Let’s be honest: blockchain technology is consistently, step by step, making its way from the crypto world into our everyday lives. And while many digital currency projects on the crypto market are focused on the exchange of digital assets, there are some that chose to use blockchain originally. Today we’ll talk about Sia, a decentralized data storage network that offers its users an unprecedented level of data security, and Siacoin, an altcoin created for the needs of the Sia network. You will learn all about the project offering the safest, fastest, and, most importantly, inexpensive information storage. And, of course, we’ll discuss the future of Siacoin and SC price.
Siacoin (SC) Overview
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What Actually Is Siacoin (SC) and How Does It Work?
Sia, a decentralized cloud storage platform running on blockchain technology, lets you store your files using free hard drive space anywhere in the world. Siacoin (SC) is a digital currency created for this project. This altcoin is designed to pay for cloud storage services. Anyone who has a certain amount of SC can rent spare hard drive space from Sia hosts. This can be done with the help of “file contracts,” a special type of smart contract stored in the Sia blockchain. Smart contracts are unique technical alterations that allow using blockchain efficiently to store files. So, at the end of the required period, the host must prove the existence of the file, and if the outcome is positive, they receive a reward. However, if the host loses the file, they do not receive the payment.
The system has support for payment channels and bilateral contracts. This fact is crucial because it ensures the elimination of unreliable money transfers without confirmation of compliance with the contract. Also, all money transfers are instant and non-refundable, which reduces the risk of fraud, not only for those who rent the space but also for those who rent it out.
All files sent from renter to host are encrypted, and Siacoin’s reliability stands out thanks to the process of dividing the file into a huge number of fragments. Some of them cannot be used to recreate the original file at all, which excludes the possibility of it being read by a third party. Not only files are encrypted, but even their fragments, allowing the service to ensure the anonymity and confidentiality of data.
Due to the distributed nature of the Sia network, it becomes possible to optimize the bandwidth of this network, its security, and reliability and reduce response times. In addition, any user can rent out their storage space, and the reduced cost of information storage reflects that. What makes Sia very attractive for ordinary users is a very low entry threshold: anyone who can provide a place to store data can receive a reward. We’ll talk about many other advantages of Sia a little later.
Brief History of Siacoin (SC)
Siacoin’s story began in September 2013 when two undergraduate computer science students, David Vorick and Luke Champine, came up with the idea of a blockchain-powered data storage system. Vorick described the project as “the infrastructure that nobody, including ourselves, has the control over something with no failure points, where there is no place of leverage and no company, country, jurisdiction, a person who can decide that they don’t like you or they have ulterior motives.”
In May 2014, Vorick and Champine created Nebulous Inc. Among others, FirstRaptor Group, Raptor Group, INBlockchain, Fenbushi Capital, and First Star Venture were the company’s top investors. Sia was officially launched in June 2015. By September 2016, Sia’s total venture capital went up to $1.25 million.
Siacoin Mining: How to Mine Siacoin (SC)?
The very first 100 Sia blocks were mined directly by the project creators. The reward for the first block was 300,000 SC. For each subsequent block, the reward is reduced by 1 Siacoin. There is also a minimum possible reward per block — 30,000 SC.
GPU (Graphics Processing Units) mining of Siacoin is the most popular way to mine this digital currency. SC mining works on the Blake2b e-currency algorithm using the PoW system. The reward is reduced after each mined block and will continue to do so until it reaches the set minimum possible size. After that happens, the reward remains fixed: once the block reward reaches 30,000 coins, it stays there forever.
In June 2018, the company launched Obelisk, its own ASIC mining for Siacoin, which is 100 times more powerful than mining with a GPU.
There are also other possible ways for users to get Siacoin apart from mining:
By renting your spare hard drive space. Having a PC or a server connected to the Internet and working 365 days a year, you can become a host and get remuneration in SC;By buying coins. As of today, digital currency Siacoin is traded on such popular cryptocurrencies as Binance, Upbit, Poloniex, Bittrex, QBTC, Bitbns, Bisq, etc. You can also buy it here, on Changelly.
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Siacoin: Strengths and Weaknesses
Now, let’s take a look at the pros and cons of the Sia cloud storage network. Being a revolutionary product, it has a whole bunch of advantages:
High level of confidentiality. A user has the ability to fully manage their own encryption keys. No third parties, who could get access to the personal data, are involved;Encryption. Segments are sent to the hosts in encrypted (by the Twofish algorithm) form. This makes Sia much more secure than other popular cloud storage services — for example, Amazon does not offer automatic encryption of user data;Decentralization and a high degree of reliability. Files are segmented into 30 (!) segments before being downloaded and then sent to thirty hosts. Sia can recover files from 10 segments of anything. Thus, if 20 of the 30 hosts are offline, the user can still smoothly access their own files. If some hosts have been offline for a long time, the segments will be transferred by Sia to other online hosts so that the number reaches 30 again;Open source. Sia has publicly available source code, which is constantly improved through the actions of leading developers as well as the entire community;The low cost of storing information. For example, you only need to pay $2 per month to store 1,000 GB of information. Compared to all possible competitors (Google Drive, DropBox, Microsoft, Amazon, etc.), this is the best combination of quality and price.
And now, talking about the cons, it’s necessary to mention:
The specifics of SC mining: since Siacoin can be mined only with graphics cards, mining this cryptocurrency on specially created mining farms or with the help of processors’ computing power becomes impossible;A threat of counteraction from competitors — large corporations;Concerns and hesitations: the target audience still treats the possibility of decentralized data storage with a large share of mistrust.
