Siacoin
Current price
$0.000808
−8.29%24h
LiveUpdated 22s ago
TodaySiacoin drops 8.3%, trailing the market.
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View as table
| Time | Price |
|---|
Change by period
- 1 hour−0.12%
- 24 hours−8.29%
- 7 days−15.92%
- 30 days−5.51%
- 1 year−62.59%
Siacoin's move in context
Lagging the market today
−8.29% today against −3.27% for the market as a whole, a gap of 5.0 points. A gap this wide suggests something specific to Siacoin may be moving it, not just the market mood.
Part of a slide
−15.9% over 7 days and −5.5% over 30 days: the recent move continues the monthly direction.
This is analysis of past prices, not a prediction or financial advice.
About Siacoin
Overview
Siacoin is a cryptocurrency designed specifically to facilitate decentralized cloud storage solutions. Its primary objective is to create a more efficient, transparent, and cost-effective alternative to traditional cloud storage providers. By leveraging blockchain technology, Siacoin aims to allow users to rent out their unused hard drive space and, in return, be compensated with Siacoin tokens. This process disrupts the traditional centralized storage market, offering users better control over their data while ensuring security and redundancy through blockchain's inherent properties. Among its distinguishing features are its decentralized nature, low storage costs, and a network that fosters user participation and data security.
Technical Features
Siacoin operates on a unique decentralized network that employs a blockchain to store data off-chain, while leveraging smart contracts for data interactions. The consensus mechanism used in the Siacoin network is often described as a proof-of-work model, which ensures honesty among storage providers by requiring them to solve complex cryptographic puzzles. The security model is robust, utilizing a combination of data encryption, redundancy, and smart contracts to ensure that users' data is not only secure but also split into multiple segments stored across various hosts. Siacoin employs a unique algorithm called the Sia blockchain algorithm, which assists in maintaining the integrity of the transaction while allowing for high scalability in storage solutions.
Use Cases
Siacoin's primary use case revolves around decentralized cloud storage, enabling users to store data securely with minimal reliance on central authorities. This creates opportunities in various applications including decentralized finance (DeFi), where users can store sensitive financial documents securely. Additionally, Siacoin plays a role in the broader blockchain ecosystem by facilitating governance mechanisms and transactions related to non-fungible tokens (NFTs). Furthermore, its smart contract capabilities allow for innovative applications in diverse fields, including healthcare records, personal document storage, and cross-border data sharing.
Development Background
Siacoin was developed by Nebulous, Inc., which was founded in 2015 by David Vorick and Luke Champine. The project officially launched in June 2015, underpinned by a vision to revolutionize cloud storage through blockchain technology. Significant milestones include its successful ICO in 2016, which raised approximately $1.5 million, and a series of updates leading to the launch of the Sia v1.0 network and subsequent protocol upgrades. Since inception, Siacoin has undergone various developments aimed at improving usability, scalability, and overall network performance.
Community and Ecosystem
The Siacoin ecosystem is supported by a vibrant community of users, developers, and initiatives aimed at fostering growth. Partnerships with other blockchain projects and integration efforts have enabled diverse applications to thrive on the Sia network. Developer support is robust, with community-driven efforts around creating tools and resources, enhancing accessibility, and continuously innovating. Various projects, including storage-related dApps and services, have emerged to extend the functionality and reach of Siacoin, making it an integral part of the decentralized storage landscape.
Future Potential
The potential impact of Siacoin rests on its technical capabilities and its ability to address the rising demand for secure, decentralized storage solutions. With ongoing developments such as upgrades to network speed, security enhancements, and expanded partnerships, Siacoin stands poised to capture significant market opportunities in the cloud storage sector. Its roadmap indicates a focus on interoperability with other blockchain networks and the introduction of new features that enhance user experience. As more users seek alternatives to centralized solutions, Siacoin could play a pivotal role in reshaping how data is stored and accessed globally.
Siacoin market
- Position by market cap among the coins we track.
- #226
- Position by market cap among the coins we track.
- Price × coins in circulation. It measures a coin's size, not its quality.
- $52.37M
- Price × coins in circulation. It measures a coin's size, not its quality.
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- Low $0.000802High $0.000897
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- $0.0929
- Now 1% of itReached 6 Jan 2018 · Needs +11,394% to get back
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- Coins that exist now and can be traded.
- 64.81B SC
- Coins that exist now and can be traded.
- The most coins that can ever exist. Some coins have no limit.
- No limit listed
- The most coins that can ever exist. Some coins have no limit.
Siacoin converter
1 Siacoin = $0.000808
