What is Siacoin (SC)?
Siacoin (SC) is the native token of Sia, a decentralized storage network built around blockchain technology. The token is used to support payments and other transactions carried out through the platform.
Sia provides a marketplace where users can obtain digital storage from independent hosts that contribute unused storage capacity. Storage arrangements are handled through smart contracts, which record the terms agreed between renters and hosts. The project was first introduced in 2014 and officially launched in June 2015.
Within the Sia ecosystem, SC is mainly used to pay for storage services. Renters spend Siacoin when purchasing storage, while hosts receive SC for making storage space available. The token also forms part of the payment and settlement process linked to storage contracts on the network.
Sia was originally developed from an idea proposed by David Vorick in 2013 while he was studying computer science at Rensselaer Polytechnic Institute. Luke Champine later became involved in the project and worked with Vorick on its early development. The pair went on to establish Nebulous, Inc., which served as the main development company behind Sia before the Sia Foundation took over a larger stewardship role in 2021.
Siacoin has a circulating supply of about 56.02 billion SC and a total supply of about 62.21 billion SC.
SC is listed on Binance for trade and purchase. The live price of SiaCoin is available and updated in real time on Binance.