Siacoin update: SC Live price, price chart, news and markets

The SC price update as of now is $0.001653. In the previous 24 hours, its trading volume was $4,785,465, and its value has decreased by -3.43%. As of now, SC's live market cap is $92,604,429, and it is ranked as the #318 on the Coincu. SC has a circulating supply of 62,206,785,676 and a maximum supply of 62,206,785,676.

Introduction to Siacoin (SC)

Siacoin (SC) is a decentralized peer-to-peer (P2P) network built on the Blockchain technology. Its main focus is to provide cloud hosting services in a decentralized manner. Users can utilize Siacoin to store and rent excess bandwidth, similar to subscribing to WiFi and paying a monthly fee.

By using Siacoin, users have the opportunity to rent storage space from other members within the community, leading to cost savings compared to centralized cloud storage providers. The current network capacity of Siacoin is 2 petabytes, which is equivalent to 2,256 terabytes. To enhance network security, approximately 333 node operators joined Siacoin in 2020. By mid-2021, the project achieved a significant milestone by storing approximately 766 terabytes of data.

Operational Structure of the Siacoin Network

The Siacoin (SC) cryptocurrency project and the Sia Network are two separate divisions that work closely together in their operations.

On the Sia Network, files are divided into 30 sections and encrypted for security. These encrypted pieces are then distributed among different hosts. Agreements between file downloaders and servers are facilitated through Smart Contracts.

Siacoin serves as the payment mechanism within the system. Users need to pay servers with Siacoins to utilize the hosting service, and servers can use Siacoins as collateral.

The Sia Network allows users to store data in a decentralized manner. Users can easily upload files and pay with Siacoins, providing lower fees compared to traditional cloud storage solutions. Additionally, users can download and store multiple files simultaneously without impacting other activities.

The Smart Contracts in the Sia Network, known as "File Contracts," implement the features of the Blockchain. These contracts typically have a duration of 90 days, after which the server must ensure that the data is cached using the Proof-of-Storage algorithm.

The network also utilizes the Proof-of-Work (PoW) mechanism to support Siacoin mining. Miners are rewarded with Siacoins for confirming transactions. Sia Network is an open-source platform, allowing users to access and modify the information.

Application of Siacoin (SC)

Siacoin has gained significant importance in the realm of financial platforms due to its potential for development. It is widely used for transactions on various platforms, including Filebase, Skynet, and Nextcloud.

Filebase

Filebase is a prominent financial platform that leverages the power of Siacoin. It is one of the largest storage platforms that utilize Siacoin. Users can increase redundancy up to 3x for each file segment on Filebase, ensuring access to files even when the server is offline.

Skynet

Skynet is another decentralized storage platform that makes use of Siacoin. When users upload files to Skynet, they receive a unique ID called Skylink. Skylinks serve as file information hashes and enable decentralized access to files.

Nextcloud

Nextcloud is an external storage application that operates on the Sia network. It enhances redundancy for file segments and provides a secure data storage service. Sia continuously improves Nextcloud to optimize its performance and offer an efficient platform with a user-friendly interface.

Siacoin (SC) Roadmap

As of now, the project has not released a new roadmap. However, you can refer to the previous roadmap milestones listed below:

• June 2015: Launch of the Sia Network.
• February 2020: Introduction of the Skynet platform.
• October 2020: Update feature for data modification on Skynet.
• February 2021: Launch of the Sia Network organization.
• April 2021: Release of MySky, a decentralized identity system.