Exchange Siacoin (SC)
If you're looking to swap Siacoin, SwapSpace is your one-stop shop. We have some light reading for you — in case you'd like a refresher on what is Siacoin, or some fresh information about SC’s price movements. And, of course, we provide you with multiple Siacoin exchange options so that you can choose the offer with the best rates and lowest Siacoin fees, as well as other parameters that suit you.
Siacoin Price Stats
To help you make a decision about exchanging your Siacoin, we gathered some cold hard numbers: Siacoin price chart and other stats, such as Siacoin market cap.
SC 24H HIGH $0.00659294350409
SC MARKET CAP $358,894,628.319
SC CIRCULATING SUPPLY 54,891,594,055 SC
SC 24H LOW $0.00600203169347
SC PRICE $0.00653824386953
SC 24H VOLUME $3,967,095.995
Siacoin Price Chart
Here you can see the current price of Siacoin, as well as Siacoin price history.
What is Siacoin?
Sia is a blockchain-based platform that allows users to rent and utilize storage capacity from a network of hosts. Users can store their data on the Sia network, and this data is divided into multiple pieces, encrypted, and distributed across various host nodes, providing redundancy and security.
Sia aims to provide secure and private cloud storage while reducing costs compared to centralized cloud storage providers. The decentralization of data storage is a key feature, as it minimizes the risk of single points of failure or data loss.
The Sia network was launched in June 2015 by David Vorick and Luke Champine, who founded Nebulous, Inc., the company behind Sia. The development of Sia began in 2013, the project had a period of development and testing before it was released to the public.
The founders, David Vorick and Luke Champine, aimed to create a decentralized and more cost-effective alternative to traditional cloud storage providers like Amazon Web Services, Dropbox, or Google Drive. They believed that a decentralized network could provide increased security, privacy, and redundancy, making it a compelling solution for users who wanted to store their data securely in a distributed manner.
The Sia network's launch was motivated by the need for a more secure and private storage solution that would reduce dependence on centralized cloud storage providers and empower users to have more control over their data. Since its launch, Sia has continued to evolve, with ongoing development and improvements to its technology and services.
Sia employs open-source code and refrains from relying on proprietary servers for network operation. It refrains from automatic network updates, necessitating manual installation by users. The core software's primary goal is to avoid centralized architecture. However, Sia's dedication to decentralized storage comes with a somewhat elevated entry barrier for users. Participants in the Sia cryptocurrency network typically need to download the entire Sia blockchain, operate a full node, engage in transactions using the Siacoin cryptocurrency, and possess a significant degree of technical expertise to initiate their involvement. These are trade-offs that Sia appears willing to embrace to maintain its status as a trustless, decentralized application (dApp).
Sia's platform enables data providers and consumers to establish adaptable contracts on a need-based basis, bypassing the need for reliance on centralized storage providers. This grants users greater flexibility regarding their data storage requirements and reduces the risk of being locked into unfavorable contracts due to a lack of alternative options. Additionally, the Sia storage marketplace offers cost-effective solutions for various user profiles. By fostering competition among storage providers, end users can select the most competitive rates, resulting in lower costs compared to traditional data storage models. Moreover, this model empowers virtually anyone, not just massive data centers, to participate as a storage provider, contributing to increased decentralization within the cloud storage landscape.
The contracts between providers and consumers also mandate that storage providers regularly demonstrate their adherence to the agreed-upon data storage terms. Providers receive compensation each time they submit Proof of Storage and face penalties for any lapses. These periodic Proofs of Storage are transparently verified through the blockchain, eliminating the need for users to personally verify them, as the network assumes this responsibility.
When data is uploaded to Sia, it undergoes automatic encryption, segmentation into 30 components, and distribution to multiple storage providers globally to ensure redundancy. Individual providers only receive a fragment of the encrypted data, preventing them from viewing, altering, or tampering with it. Likewise, the Proofs of Storage, which providers must furnish at regular intervals, consist of encrypted hashes that conceal the original data, revealing only the fact that storage providers possess the data without disclosing its contents.
Sia uses a proof-of-work consensus mechanism, similar to Bitcoin. This means miners use computational power to secure the network, process transactions, and earn Siacoins as rewards.
Sia, primarily known for its decentralized data storage platform, has developed Skynet, a Layer-2 network operating on the Sia blockchain. Skynet facilitates decentralized content delivery and file sharing, serving as an infrastructure for dApps and websites. It's an attractive option for dApp developers seeking decentralized storage and may even suit centralized applications looking for secure, flexible, and cost-effective storage.
Skynet accommodates a wide range of data types. Upon data upload, it generates a unique identifier called a Skylink, shareable with anyone, regardless of their Sia platform usage. Skynet presents an innovative internet model: user-controlled, decentralized data, differing from traditional hosting that may monitor or edit content. Unlike traditional servers, Skynet-based data remains available unless all redundancies are simultaneously deleted, making it highly resilient. Moreover, Skynet data is shielded from censorship and manipulation by centralized hosting authorities.
Sia has an active development team and community. The project has evolved over the years, and the team continues to work on improving the network's functionality and user experience.
Siacoin is the native cryptocurrency of the Sia network. It's used for various purposes, including renting storage space, purchasing storage services, and incentivizing network participants.
The supply of Siacoin is not subject to a cap and is designed to expand continuously as new blocks are mined to accommodate the potentially limitless amount of data that can be generated and stored. The initial block reward for the first block mined on the Sia network was 300,000 SC, and this reward decreased by one SC coin for each subsequent block until it reached a minimum block reward of 30,000 SC per block in July 2020. Since that time, the block reward has remained fixed at 30,000 SC and is not subject to further reduction.
As of October 2023, the circulating supply of Sia is 55,380,249,760 SC.
Siafunds serve as a supplementary cryptocurrency in a distinctive two-coin system within the Sia ecosystem. They are designed to sustain the funding of the Sia project without the necessity of selling Siacoin. When a contract reaches completion, 3.9% of the contract's value is deducted and distributed among Siafund holders. At the project's inception in 2015, 10,000 Siafunds were generated, with the Sia team initially holding approximately 88% of these Siafunds, while other early stakeholders received the remaining portion. This distribution mechanism also ensured that large quantities of Siacoin did not become concentrated in a single entity during the project's early stages.
The average fees on the Sia blockchain
The average fees on the Sia network were typically quite low compared to some other blockchain networks. Sia is designed to be a cost-effective decentralized storage platform, and this is reflected in its fee structure. Fees on the Sia network are generally associated with storage and data retrieval.
The exact fee structure may vary based on factors such as the amount of data being stored, the duration of storage, and network conditions. However, as a rough estimate, storage costs on Sia were often in the range of a few dollars per terabyte per month, making it competitive with or even cheaper than traditional cloud storage providers. Data retrieval fees might also be involved but are typically lower compared to storage costs.
The SC token wallets
There are several wallets that can be used to store Siacoin (SC) tokens, including SIA UI, the official Sia network wallet, and the web version called Sia Central Wallet, Bittrex, Binance, Atomic Wallet, Guarda Wallet, Coinomi, Exodus, etc.
A Simple Way To Exchange Siacoin Here At SwapSpace
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