Siacoin price

in USD
$0.0033140
-$0.00009 (-2.59%)
USD
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Market cap
$186.01M #125
Circulating supply
56.03B / 60.98B
All-time high
$0.062790
24h volume
$10.51M
3.4 / 5
SCSC
USDUSD

About Siacoin

Proof of Work
Storage
CertiK
Last audit: Jun 8, 2021, (UTC+8)

Siacoin’s price performance

Past year
-37.58%
$0.0053090
3 months
-9.38%
$0.0036570
30 days
+10.46%
$0.0030000
7 days
-4.14%
$0.0034570

Siacoin on socials

pepa🌙
pepa🌙
faith $SC 🦈😼
pepa🌙
pepa🌙
some $SC 🦈🐱 infos ATH : $386M NOW : $5.6M UP 7D : 140% stunning vibe.. 4.5M insta followers.. no dex listings yet imajin.. and all of this while the chart looks like that.. in hindsight it will be so obvious.. have faith.. be a badass.. and praise god.. amen.. 🙏🏽
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40
pepa🌙
pepa🌙
$SC @SharkCatSolana still below 10M MC 🫡
pepa🌙
pepa🌙
some $SC 🦈🐱 infos ATH : $386M NOW : $5.6M UP 7D : 140% stunning vibe.. 4.5M insta followers.. no dex listings yet imajin.. and all of this while the chart looks like that.. in hindsight it will be so obvious.. have faith.. be a badass.. and praise god.. amen.. 🙏🏽
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戈多Godot(🔱,🔱).manta
戈多Godot(🔱,🔱).manta
Let's talk about another storage project developed by the @SuiNetwork team, @WalrusProtocol 🧐🧐 The Sui development company, Mysten Labs, has actually developed a data layer project called @WalrusProtocol. Walrus is a project focused on data storage and data availability. After my research, I have one feeling—"awesome." This is the best storage project I have ever seen. Here is the main text, Decentralized storage projects mainly fall into two categories. The first category uses full replication, trading off efficiency for security, meaning each node stores a complete copy of the data, represented by projects like @Filecoin and Arweave. The second category uses Reed-Solomon erasure coding, which saves original data in slices, represented by projects like @Storj and Sia. ———————————————————————————————— Explaining erasure codes in layman's terms The storage method of erasure codes needs some explanation. To be precise, it splits the original file into f+1 original slices and generates 2f additional repair slices. Each storage node saves a different slice, and any f+1 slices can reconstruct the original file. Okay, you can skip this technical explanation and look at the next part. Suppose we want to save 4 important numbers: [3, 7, 2, 5]. These 4 numbers are our "original slices." Next, we need to generate additional slices, Repair slice 1 = 3 + 7 + 2 + 5 = 17 Repair slice 2 = 3×1 + 7×2 + 2×3 + 5×4 = 47 Repair slice 3 = 3×1² + 7×2² + 2×3² + 5×4² = 131 Now we have 7 slices: [3, 7, 2, 5, 17, 47, 131], right? Assuming the system has 7 nodes, we distribute them, Zhang San: 3 Li Si: 7 Wang Wu: 2 Zhao Liu: 5 Qian Qi: 17 Sun Ba: 47 Zhou Jiu: 131 Suppose Li Si, Zhao Liu, and Zhou Jiu lose their data, we only have: [3, _, 2, _, 17, 47, _]. So how do we recover the original data? Remember the formulas for the additional slices? That's right, we solve a linear equation. 3 + X + 2 + Y = 17 3×1 + X×2 + 2×3 + Y×4 = 47 We get X=7, Y=5. Of course, this is just a very simple example. You just need to remember the effect achieved by erasure codes. The effect is that as long as more than 1/3 of the nodes are functioning, it works. In other words, in an erasure code system, nodes only need to store data slices, and as long as more than 1/3 of the nodes can operate, the data can be recovered, but the nodes need to be stable because the replacement cost is high. However, in a fully replicated system, there must be full nodes that download all data copies. The former sacrifices some security for lower costs, while the latter sacrifices redundancy for system security and stability. ———————————————————————————————— Walrus's two-dimensional (2D) erasure code innovation Walrus's approach actually finds a middle ground, achieving a balance between the two. The core also uses erasure coding but has created an innovative technology called Red Stuff. Red Stuff employs a more clever encoding method for data slicing. Remember the previous example of erasure codes? To save 4 important numbers: [3, 7, 2, 5], we need to generate additional slices and finally solve the linear equation. Let's explain Red Stuff with this example. The Red Stuff encoding method is a two-dimensional (2D) encoding algorithm, which you can think of as "Sudoku." 3 7 25 in Red Stuff encoding becomes, [3 7] [2 5] Assuming the encoding rules are, Column 3 = Column 1 + Column 2 Column 4 = Column 1×2 + Column 2×2 Row 3 = Row 1 + Row 2 Row 4 = Row 1×2 + Row 2×2 This turns the additional slices into [3 7 10 20] [2 5 7 14] [5 12 18 34] [10 24 34 68] Next, we distribute them to nodes by rows and columns, Zhang San: 3 7 10 20, which is the first row Li Si: 2 5 7 14, the second row Wang Wu: 5 12 18 34, … Zhao Liu: 10 24 35 68, … Qian Qi: 3 2 5 10, the first column Sun Ba: 7 5 12 24, … Zhou Jiu: 10 7 18 34, … Zheng Shi: 20 14 34 68, … Suppose Wang Wu loses data, meaning the third row of data is lost. He only needs to ask Zhang San from the first row and Li Si from the second row for the numbers 10 and 7. Again, we solve the linear equations to get the results. From the above simple but not so rigorous example, we can summarize the characteristics of Red Stuff, When recovering data, there is no need for complete rows or columns; only specific position data is needed. This feature can be called "locality." Additionally, a number can be recovered from both row and column dimensions, which is "information reuse." Furthermore, for complex data, one can first recover the more "easily" computable dimensions and then use the recovered data to compute the more difficult dimensions, which is "progressiveness." In practical applications, suppose a file is encoded into 301 slices under the erasure code architecture. In a typical erasure code system, recovering 1 slice requires 101 slices, while in Red Stuff, recovering a pair of slices only requires about 200 individual symbols. Assuming we store a 1GB file, and the system has 301 nodes, in a typical erasure code system, after node failure, one needs to download 1GB to recover the slice, while in Red Stuff, each node stores: main slice (3.3MB) + secondary slice (3.3MB) = 6.6MB. During recovery, only about 10MB of symbol data needs to be downloaded, saving 99% of bandwidth. This design allows Walrus to maintain a large-scale decentralized storage network at an extremely low bandwidth cost, reducing recovery costs from O(|blob|) to O(|blob|/n). This is why Red Stuff is called "self-healing." In addition, Walrus has added many security features, such as being the first protocol to support storage challenges in asynchronous networks. The so-called "challenges" here are similar to the optimistic mechanism for spot-checking the data storage status of nodes. Red Stuff adds verifiable cryptographic commitments to each slice, and each symbol can be independently verified, etc. To summarize the features, 1) The first asynchronous security: solving the trust issue of nodes in distributed storage; 2) Self-verifying: built-in anti-counterfeiting mechanism; 3) Progressive: handling dynamic changes in nodes; 4) Scalable: supporting hundreds to thousands of nodes; Finding the best balance between security and efficiency. (This is the first part of the article)
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Siacoin FAQ

