ScPrime Price Chart Update [SCP]

The SCP price update as of now is $0.4625. In the previous 24 hours, its trading volume was $61,305, and its value has increased by 36.37%. As of now, SCP's live market cap is $0, and it is ranked as the #8115 on the Coincu. SCP has a circulating supply of 0 and a maximum supply of 0.

Discovering ScPrime: A Blockchain-Powered Cryptocurrency Project

ScPrime is an innovative cryptocurrency project with the goal of revolutionizing public cloud services. Its unique approach involves leveraging a blockchain-based ecosystem to incentivize individuals worldwide to store data using smart contracts and cryptographic proofs. By doing so, ScPrime ensures the accuracy, security, and redundancy of the stored data.

At its core, ScPrime operates as a layer 1 blockchain, utilizing Proof of Work ASIC mining. To connect Storage Providers, the project also makes use of state channel smart contract scripts. Built upon the foundation of the original Sia renter-host protocol, the network employs 256-bit encryption and erasure codes to create a highly durable and secure public distributed cloud service. Participants can join as storage nodes and earn payment in the form of the utility coin SCP. ScPrime offers open-source software for generic configurations, as well as commercial implementations like the XaMiner, which offers a convenient plug & play experience.

The Transformation of ScPrime: Embracing Web3

ScPrime is fully committed to embracing Web3 while maintaining compatibility with real-world applications. As blockchain technology, public key cryptography, and utility currencies gain wider acceptance, ScPrime's software will continuously evolve to meet the growing needs of its users. This evolution will contribute to the development of a competitive global network and foster the growth of anti-fragile decentralization over time. One of the significant advantages of this transformation is the substantial cost benefits it provides.

The genesis block of ScPrime was established on October 31, 2018. It included a premine that rewarded the Sia community and developers, while also covering expenses related to community participants operating mining pools and initial exchange listings. Furthermore, a substantial cold wallet balance was created for network development. More detailed information regarding the genesis block can be found at https://scpri.me/project-specifications.

Securing the ScPrime Network

For network consensus, ScPrime utilizes the Proof-of-Work - Blake2B consensus algorithm, featuring 10-minute block times and an aggressive difficulty adjustment algorithm. The Genesis reward initially stood at 300 SCP and decreases by 0.001 SCP per block, with a floor of 10 SCP around five years from the Genesis block. In the first two years, a declining project fee was incorporated to support developer funding. After the 105,000th block, 10% of each block reward is sent to an unspendable address in order to reduce inflation and supply throughout the project's lifetime.

To mitigate attacks like Sybil and other data disruptions, ScPrime implements a collateral system. Storage Providers are required to provide collateral equal to the value of the contract. This collateral is locked and unavailable while the contract is active. Should the provider fail to fulfill the contract, the collateral is sent to a burn address, effectively deterring any potential attempts to steal the collateral.

To maximize durability and take advantage of the widely distributed network, ScPrime leverages standard Erasure Coding (Reed Solomon) to break datasets into shards. The Relayer client allows customers to determine the data/parity ratios based on desired durability, data geolocation, latency, and other network performance indicators. By utilizing Erasure Coding, ScPrime ensures extreme redundancy, as only a fraction of the data nodes need to be available to retrieve the entire dataset.

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