A newfound interest in decentralized storage networks leads to a 29% increase in Siacoin

  • Among the numerous altcoins seeing a noticeable price boost on Wednesday is Siacoin (SC), which has increased by 29% over the last day.

Siacoin’s price increased to $0.005248 on Wednesday from its low of $0.004103, continuing the upward trend that began on July 5 and continued until it reached $0.003531. With its recent increase, SC is now among the top performers among the top 100 cryptocurrencies by market capitalization.

The market capitalization of SC has increased by 27% to exceed $303 million. In the meantime, the amount traded in a single day has increased by almost 2,700% to exceed $72.7 million.

The decentralized storage network of Siacoin

Siacoin is the native token of the decentralized cloud storage network Sia, which gives users access to a marketplace to sell their extra storage space.

On Sia, storage can be leased. Those who do so agree to pay hosts with native utility tokens through smart contract agreements. Conversely, hosts utilize SC as collateral to ensure dependability and confidence. Therefore, SC is essential to the network’s payment system as well as to the security of the proof-of-work (PoW) coin. Notably, 30,000 SC can be awarded as a block reward using the PoW technique.

The project got its official launch in June 2015, and in January 2018, the price of SC reached its highest point of $0.09287.

Updates on grants are provided by Sia Foundation

The Sia Foundation released an update on July 9th, stating that grant funding is now available for community contributions. Funding is awarded to applicants for projects and tools that support the Sia ecosystem and decentralized cloud storage through research, development, and deployment.

The grants committee stated in its most recent report that it has authorized fresh funding for the following four projects: Sia NFS Gateway, SiaLearn, SkyMusic 2, and S5 Network.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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