SiaCoin (SC) – a network and cryptocurrency where anyone can be a node

Do you need a space for data in the cloud, or maybe you want to share it yourself? Nothing simpler, the Sia network makes it possible without much problem. All fees are automatically settled in SiaCoin tokens. This is definitely a cheaper solution than proposed by the largest companies on the market - the average cost of storing 1 TB (terabyte) of data is only $ 2 per month.

We continue the Forex Club portal series, in which we describe the most interesting, most popular, known, as well as the most controversial cryptocurrency projects in the world. Today it's time for the Sia network with the SiaCoin cryptocurrency.

How the Sia network works

Sia is a platform based on blockchain technology that allows storing data in the cloud. They are cryptographically secured and distributed to many network users. All transactions are settled by SiaCoin (SC) tokens.

Similar solutions are already offered by industry leaders from Google, Microsoft or AMAZON in the lead, but they charge themselves much more. What's more, the network is completely safe, because cryptographic security and data scattering make it impossible to copy or lose. The Sia network does not have central servers, and the space for data is made available by its nodes - i.e. users. This is the first such idea, but there are more projects on the market that offer similar services.

How the Sia network was created

Nebulous Team, creators of the Sia network

The idea of ​​creating a network was born in the minds of two students. It's David Vorick and Luk Champine who told about him at the University of Massachusetts Hackathon - HackMIT - in September 2013. After 13 months, they established a company that already had USD 1 million to start with the so-called business angels. It was enough to publish the first version of the Sia network, which was created in less than 1,5 years. After the corrections, the finished project went to the Internet in mid-2016.

Network and cryptocurrency connection

All transactions in the Sia network are paid for by SiaCoin tokens. Everyone who wants to offer space for data must first create a portfolio with a minimum of 2 SC tokens. The disk must have at least 100 GB of free space and be connected to the network for a minimum of 97% of the week. Charges are set by publishing the price list for receiving and storing data. The offer goes on the listing visible to everyone who is interested in data storage. If someone decides to use our offer, the fees will automatically top up our wallet.

The solution is completely safe, not only because of its cryptographic security. Data is also spread over different nodes - so it cannot be intercepted, destroyed or damaged.

SiaCoin almost like Binance Coin

SiaCoin token, just like Binance Coin, there is no limited supply, so it is formally inflationary cryptocurrency. Fortunately (for its owners) not quite. The potential decrease in value is reduced by the Proof of Burn algorithm, which means that all hosts must regularly destroy from 0,25% to 2,5% of their tokens. Analysts predict that in 2025 there may be as much as 50 billion SC units on the market.

SiaCoin (SC) quotes

Currently, SiaCoin is available on 20 cryptocurrency exchanges from around the world. As at July 6, 2020, 41,8 billion units are traded at USD 0,002, which translates into capitalization of over USD 124 million.

The peak of quotations took place on January 6, 2018, when you had to pay over $ 0,11 for each token.