$SC
Siacoin (SC) is the native cryptocurrency of the Sia network, a decentralized storage platform that allows users to rent out unused hard drive space and store their files securely on a distributed network. Unlike traditional cloud storage services like Amazon, Google, or Microsoft, Sia aims to offer a more affordable and decentralized solution by leveraging blockchain technology.
Siacoin is primarily used as a payment method within the network, with renters paying hosts for storage space, and hosts putting up collateral in the form of SC to ensure good behavior. The network uses a proof-of-work consensus mechanism to secure transactions and maintain the blockchain. New Siacoins are created as mining rewards for participants in the network, and there is no fixed supply, allowing for continuous issuance based on network needs.
As of December 2024, Siacoin is priced around $0.0072, with a market cap of about $414 million. You can trade it on major exchanges like Binance, Kraken, and OKX.
