Siacoin (SC) is the native token of the Sia project. The essence of the project is to create a secure cloud storage marketplace on the blockchain. Its users can rent free disk space of devices connected to the network.
Agreements and mutual settlements between users are carried out through smart contracts. Siacoin is the payment instrument on the network.
Sia’s main goal is to create a reference internet backup store. If thousands of users around the world pool their idle capacity, they can create an affordable alternative to centralized cloud storage. It will be a completely redundant and completely private network that provides encryption and decentralized file distribution.
The maximum coin supply is unlimited. This is a utility token designed for transactions in smart contracts. Since the amount of data that can be created and stored is virtually unlimited, the developers found it inappropriate to limit the offer
The Sia blockchain uses a Proof of Work consensus mechanism. New Siacoins are mined during the mining process. Initially, the reward for a mined block was 300,000 SC and gradually decreased by 1 coin with each block until reaching 30,000 SC. This happened in the summer of 2020, and from that moment on, the size of the reward will remain unchanged.
Where to get Siacoin
If you do not intend to mine SC, you can buy it on a cryptocurrency exchange. The coin is ranked 134th in the cryptocurrency ranking and is currently trading at a price slightly above $0.004 per token. Since the project has existed since 2015, Siacoin is represented quite widely. And yet, there are noticeably fewer opportunities for trading SC than platforms where you can exchange USD to SOL. Siacoin is represented in trading pairs with the Korean won, Indian rupee, US dollar, euro, stablecoins USDT and BUSD, Ethereum and Bitcoin.
Centralized cryptocurrency exchanges function similarly to classical exchanges. Access to trading on them is much easier than on stock markets, but the set of analytical tools is not much inferior to traditional platforms.
To buy coins on the exchange, you should proceed as follows:
- Create an account on the site of your choice. If required, verify your account.
- Top up the deposit in a way convenient for you.
- Select a trading pair with Siacoin and create an order.
- After the execution of the order, open a new order, withdraw funds to an offline wallet, or entrust their storage to the exchange for a while.
The safest platforms for trading Siacoin
The number 1 cryptocurrency exchange remains unrivaled in its segment. Siacoin is available as part of trading pairs with stablecoins USDT and BUSD and Bitcoin. In total, Binance accounts for about 16% of the total trading volume of SC.
It is one of the oldest and most secure centralized exchanges. Here you can trade Sia against the dollar, euro, Ethereum and HBT.
Another exchange where you can change Siacoin to USD and Bitcoin. For security purposes, Bittrex uses an IP address verification procedure in addition to two-factor authentication.
LetsExchange is an instant cryptocurrency exchange service. Unlike centralized crypto exchanges, registration is not required to access the service. The algorithm for performing trading operations is also much simpler.
You will need to step by step fill in the required fields in the exchange widget:
- In the upper field, select a coin for sale and indicate the amount of the transaction.
- In the lower field, similarly, select a coin to buy and the system will automatically recalculate at the current rate.
- Top up the deposit.
- Specify the wallet address.
- Press the “Exchange” button.
The search for the most profitable deal, the completion of the transaction and the crediting of coins are performed automatically. The exchange takes exactly only the time it takes to register a transaction in the blockchain. The service does not store your coins and personal data. This is really the fastest and completely safe way to exchange Siacoin for other coins.