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Crypto Notes: All you need to know about Siacoin (SC)

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Crypto Notes: All you need to know about Siacoin (SC) 2
Friday, 22 April 2022
Crypto Notes
A weekly newsletter decoding crypto, blockchain and the entire ecosystem.
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By Rohas Nagpal

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Good morning!

All about Siacoin (SC)

Let’s start with some interesting crypto news:

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The US Secret Service said it seized around $102 million in crypto across 254 cases since 2015.

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Most Indian crypto exchanges have reported a large drop in trading volume since the new tax regime came into force on 1 April.

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India’s Crypto tax regime is being blamed for a “Web3 brain drain”. Many Indian blockchain and crypto projects are shifting base to Dubai.

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1. What is Siacoin (SC)

Name: Siacoin

Symbol: SC

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Sia is a decentralized cloud storage platform and a data storage marketplace.

It encrypts and distributes files across a decentralized network. Users control their private encryption keys and own their data. This is unlike traditional cloud storage providers.

Sia’s storage can cost up to 90% less than leading traditional cloud storage providers. These charges are paid using the native token Siacoin (SC). According to the project website, storing 1TB of files on Sia costs about $1-2 per month, compared with $23 on Amazon S3.

Here’s how it works:

Step 1: Files are divided into 30 segments

The Sia software divides each file into 30 segments using “Reed-Solomon erasure coding”, which is also used in CDs and DVDs. The data can be recovered fully using just 10 of the 30 segments. This means that even if 20 of the 30 hosts go down, the data can be recovered.

Step 2: Each file segment is encrypted and then distributed

Each file segment is encrypted using the open-source Threefish algorithm before it is distributed to hosts across the world.

Step 3: Files are sent to hosts using smart contracts

Storage renters enter into file contracts (smart contracts) with hosts for pricing, uptime commitments, etc. Service Level Agreements (SLAs) are stored on the Sia blockchain and automatically enforced by the network.

Renters and hosts use Siacoin (SC) for payments. File contracts are usually for 90 days, and hosts provide proof of storage using Merkle trees.

2. Metrics

As of 21 April, the core metrics of SC are:

Price metrics:

Current Price $0.01
All-time high (Jan 06, 2018) $0.1117
All-time low (Dec 01, 2015) $0.00001131

Supply metrics:

Circulating supply 50.7 billion SC
Total supply 50.7 billion SC
Maximum supply

Note:

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Circulating supply is the number of coins/tokens in public hands.

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Total supply is the number of coins/tokens created minus the number burned.

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Maximum supply is the maximum amount of this crypto that can ever exist

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Figures have been rounded off for convenience

Marketcap & Volume metrics:

Market Cap: $552 million
Fully Diluted Market Cap: $554 million
Volume (24h): $15 million
Volume / market cap ratio: 0.02735

Note:

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Market cap = Current Price x Circulating Supply

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Fully Diluted Market Cap is the market cap if the maximum supply was in circulation

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Volume (24h) is the fiat value of this crypto traded over the last 24 hours

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Volume / market cap ratio = 24h Volume / Marketcap

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Figures have been rounded off for convenience

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Note: The data is from CoinMarketCap, Messari, and Future Money Wallet and may be rounded off.

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The author is an amateur boxer, a blockchain architect, a Tintinologist and a retired hacker.

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Written by Rohas Nagpal. Edited by Saikat Chatterjee. Produced by Aswetha Anil. Send in your feedback to newsletterskatanalivemint.com.

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