Siacoin Sc Price USD

Siacoin (SC) is the native utility token of Sia, a distributed, decentralised cloud storage platform based on blockchain technology. Sia is a marketplace for cloud storage that is safe and doesn't require users to trust each other. Users can rent out their unused storage space on Sia. Smart contracts make sure that agreements and transactions happen, and Siacoin is the way to pay for storage on the network. The main goal of the project is to become the Internet's "backbone storage layer."

Sia was first announced in May 2014. A year later, in May 2015, the news was changed and Sia was announced again. It was made public in June 2015.

David Vorick came up with the idea for Sia in the middle of 2013 while he was studying computer science at Rensselaer Polytechnic Institute. He talked about the idea with his college friend Luke Champine over email. Champine joined the project soon after Vorick presented the idea at a HackMIT hackathon in September 2013. Early in 2014, the project was given the name Sia, which comes from the Egyptian god of perception.

Sia's whitepaper says that its long-term goal is to be able to compete with other storage solutions. It thinks it is in direct competition with Amazon, Google, and Microsoft, which are all big cloud storage companies. Sia is able to offer low rates for storage because it is not centralised.