What is Siacoin (SC)?

Sia is a Decentralized Cloud storage platform of which Siacoin (SC) is the utility token. This platform enables the creation of peer-to-peer data storage contracts. It allows peers to rent their underutilized hard drive storage to those struggling with insufficient space and earn through it. Since it is a Decentralized storage solution, it mitigates the risk of censorship thefts and high charges associated with centralized cloud storage systems. Siacoin (SC) facilitates all the network operations to make the decentralized cloud storage function smoothly. Anyone who uploads data to the Sia network pays for it in Siacoins (SC) to the host who is storing their data. SC has no fixed maximum supply, and 53,605,822,991 SC are in the current circulation. Siacoin (SC) operates on the Siacoin blockchain and secures itself with Proof-of-Work (PoW) consensus mechanism.

How does Siacoin (SC) work?

Siacoin works by monetizing the computer storage capacity of its users by allowing them to rent out the extra storage space. The users who rent their space are called 'Hosts', and users who take space on rent are called 'Renters'. Sia creates a Smart contract between a renter and a host defining what data to store, for how much time, and at what cost. All these Smart contracts get stored in the immutable Sia blockchain.

Sia ensures the protection of its user data through the unique concept of Proof of Storage. Under this concept, the hosts must prove to renters that they are still storing their data. They confirm so by submitting a piece of the stored data within a fixed time frame stated in their smart contracts. The Sia blockchain verifies the storage proof through the Merkle tree approach. Only once the hosts submit their proof-of-storage successfully do the renters complete their payment. If the hosts fail to submit proof, the renters can penalize them. The Blockchain stores all the proofs permanently.

The Mining of Siacoins works according to its Proof-of-Work (PoW) consensus mechanism. However, unlike coins with fixed market supply, Siacoin mining has infinite rewards because of its infinite supply. The miners contribute their computation power to process and verify SC transactions and Smart contracts between renters and hosts. The Blockchain rewards the miners for their efforts through block rewards. Initially, the block reward for the first mined block was 3,00,000 SC. This reward kept lowering by one SC coin with every newly mined block until the minimum block reward value reached 30,000 SC in 2020.

How to Buy Siacoin (SC) in India?

There are many platforms where you can invest and trade Siacoin (SC) in India. One such platform is Flitpay. To buy Siacoin (SC) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy Siacoin (SC) and execute the Siacoin (SC) purchase.

You can instantly convert your INR to Siacoin (SC) and Siacoin (SC) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Siacoin (SC)?

Siacoin (SC) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold Siacoin (SC) coins until they reach a high price and then sell them instantly through an OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

Besides that, if you already own SC in a personal crypto wallet, you can use it on the Sia network to pay for storing your data securely in a decentralized infrastructure. Storing data on the Sia network is affordable compared to storing data on centralized alternatives.

Why Use Siacoin (SC)?

Siacoin (SC) is the utility token that benefits the participants of the Sia network. It powers a complete ecosystem of a Decentralized data storage network, which is one of its kind. The Proof of Work Consensus mechanism of SC inspired by Bitcoin is considered the most secure and decentralized blockchain network. The significant collaborations of the Sia network with other innovative data storage solutions like Nextcloud, Filebase, and Skynet have also extended the uses of SC.

The affordability and highly secure decentralized nature of the Siacoin network makes it a strong competitor of the biggest centralized data storage service providers.

FAQ

What is Siacoin (SC)?

Siacoin (SC) is the network currency of the Sia network that provides a peer-to-peer blockchain-based data storage ecosystem. A Peer can use it to pay for renting the hard drive space of another peer to store his own data for a specific time.

What is the Siacoin (SC) price in India?

Check out the LIVE INR price of Siacoin in India on Flitpay.

Which is the best platform to buy Siacoin (SC) in India?

The best platform to buy SC or your favourite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Siacoin (SC)?

The participants of the Sia network can use their Siacoin (SC) to pay for renting a storage space to store their data at a minimal cost. It can also be used to trade in the Crypto market to generate profit.

Is it safe to invest in Siacoin (SC) in India?

Yes, investing and trading in Siacoin (SC) is Safe in India. Flitpay is one of the trusted platforms to invest in Siacoin in India. It offers the most real-time prices.

Is Siacoin (SC) a Good Investment?

Siacoin (SC) can come out as the most undervalued cryptocurrency in the upcoming time because it provides a more effective and secure mode of storing large data. However, cryptocurrencies can be highly volatile at times. Hence, one needs to be careful while making any investment decision.