What is SiaCoin (SC)?Jun 25, 2018 at 19:52
SiaCoin (SC) is a blockchain service for storing personal data files on a distributed network at a cost that is lower than its centralized competitors such as Dropbox, Google, and Apple iCloud.
The system has two sides, one for buyers looking to store files and another one for those who can supply storage space. Pricing is determined by those who supply storage space, making it a market with competitive prices.
When someone wants to store files on the network, their files are first encrypted, and then split up into many small blocks that will be stored redundantly across the network. The files are encrypted so that privacy is assured and is being split so that no one person owns a significant piece of a certain file.
Likewise, the file pieces are stored redundantly so that if someone holding the data decides to quit the network, files and data will not be lost permanently. Its system can be compared to how BitTorrent operates as the more nodes that are hosting a file, the faster download speeds can be.
However, it can be noted that aside from the monthly storage fee in the network, users will also have to pay another amount if they attempt to re-download stored files.
The network is using SC as the main currency for buying and offering storage spaces. At present, users can buy 1 TB of storage for one month with as low as 70 SC.
Where to buy?
SiaCoin is available in major exchanges globally but its official website noted that its preferred exchanges are Bittrex and Shapeshift. In order to purchase SCs, fiat currency must first be converted into either Bitcoin or Ethereum that can be then exchanged for SiaCoins.
Is it mineable?
SiaCoin can be mined but its developers noted that the supply of SC is infinite but assured that new coins will be introduced slowly as each new block is produced. At present, there is already close to 35 billion SCs in circulation but the team behind the network claims that the number of token in circulation will reach as many as 45 billion by 2020.