Nevertheless, it’s worth noting that the listed disadvantages are not so much related to technical difficulties but rather to users’ mistrust and their moral unreadiness to actively use and distribute the tools offered by this service. And, who knows, maybe only time will help solve those problems.
What We Might Miss: Frequently Asked Questions, Siacoin Price Analysis, and SC Value Prediction
Does Siacoin have a future?
The public’s interest in the secure cloud storage of confidential information is growing year by year. So, being a breakthrough project, unique in its kind, Sia has every chance to take its place among large corporations, which may increase this digital coin’s price.
Is Siacoin (SC) a good investment?
This altcoin may be considered a good investment option. Many analysts called SC a great long-term investment — for example, WalletInvestor’s Siacoin price prediction for the next five years is positive, with the expected maximum price of $0.02. Investors’ consensus about SC is positive too. As we can assume for now, SC has a bright future. Being the first big blockchain project to offer a decentralized data storage platform, it has all the chances to grow even bigger than it is now. But do not forget about the golden investment advice — only invest what you can afford to lose.
Is Siacoin safe?
It is safe both for users and investors. Users love it for its convenience and reliability, and crypto investors like the stability of the SC average price.
Where can I buy Siacoin (SC)?
As reported by SC creators, you can buy it on more than 30 exchanges, including Changelly. Click here to get you some.
Can Siacoin’s price reach $1?
Yes, it can, although nobody really knows when it will happen. Its price depends on many factors, both external and internal, so, for example, the SC price may go high in one minute if they get a big company using their technology. Also, as history shows, this coin is very sensitive to crypto market trends.
What was the maximum price of the SC token on the crypto market?
Siacoin reached its all-time high point in winter 2018 with the maximum price of $0.087793.
Is Siacoin worth mining?
The reward for mining a block of SC is 300,000 SC, and as we mentioned earlier, it won’t go lower than that. So the answer is yes, it is.
Siacoin Price Prediction 2022According to the technical analysis of Siacoin prices expected in 2022, the minimum cost of Siacoin will be $0.005. The maximum level that the SC price can reach is $0.006. The average trading price is expected around $0.005.
SC Price Forecast for September 2022Based on the price fluctuations of Siacoin at the beginning of 2022, crypto experts expect the average SC rate of $0.005 in September 2022. Its minimum and maximum prices can be expected at $0.004 and at $0.005, respectively.
October 2022: Siacoin Price ForecastCryptocurrency experts are ready to announce their forecast for the SC price in October 2022. The minimum trading cost might be $0.005, while the maximum might reach $0.005 during this month. On average, it is expected that the value of Siacoin might be around $0.005.
SC Price Forecast for November 2022Crypto analysts have checked the price fluctuations of Siacoin in 2022 and in previous years, so the average SC rate they predict might be around $0.005 in November 2022. It can drop to $0.005 as a minimum. The maximum value might be $0.006.
December 2022: Siacoin Price ForecastIn the middle of the year 2022, the SC price will be traded at $0.005 on average. December 2022 might also witness an increase in the Siacoin value to $0.006. It is assumed that the price will not drop lower than $0.005 in December 2022.
Siacoin Price Prediction 2023After the analysis of the prices of Siacoin in previous years, it is assumed that in 2023, the minimum price of Siacoin will be around $0.008. The maximum expected SC price may be around $0.010. On average, the trading price might be $0.008 in 2023.
Siacoin Price Prediction 2024Based on the technical analysis by cryptocurrency experts regarding the prices of Siacoin, in 2024, SC is expected to have the following minimum and maximum prices: about $0.012 and $0.014, respectively. The average expected trading cost is $0.013.
Siacoin Price Prediction 2025The experts in the field of cryptocurrency have analyzed the prices of Siacoin and their fluctuations during the previous years. It is assumed that in 2025, the minimum SC price might drop to $0.017, while its maximum can reach $0.022. On average, the trading cost will be around $0.018.
Siacoin Price Prediction 2026Based on the analysis of the costs of Siacoin by crypto experts, the following maximum and minimum SC prices are expected in 2026: $0.030 and $0.025. On average, it will be traded at $0.026.
Siacoin Price Prediction 2027Crypto experts are constantly analyzing the fluctuations of Siacoin. Based on their predictions, the estimated average SC price will be around $0.038. It might drop to a minimum of $0.037, but it still might reach $0.043 throughout 2027.
Siacoin Price Prediction 2028Every year, cryptocurrency experts prepare forecasts for the price of Siacoin. It is estimated that SC will be traded between $0.053 and $0.064 in 2028. Its average cost is expected at around $0.054 during the year.
Siacoin Price Prediction 2029Cryptocurrency analysts are ready to announce their estimations of the Siacoin’s price. The year 2029 will be determined by the maximum SC price of $0.092. However, its rate might drop to around $0.081. So, the expected average trading price is $0.084.
Siacoin Price Prediction 2030After years of analysis of the Siacoin price, crypto experts are ready to provide their SC cost estimation for 2030. It will be traded for at least $0.12, with the possible maximum peaks at $0.14. Therefore, on average, you can expect the SC price to be around $0.12 in 2030.
Siacoin Price Prediction 2031Cryptocurrency analysts are ready to announce their estimations of the Siacoin’s price. The year 2031 will be determined by the maximum SC price of $0.21. However, its rate might drop to around $0.17. So, the expected average trading price is $0.17.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.