Presentation and definition of the crypto-currency Siacoin (SC)

Presentation and definition of the crypto-currency Siacoin (SC)

  • Name of the crypto-currency : Siacoin
  • Abbreviation : SC
  • Where to buy Siacoin ? Binance
  • Creation Date : June 2015
  • White paper of the Siacoin
  • Web Site Siacoin

Presentation of the network Sia

Sia is a platform for decentralized peer-to-peer that allows to store content. The protocol works by a blockchain that is different from Bitcoin or Ethereum. The concept of Sia is to be able to store data for other members of the network instead of storing it in a provider centralized. The network users may share their space and get compensation to Sia. This storage system also allows you to secure the data, because the files are redécoupés and encrypted. They are then dispatched through the different nodes of the network. Thus, any web host knows what it stores, since it is only the contents encrypted. The files remain accessible even if a host is no longer available because they are replicated at different locations.

Storage contracts

It is the platform Sia, which retains the contracts. The host undertakes to submit, periodically, a proof of storage. It is thus that he receives his remuneration, or, where applicable, a penalty. The advantage of the network is that the host will be able to exchange its Siacoin against Bitcoin and then possibly against the Euro, or keep them for storing in turn the content on Sia.

The tokens Siacoin

The network Sia uses the token Siacoin. To be able to rent your space to other users, your wallet must contain a minimum of 20,000 chips Siacoin, then it’s up to you to define your rate and your term for the storage of data. The platform, Sia is comparable to Storj.