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About Siacoin (SC)
Market Capitalization$390.48 million
Coin or TokenCoin
Number of Exchanges12
Official Website (Alt)N/A
Message Board (Alt)N/A
Blockchain Explorer (Alt)N/A
Siacoin (SC) Frequently Asked Questions
What is Siacoin?
The foundation of Sia is a proof of work blockchain. Storage contracts are a new type of transaction that get enforced by the blockchain. Sia's hashing algorithm is blake2b. p2pool and multisig wallets are both supported on Sia. When a file is uploaded to Sia, a storage contract is created containing the Merkle root of the file, a reward for the host, and a penalty for the host (both in siacoins). After an agreed-upon duration, the host is required to prove that the file is still available by providing a random Merkle proof. If the proof is valid, the host is rewarded; otherwise, the host is penalized. Random numbers are generated deterministically using the most recent block as a seed. Sia has support for two way payment channels, and two way contract diffs. Among other things, this provides massive scalability, and eliminates the need for untrustworthy 0-confirmation transactions. Once you join a payment channel network, all transactions within that network will be instant and final, with no risk of a double spend. Reliability is achieved by using erasure coding in a massively distributed environment. Erasure coding allows a file to be split into many pieces, such that the original file can be recovered using only a few of them. For example, you can take a 50 MB file, break it into 200 pieces that are 1 MB each, and then you can recover the original file from *any* 50 of the pieces. This method has the same overhead as creating 4 complete copies of the file, yet is much more reliable because it's much less likely that 151 out of 200 hosts will go offline than it is that 4 out of 4 hosts will go offline. As the network grows, we will apply statistical analysis to determine the redundancy required to provide 99.9999% reliability on files. It is likely that 3x overhead is absurd overkill, and statistical analysis will give an accurate picture of how much overhead is required. Using 200 hosts to store a file means that downloads can be massively parallel. Even if the average Sia host does not have quick upload speeds, the massive parallelism enabled by Sia means that downloads will be blazing fast anyway. In addition, you can choose to connect only to the datacenters that are the closest and the fastest. This optimization (known as a CDN) is a hugely expensive project for a traditional cloud storage service, but for Sia it is a natural consequence of the decentralized network. As security is a top priority of Sia, all encryption is performed locally; the people storing your files will have no ability to see what you have uploaded. Not only is every file encrypted separately, every *piece* of every file is encrypted separately, and hosts are not told which pieces are part of the same file. (Description provided by CryptoCompare)
What exchanges can I buy or trade Siacoin on?
Siacoin can be purchased or sold on the following cryptocurrency exchanges: Upbit, Bittrex, fex, QBTC, Poloniex, Lbank, HitBTC, Bitbns, Abucoins, Vebitcoin, Bisq and CoinEx.
How do I buy Siacoin?
It is not possible to buy most cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased with U.S. dollars using Coinbase. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance or Changelly to purchase other cryptocurrencies, including Siacoin.
Where can I get Siacoin wallet?
Siacoin produces its own wallet software that is available for download on its website, which allows you to store Siacoin on your computer. For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano S. If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Jaxx or Coinomi to store multiple cryptocurrencies with some added security benefits.
What is the value of Siacoin?
One Siacoin (SC) is currently worth $0.01 on major cryptocurrency exchanges. You can also exchange one Siacoin for 0.00000147 bitcoin(s) on major exchanges. The value (or market capitalization) of all available Siacoin in U.S. dollars is $390.48 million.
What hashing algorithm does Siacoin use?
Siacoin is a proof of work (PoW) coin that uses the Blake2b algorithm.
How do I mine Siacoin?
Siacoin can be mined using specialized mining software. XMR Stak is a commonly-used mining tool that works for CPU mining and GPU mining with both Nvidia and AMD graphics cards. CCMiner is another popular mining tool for computers with NVIDIA graphics cards. In addition to having mining software, you will need a Siacoin and access to a mining pool that pools your effort with other miners and a wallet to store the Siacoin that you earn from mining. Most cryptocurrencies have multiple publicly-available mining pools that can be found with a simple Google search.
What is the Reddit page for Siacoin?
The official Reddit community (subreddit) for Siacoin is r/Siacoin.
MarketBeat Community Rating for Siacoin (SC)MarketBeat's community ratings are surveys of what our community members think about Siacoin and other cryptocurrencies. Vote "Outperform" if you believe the stock will outperform other cryptocurrencies over the long term. Vote "Underperform" if you believe the stock will underperform other cryptocurrencies over the long term. You may vote once every thirty days.
Siacoin (SC) Price Chart for Saturday, July, 21, 2018
Siacoin (SC) Search Trends
There is a correlation between price appreciation and public interest in cryptocurrencies, such as Siacoin. Many cryptocurrency investors use Google Trends, which measures the volume of web searches for a particular topic over time, as a tool to gauge whether public interest is increasing or decreasing for a particular cryptocurrency. The chart below shows how search volume has changed for the phrase "Siacoin" over the last 90 days.
Siacoin (SC) Website Traffic
Siacoin (SC) Social Media Trends
Siacoin (SC) News HeadlinesNo headlines for this company have been tracked by MarketBeat.com