Siacoin (SC) is the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the "backbone storage layer of the internet."
Sia was originally announced in May 2014 before being revised and re-announced a year later in May 2015. It officially launched in June 2015.
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Who Are the Founders of Siacoin?
Sia was first conceived in mid-2013 by David Vorick while studying computer science at Rensselaer Polytechnic Institute. He discussed the idea over email with Luke Champine, a college friend, who joined the project's development shortly after Vorick presented the concept at a HackMIT hackathon in September 2013. The project was officially named Sia in early 2014, a reference to the Egyptian god of perception.
which has since been rebranded to Skynet — to formally handle the development of Sia.
What Makes Siacoin Unique?
According to its whitepaper, the long-term goal of Sia is to compete with existing storage solutions. It sees itself as being in direct competition with major cloud storage providers such as Amazon, Google and Microsoft. Because of its decentralized nature, Sia is able to offer competitive storage rates.
Files stored on the Sia network are divided into 30 encrypted segments, with each segment uploaded to a unique host for redundancy. The agreements between uploaders and hosts are recorded on Sia's blockchain and enforced using smart contracts. Siacoin acts as the method of payment on the network, with renters paying hosts using SC, and hosts locking SC in smart contracts as collateral.
Skynet, the company behind Sia and Siacoin, has announced several products built on top of the Sia network, including SiaStream — a cloud-based media streaming application — and the Skynet network — its flagship content delivery and file sharing network.
The company has received several rounds of funding and grants, including from Bain Capital Ventures, Paradigm and INBlockchain. In addition, each storage-related transaction on the Sia network is subject to a 3.9% fee, which is distributed to holders of the company's second cryptocurrency, Siafund — with Skynet holding approximately 85% of all Siafund.
Sia documentation indicates it has two tokens: (1) Siacoin (SC), which is the network utility token that trades on crypto exchanges, and (2) Siafunds, which is a tokenized revenue-sharing security that is privately held by qualified investors. Siafunds are not listed for trading on exchanges, as the U.S. Securities and Exchange Commission has classified Siafunds as securities.
The utility of Siacoin is cloud data storage. The technology connects users who need file storage with hosts who have unused hard-drive space to offer. Siafunds pay out a transaction fee in real time from all storage payments on the Sia network. Siafunds generate fees only when users pay for file storage to align incentives with Siacoin holders.
The Sia blockchain enables this marketplace to operate without an intermediary through smart contracts. Both renters and hosts use Siacoin, the native cryptocurrency token of the Sia blockchain. Renters use Siacoin to buy unused storage capacity from hosts, while hosts deposit Siacoin into each file contract as collateral. No one person or organization can censor the data on the network.
Sia has two wallets available to download: Sia UI and SIA Daemon. Sia UI is more user-friendly while Daemon is for someone who is comfortable with command-line instructions.
FAQ and Forum
- What is Siacoin future price in 2030?
According to Siacoin price prediction 2030, the price of SC will reach around $0.21 by mid-year. The Siacoin (SC) price forecast anticipates the price of Siacoin (SC) to exhibit upward price action climbing to the maximum price of $0.29 by December 2030.
- Is Siacoin a good investment?
The short-term Siacoin (SC) price prediction forecast the coin to trade around an average price of $0.014 by 2023 and will rise 122% the current price by the beginning of 2024; hence the token is undoubtedly a profitable investment choice in the future.
- Where can I buy Siacoin?
Right now, you can buy Sia at the industry’s largest cryptocurrency exchanges, including Binance, Huobi Global, UpBit, and OKEx. Once you have your trading account set up at one of the exchanges that trade Sia, you will need to transfer your digital assets to that specific exchange. This is done via a wallet system.
- Does Siacoin offer complete anonymity for all transactions?
Sia enhances privacy for users by encrypting sender, amount, and recipient data within single-signature transactions published to its public blockchain ledger, specifically for transactions involving shielded addresses.
- Can Siacoin Reach $1 by 2025?
Siacoin has a bright future. Riding the crypto wave, it is going to rule the crypto space one day. If the upside price trend continues, the coin will indeed cross the $1 mark soon.
- Is Siacoin SC a good buy?
Yes. Siacoin is a good investment option. The SC price is subject to volatility like any other cryptocurrency. Bullish SC price prediction is sure to lead to optimistic buying. However, investors are still recommended to do their own research to track the future of Siacoin price and read the SC price prediction diligently. There should not be any heartbreaks nor any exaggerated expectations from SC price if you invest thoughtfully.
- Is Siacoin SC a Scam or legit?
Despite all debates and controversies around Siacoin price predictions, Sia reveals a very healthy and active ecosystem as a decentralized cloud storage platform.
- Will Siacoin rise?
At the press time, the current price of Siacoin is $0.009 with a $457,592,895 market cap. Market Siacoin prediction anticipates the max price to climb at $0.015 in 2022, $0.022 in 2023, and further price rise to $0.031 by 2024.
- Will SC Surpass its Current ATH?
The current ATH is $0.1117 at the time of writing the article. Based on our technical analysis of the upcoming price movements, the price is less likely to trade above $0.1 in the near future. With future bullish trend, the Siacoin (SC) price forecast estimates the token can reach the level high within a decade.
- How High Will Siacoin Go in 2022?
Based on our Siacoin (SC) price forecast, the coin will reach a maximum trade price of $0.012 by mid-year of 2022 and $0.014 by the end of the year.
- What will SC be worth in 5 years?
According to our Siacoin predictions, the average price of Siacoin is expected to reach $0.082, whereas the minimum price of Siacoin may hit $0.079 and the maximum price of Siacoin can climb up to $0.09 in the next five years.