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What is Siacoin (SC) and how does it work?

by Financial Economy

Siacoin is the currency of the Sia project, the decentralized cloud storage platform. The goal of the Sia project is to make the data storage market more efficient and more affordable by using blockchain technology. Detailed information about what is Siacoin SC and how does it work, how to buy it, how much is the price, etc. is located in the continuation of the article. You can browse here for information about CELO coin.

What is Siacoin (SC) and how does it work?

Sia is a decentralized, cloud storage service blockchain network. It is stated that there is no need to register in Sia, and access to the server and third parties is not allowed. Sia’s goal is to create a more secure, affordable and efficient marketplace than existing storage services.

A file uploaded to Sia; It is split, encrypted and propagated to nodes in different regions. The stored files are backed up and the network aims to make the backed up files accessible to users at all times. Thus, it aims to prevent any hacking, third-party access, etc.

Sia network uses the Proof-of-Work algorithm and gives SC as mining reward. According to the data on the website, the available storage space used in Sia is 618 TB, storage providers 397, and storage capacity is 2.6 PB. Siacoin (SC) is the native token of the network and is used for transactions such as storage, payment. The main purpose of the token is to facilitate transactions on the network. While it is stated that SC will be produced unlimitedly, its circulating supply is around 47 billion.

How to buy Siacoin (SC)? What is the price of Siacoin?

Siacoin can be purchased from cryptocurrency exchanges that list Siacoin. Care should be taken to ensure that the exchange to be traded is reliable. As of 29.06.2021, the price of 1 Siacoin (SC) is around $0.012. As with all cryptocurrencies, sudden price fluctuations can be encountered in Siacoin.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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