What is Siacoin (SC)?

What is Siacoin (SC)?

Siacoin (SC)

What is Siacoin (SC)?

Siacoin (SC) is Sia's iconic native utility as a blockchain  -based decentralized cloud. Storage The Sia platform  serves as a secure and reliable marketplace for cloud storage. where users can lease access to unused storage Terms and transactions apply to The intelligent and Siacoin a medium of exchange to pay for the storage space on the network,  the core of the project is to be. "The main storage layer of the Internet"

Sia was first announced in May 2014 before it was fixed and announced again in another A year later, in May 2015, it  was officially launched . in June 2015

Who is the founder of Siacoin?

Sia  was first conceived in mid-2013 by David Vorick while studying computer science at Rensselaer Polytechnic Institute. He discussed the idea by email with Luke Champin  , a university friend who participated in the development of the project shortly after Vorick. Rick presented the idea at HackMIT's hackathon in September 2013. The project was officially named Zia in early 2014, a reference to the Egyptian god.

Vorick and Champine were introduced to Jim Pallotta, a billionaire investor and founder of the Raptor Group who invested in the project through the college's Entrepreneur Center. Shortly before graduating from college, the two merged with Nebulous Inc., which was renamed Skynet to formally handle the development of Sia.

What makes Siacoin unique?

According to the white paper , Sia's long-term goal is to compete with existing storage solutions.  It sees itself in direct competition with major cloud storage providers such as Amazon, Google and Microsoft.  Due to its decentralized nature, Sia is able to offer competitive storage rates.

Files stored in the Sia network are divided into 30 encrypted parts. Each part is uploaded to a unique host for redundancy. The agreement between the uploader and the host is recorded in the Sia blockchain and is enforced using smart contracts.  Siacoin acts as a payment method on the network. The tenant pays the host using SC and the host locks the SC in the smart contract as collateral.

Skynet company behind Sia and Siacoin has announced several products that are built on networks Sia including SiaStream which is an application of streaming media on the cloud and network Skynet, which is the transmission network core material. and file sharing networks

The company has received several rounds of funding and capital, including from Bain Capital Ventures  ,  Paradigm and INBlockchain. In addition, each storage transaction involving the Sia network is subject to a 3.9% fee, which will be distributed to holders. Two of the company's cryptocurrency  , Siafund - with Skynet, holding about 85% of the total Siafund. 

How many Siacoin (SC) coins are in circulation?

Siacoin does not have the highest supply. As a utility token designed to drive transactions through smart contracts, the project specifies an infinite supply to match the amount of data it can generate and store. limit

New Siacoin is introduced as a mining pass reward. mining algorithm Sia's Proof of Work Blockchain  Mining rewards start at 300,000 SC and decrease at the rate of 1 SC with each moral block until it reaches  30,000 SC in July 2020, block reward now will remain 30,000 forever. SC  Siacoin will be removed from the ecosystem when hosts lose their tokens or their collateral is not refunded due to bad actions.  In the future, the development team intends to introduce a burn proof mechanism. where hosts have to burn a small amount of revenue to prove they are real and well-intentioned.

The Sia development team  mined about 100 blocks (approximately 30 million SC) before releasing the mining algorithm to the public. The platform's team and investors reportedly own less than 0.1% of the total supply of Siacoin.

How secure is the Siacoin network?

The Sia blockchain is secured using a proof-of-work consensus algorithm. This means that miners compete against each other to add new blocks to the blockchain. And most of them have to verify records in order to post them.  Vorick co-founder Sia  argued in June 2017 that proof of work is the best way to secure a network. It connects the ability of an attacker to attack a network with the enormous power and hardware costs involved.

According to Sia's development team states that the owners have to deposit in order to participate in the operation of the network to reduce the incentive for offenders  also indicated. The fact that it divides the uploaded data into 30 parts and then spreads it all over the world. This ensures that the network is not removable. except in the event of a major natural disaster or geopolitical event And as long as 10 of the 30 hosts survive the attack on the network. Files can still be retrieved.

Where can you buy Siacoin (SC)?

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