What Is Siacoin Growing Twice In One Week?

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Siacoin (SC) has doubled in value within a week. So what are Sia and Siacoin (SC)?

Siacoin (SC) gained 101 percent on the monthly chart, 120 percent on the two-week chart and 92 percent on the weekly chart. SC earned 16 percent on a daily basis.

With a market value of 1 billion, SC is ranked 82nd with its market value. The daily trading volume of the token is around $ 308 million.

What are Sia and SC?

Sia; It is a decentralized blockchain network that provides cloud storage services. It is stated in Sia that there is no need to register and access to the server and third parties is not allowed. Sia’s goal is to create a more secure, affordable and efficient marketplace than existing storage services.

A file uploaded to Sia; it is split, encrypted, and propagated to nodes in different regions. Stored files are backed up and the network aims to ensure that the backed up files can be accessed by users at all times. Thus, it aims to prevent an intervention to the private area such as any hacking, third party access.

The Sia network uses the Proof-of-Work algorithm and awards SC as a mining reward. According to the data on the website, the current storage area used in Sia is 618 TB, storage providers are 397, and the storage capacity is 2.6 PB.

Siacoin (SC) is the network’s local token and is used for transactions such as storage and payment. The main purpose of the token is to facilitate transactions on the network. While it is stated that SC will be produced unlimitedly, its circulating supply is 47 billion. Among the stock exchanges listing SC; Bitexen, Upbit, Binance, VCC Exchange, OKEx, BKEK, Kraken, Bittrex, Digifinex, HitBTC, Huobi, Gate.io, Poloniex can be shown.

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