If you’re thinking that this is the official coin of global pop music sensation Sia, don’t worry. You weren’t alone. I, too, was disappointed to find out that Siacoin (SC) has nothing to do with the musician. It is, however, a cryptocurrency that is experiencing some wild growth today.
Just in the past 24 hours, SC has gained about 82%. Compared to seven days ago, this rising altcoin has seen its price grow by 204%. Looking back a full month, Siacoin has gained a stunning 943%:
At the time of writing, this cryptocurrency is trading at $0.0879. At the end of December, it was barely trading at two cents apiece. It is now worth about $2.7 billion. That means that it is the 22nd most valuable cryptocurrency on the global market. Just in front of it is ByteCoin, with $2.83 billion in market value – and in 21st place.
What type of cryptocurrency is Siacoin (SC)?
This is the native crypto coin of Sia, which is a decentralized cloud storage platform. That means pretty much what you think it means. Users can use “storage contracts” to store their data across a vast network of decentralized locations. You can think of it as the Dropbox or Google Drive – but in the blockchain world.
Sia actually recently re-tweeted an article that delves into its distributed ledger technology:
— Sia Tech (@SiaTechHQ) December 29, 2017
Siacoin helps to eliminate the risks that accompany keeping data in a centralized way. There are no single points of failure, because the data is spread all over the world and encrypted. And everything is publicly auditable. That means that, unlike cloud storage corporations, users can rest assured that the data isn’t being misused or abused for business purposes.
Sia is hoping that its system becomes the “backbone storage layer of the internet.”
Its technology is actually pretty cool, and a participative way for people to earn cryptocurrency.
How people can earn Siacoin (SC) with their unused computer storage
Anyone who wants to essentially rent out their unused hardware space can do so on the Sia network. The “landlord,” so to speak, then gets paid in Siacoin. It is the only unit of currency that can execute storage contracts.
As per each storage contract, the data must be stored in a very specific location. The files must be safely stored for a predetermined amount of time. When that time frame is finished, that’s when the landlord gets their coin payment.
This coin is certainly making a name for itself – and its price is reflecting its spreading brand. They certainly have a fair and compelling business model, and its participative nature makes it so different from other cloud storage solutions on the market.
Siacoin is definitely an altcoin contender, and one of the best blockchain-based storage currencies that we’ve written about.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.