Currently, one Siacoin is worth $0.0033140. For answers and insight into Siacoin's price action, you're in the right place. Explore the latest Siacoin charts and trade responsibly with OKX.
Cryptocurrencies, such as Siacoin, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Siacoin have been created as well.
Check out our Siacoin price prediction page to forecast future prices and determine your price targets.

Dive deeper into Siacoin

The cryptocurrency industry experienced a notable shift with the recognition of blockchain's data storage capabilities. This unveiled fresh opportunities for secure and decentralized information storage, offering an alternative to centralized cloud solutions. Unlike company-controlled centralized options, which raise privacy uncertainties, blockchain technology, as seen in projects like Siacoin (SC), addresses these concerns and fosters a more transparent approach to data storage.

What is Siacoin

Siacoin operates as a decentralized cloud storage platform built on blockchain technology. It aims to establish a reliable and secure marketplace for cloud storage services, eliminating the need for trust between participants. Through Siacoin, users have the opportunity to monetize their unused storage space by offering it for rent and receiving compensation in return.

The project's overarching objective is to disrupt traditional storage solutions by providing a superior alternative. Siacoin positions itself as a formidable competitor to industry giants such as Google, Microsoft, and Amazon. Additionally, its decentralized structure enables it to offer competitive storage rates, further distinguishing itself in the market.

The Siacoin team

Siacoin originated in 2013 through the efforts of David Vorick, a computer science student at Rensselaer Polytechnic Institute. During his studies, Vorick shared his concept with Luke Champine, who became involved in the project after Vorick presented it at a HackMIT hackathon. 

Vorick and Champine also established Nebulous, which served as the primary developer for Siacoin until 2021. The Sia Foundation was established to oversee the project's ongoing development.

How does Siacoin work

Siacoin allows users to share their surplus storage space with those in need, creating a decentralized marketplace for storage leasing. Through the utilization of smart contracts, all transactions and agreements within the platform are executed autonomously. The project's native token, SC, serves as the means of exchange for these transactions.

Before files are uploaded to the platform, Sia breaks them down into 30 subsection, each of which is encrypted. This ensures the platform is not susceptible to a single point of failure. Furthermore, Sia adopt another piece of technology called erasure coding. This helps provide users with constant access to their files, even if 20 out of 30 hosts are offline. 

Siacoin’s native token: SC

SC, the native cryptocurrency of Siacoin, was introduced to the market in July 2015. It does not have a maximum supply or a capped limit. Currently, the total supply of SC stands at 54.43 billion, with a circulating supply of SC is approximately 54.40 billion SC.

SC token use cases

The primary utility of the SC token is to facilitate exchanges between users who provide and utilize storage space on the Siacoin network. These transactions are executed through smart contracts, eliminating the need for direct user interaction. In addition to its role as a medium of exchange, the SC token can be used for staking and trading.

Siacoin: The storage layer of the internet

Although centralized cloud storage has revolutionized the way people store and exchange information, it is not without significant drawbacks. The most prominent issue is its centralized nature, which poses security vulnerabilities and makes it susceptible to attacks. 

In contrast, while Siacoin is not entirely immune to flaws, it offers a considerably more private and secure alternative. Additionally, Siacoin boasts the advantage of low costs associated with utilizing its storage space. These combined factors position Siacoin as a potential frontrunner in the future of online data storage.

Disclaimer

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Market cap
$186.01M #125
Circulating supply
56.03B / 60.98B
All-time high
$0.062790
24h volume
$10.51M
3.4 / 5
SCSC
USDUSD
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