About Siacoin (SC)
Siacoin (SC) is a blockchain-based decentralized file-sharing and storage protocol that allows network participants to share unused drive space to generate cryptocurrency rewards. Designed as an alternative to contemporary centralized cloud storage solutions, Siacoin provides decentralized cloud hosting with blockchain-based security.
Siacoin was first conceptualized by its founders in 2013, two years prior to its public launch in 2015. The self-proclaimed mission of the network is to become the backbone storage layer of the internet.
Files stored on Siacoin are separated into multiple pieces that are encrypted and distributed across its network. Network participants who require storage space use SC tokens to pay hosts who rent out unused storage; hosts are then obligated to prove that the data is stored accurately.
Siacoin uses unique smart contracts called ‘file contracts’ to facilitate decentralized storage and define contract parameters between hosts and users, such as up-time commitments and hosting fees. Siacoin also incorporates a file-proofing process that ensures user files are hosted reliably. SC price is updated and available in real-time on Binance.