Siacoin (SC) Price – Current Live Value

Siacoin (SC)

Siacoin (SC) was launched in 2015 as the cryptocurrency token used to power the Siacoin network, a decentralized system for file storage. The network connects users who wish to rent hard drive space with those who have spare capacity, and it uses the coin as a means of transaction. The underlying blockchain is based on the Bitcoin protocol, with some technical changes that allow for Smart Contract storage agreements and user anonymity. The value of Siacoin has gone through 2 notable booms and busts, the first in 2017 and the second alongside most other digital currencies in 2018. The price of the coin has now returned to its pre 2017 levels, and the total market cap of the token places it in the top 60 out of all cryptocurrencies.

Siacoin is a highly specialized cryptocurrency focusing exclusively on the allocation of file storage capacity. Users of the network simply register their connected devices, and the underlying blockchain allocates storage capacity in the most efficient manner possible. All data is encrypted, and only the user can decrypt any data relevant to them.

By operating on a blockchain network, Siacoin is able to offer data storage rates that are half those of its closest competition and up to 10 times less than some of the least efficient data storage networks on the market.

Siacoin can also be traded on a few major cryptocurrency exchanges.