Siacoin (SC) Price

How Sia Started

The decentralized cloud storage platform Sia was born out of HackMIT in 2013, when David Vorick and Luke Champine conceived the idea. They founded Nebulous Labs and later Skynet Labs to develop the Sia protocol, with the goal of revolutionizing the storage industry through decentralization. To further advance this vision, the Sia Foundation, a non-profit organization, was established to lead the core development of the decentralized storage future.

The Siacoin price history is available on the chart above, including the lowest price and the highest price ever paid for the crypto asset. Our SC price chart is updated regularly, so you have a clear view of how the average price of the SC cryptocurrency changes.

How Sia Works

Sia ensures file storage privacy and reliability by using open-source software that distributes and stores redundant file segments on nodes worldwide. This eliminates single points of failure and improves uptime compared to traditional cloud storage providers.

Sia takes a file and undergoes fragmentation, encryption, and global distribution. When you upload a file to the Sia platform, renters take care of the uploading process, while hosts store the files. The entire operation is automated, and the network ensures continuous accessibility by creating multiple copies of your files.

Hosts never have access to the complete files, as they only receive encrypted fragments. This ensures your data remains private and secure, distributed globally to eliminate any single point of failure. With Sia, you retain full ownership and control of your data, minimizing the risk of theft, censorship, or unwarranted access.

Renting On Sia

When you upload files to the Sia cloud storage system, you become a renter within the network. As a renter, you can allocate your files to hosts who have available storage capacity. Siacoin (SC, Sia) facilitates contracts between renters and hosts, which specify the quantity of data to be stored, the duration of storage, and the associated cost. This renting mechanism ensures that you have access to reliable storage space while empowering hosts to contribute to the decentralized network.

Hosting On Sia

Hosting on Sia involves providing surplus storage capacity to the network. By becoming a host, you actively contribute to the core principle of protecting data in the hands of its rightful owners – the renters. In return for your hosting services, you earn Siacoin.

Siacoin can be used to acquire your own storage space or exchanged for other cryptocurrencies or fiat currencies on various crypto exchanges. Hosts are essential to the Sia ecosystem, forming the heart of the decentralized network. The Sia Foundation has developed a scalable and user-friendly software suite to support hosting services.

Software Suite

The Sia software suite consists of three main components: renterd, hostd, and walletd.

• Renterd serves the needs of everyday users who seek a simple interface for storing and retrieving their data. It also caters to developers by providing a powerful and reliable API for building apps on Sia.

• Hostd is designed to enhance the experience for storage providers within the Sia network. It offers a user-friendly interface and a robust API, empowering providers to manage their storage resources and revenue efficiently. Hostd's embedded web UI simplifies deployment and enables remote management capabilities, ensuring a seamless user experience.

• Walletd acts as a watch-only wallet server within the Sia ecosystem. It doesn't have access to private keys but manages addresses derived from those keys. Walletd monitors the blockchain for events related to specific addresses and maintains knowledge of spendable outputs within the wallet. It aids in creating and broadcasting transactions that utilize these outputs, with the ultimate responsibility of signing transactions lying in the hands of the client.

Sia's software is totally open-source, maintained by leading software engineers. Sia has a vibrant community of developers and companies designing innovative applications and businesses on top of the Sia blockchain.

Siacoin

Siacoin (SC) is the native token that powers the Sia platform and facilitates various network operations. Whether you want to upload files to the decentralized cloud or participate as a storage provider, Siacoins are a necessary requirement.

How to Get Siacoins

There are several ways to obtain Siacoins.

Buy Siacoins from Cryptocurrency Exchanges

Siacoin tokens are listed on various prominent crypto exchanges, including Changelly. The crypto exchange is utterly user-friendly, as it allows both direct fiat currency (local money) buying of Siacoin, and purchases with other cryptocurrencies like Bitcoin or Ethereum.

Get Siacoins from Others

To receive Siacoins, share your Sia wallet address with the sender. Make sure to provide the full address without any extra spaces. Alternatively, you can share your QR code, which others can scan to send funds directly to your wallet.

Mine Siacoins

Mining the Siacoin cryptocurrency involves contributing your computing power to process and verify transactions on the Sia blockchain. As a miner, you play a crucial role in maintaining the network's integrity and, in return, receive Siacoins as rewards.

The Sia network rewards miners with Siacoins for successfully verifying and solving blocks. Unlike other cryptocurrencies, the block reward on the Sia ledger continues indefinitely, ensuring miners are always incentivized.

The block reward decreases gradually until it reaches a floor of 30,000 Siacoins. This Proof-of-Work mechanism employed by the Siacoin blockchain guarantees the integrity of transactions and smart contracts while deterring any attempts at manipulation.

Siacoin (SC) Supply

Siacoin (SC) operates with an unlimited total supply, meaning there is no maximum cap on the number of Siacoins that can be created.

The demand for Siacoins will continue to grow as Sia aims to become the standard storage layer of the internet.

With approximately 50 billion coins constituting the circulating supply as of now, the creation of new Siacoins will gradually reduce over time.

Mining is the process through which new SC coins are generated, and the block reward for miners currently stands at 30,000 Siacoins per block.

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Two Token Model

Siacoins (SC) and Siafunds (SF) are both tokens within the Sia network, but they have different purposes and value.

Siacoins are utility tokens used for transactions and payments on the Sia storage platform. The SC token value is derived from their usage within the network.

Siafunds are revenue-sharing tokens that entitle holders to a portion of the fees generated by storage-related transactions. While the max supply of Siacoins is not capped, there are only 10,000 Siafunds in existence.

The value of Siafunds is linked to the success and growth of the Sia network. While the SC coin is widely available and traded on crypto exchanges, the SF coin is typically obtained through over-the-counter trades facilitated on the Sia Discord server. It must be noted that Siafunds are classified as securities by the United States SEC, and regulatory requirements may apply for trading them.

Live Siacoin Price

Changelly offers a smart Siacoin price chart that reflects the entire market performance of the Sia cryptocurrency. Our Siacoins price chart allows users to track and analyze the historical and current market trends of the Sia cryptocurrency.

By displaying real-time Sia USD price data, 24-hour trading volume, current market capitalization (market cap), recent price change, and other relevant indicators, users can make well-informed decisions regarding their Siacoin investments.

Apart from viewing the comprehensive SC price statistics, you can also read our Siacoin price prediction. It suggests potential growth in the coming years, driven by increased adoption and advancements in the decentralized cloud storage industry. However, our Sia coin price forecast is not guaranteed because the cryptocurrency market is extremely volatile. Be cautious every time you decide to buy, sell or trade Siacoin coin or other digital assets.