The current price of Siacoin is $0.0060523. Since 00:00 UTC, Siacoin has increased by +3.60%. It currently has a circulating supply of 57,740,361,723 SC and a maximum supply of 57,769,875,000 SC, giving it a fully diluted market cap of $351.64M. At present, the Siacoin coin holds the 125 position in market cap rankings. The Siacoin/USD price is updated in real-time.
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The cryptocurrency industry experienced a notable shift with the recognition of blockchain's data storage capabilities. This unveiled fresh opportunities for secure and decentralized information storage, offering an alternative to centralized cloud solutions. Unlike company-controlled centralized options, which raise privacy uncertainties, blockchain technology, as seen in projects like Siacoin (SC), addresses these concerns and fosters a more transparent approach to data storage.
What is Siacoin
Siacoin operates as a decentralized cloud storage platform built on blockchain technology. It aims to establish a reliable and secure marketplace for cloud storage services, eliminating the need for trust between participants. Through Siacoin, users have the opportunity to monetize their unused storage space by offering it for rent and receiving compensation in return.
The project's overarching objective is to disrupt traditional storage solutions by providing a superior alternative. Siacoin positions itself as a formidable competitor to industry giants such as Google, Microsoft, and Amazon. Additionally, its decentralized structure enables it to offer competitive storage rates, further distinguishing itself in the market.
The Siacoin team
Siacoin originated in 2013 through the efforts of David Vorick, a computer science student at Rensselaer Polytechnic Institute. During his studies, Vorick shared his concept with Luke Champine, who became involved in the project after Vorick presented it at a HackMIT hackathon.
Vorick and Champine also established Nebulous, which served as the primary developer for Siacoin until 2021. The Sia Foundation was established to oversee the project's ongoing development.
How does Siacoin work
Siacoin allows users to share their surplus storage space with those in need, creating a decentralized marketplace for storage leasing. Through the utilization of smart contracts, all transactions and agreements within the platform are executed autonomously. The project's native token, SC, serves as the means of exchange for these transactions.
Before files are uploaded to the platform, Sia breaks them down into 30 subsection, each of which is encrypted. This ensures the platform is not susceptible to a single point of failure. Furthermore, Sia adopt another piece of technology called erasure coding. This helps provide users with constant access to their files, even if 20 out of 30 hosts are offline.
Siacoin’s native token: SC
SC, the native cryptocurrency of Siacoin, was introduced to the market in July 2015. It does not have a maximum supply or a capped limit. Currently, the total supply of SC stands at 54.43 billion, with a circulating supply of SC is approximately 54.40 billion SC.
SC token use cases
The primary utility of the SC token is to facilitate exchanges between users who provide and utilize storage space on the Siacoin network. These transactions are executed through smart contracts, eliminating the need for direct user interaction. In addition to its role as a medium of exchange, the SC token can be used for staking and trading.
Siacoin: The storage layer of the internet
Although centralized cloud storage has revolutionized the way people store and exchange information, it is not without significant drawbacks. The most prominent issue is its centralized nature, which poses security vulnerabilities and makes it susceptible to attacks.
In contrast, while Siacoin is not entirely immune to flaws, it offers a considerably more private and secure alternative. Additionally, Siacoin boasts the advantage of low costs associated with utilizing its storage space. These combined factors position Siacoin as a potential frontrunner in the future of online data storage.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 75 new posts about Siacoin, driven by 22 contributors, and total online engagement reached 4.1K social interactions. The sentiment score for Siacoin currently stands at 81%. Compared to all cryptocurrencies, post volume for Siacoin currently ranks at 7634. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Siacoin.
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Posts
75
Contributors
22
Interactions
4,115
Sentiment
81%
Volume rank
#7634
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Posts
55
Interactions
4,015
Sentiment
82%
SC FAQ
What is Siacoin (SC)?
Siacoin (SC) is a blockchain-based decentralized cloud storage platform. Rather than providing its own storage, the platform allows community members to offer their storage space for leasing. In return, they receive payments for sharing their resources.
What are the benefits of using Siacoin?
Using Siacoin offers several advantages, including enhanced security for storage spaces and the data stored within. Additionally, it provides a more cost-effective storage solution compared to traditional cloud services. Moreover, Siacoin rewards users who contribute their excess storage space, creating an incentivized and collaborative ecosystem for storage sharing.
What is the SC price prediction?
While it’s challenging to predict the exact future price of SC, you can combine various methods like technical analysis, market trends, and historical data to make informed decisions.
How much is Siacoin worth today?
Currently, one Siacoin is worth $0.0060523. For answers and insight into Siacoin's price action, you're in the right place. Explore the latest Siacoin charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Siacoin, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Siacoin have been created as well.
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The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning.By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
