
Siacoin is the official currency of the cloud storage platform Sia. It is a decentralized and peer-to-peer based currency that is used by both renters and hosts to facilitate all transactions in the network. The network itself employs several methods of security like pre-upload file division, per segment encryption and smart contracts based file transfers and more.
SIACOIN (SC): HISTORY
Both Sia network and Siacoin are the results of a collaboration between David Vorick and Luke Champine who founded the Boston based Neboulous Inc. The idea was a result of discussions between the founders way back in 2013 with the first beta launching almost two years later in March 2015. On June 2nd, 2016, the stable Sia network was officially launched with funding from companies like Procyon Ventures, and Raptor Group for development.
HOW DOES SIACOIN (SC) WORK?
The Sia network works in a similar fashion to the popular file-sharing network Torrents. It uses Proof of Work for validation and divides the uploaded files into different chunks that are encrypted and hosted by the members of the network. The network ensures security by making sure that only the recipient can decrypt the data. The user can retrieve the data on demand. This service is a paid one and all payments are made using Siacoin which is the networks native currency.
HOW TO BUY SIACOIN (SC)?
Siacoin is a rather small currency and is not easy to purchase from traditional exchanges. The first this is to buy some Bitcoins and then use them to buy it from any exchange. Sia themselves recommends using either Bittrex or Shapeshift, the two exchanges that support Siacoin. You can use any medium of money like cash, credit or debit cards, Paypal etc to buy bitcoins. You can also use the Bitcoin alternative Ethereum to buy Siacoins using Bittrex.
SIACOIN (SC) PRICE PREDICTION 2018
Siacoin is making strides into the cloud storage market thanks to its torrent like structure and security. The value of Siacoin is 0.02635 as of 2018-2-16. You will get around 3795 Siacoins for 100 USD. According to our forecasts, the Siacoin is a great option to invest and set to get a boost in value with a 5-year prognosis placing the value at 0.0528 USD by 11-02-2018. The price today is 0.02637 USD and the current supply is around 32,506,850,444 Siacoins. Siacoin has a market cap of 856,685,537 USD and the volume is at 12,305,200.