What is Siacoin (SC)?
Irene avatar
Written by Irene
Updated over a week ago

Siacoin (SC) is the native utility token of Sia, a blockchain-based cloud storage platform. It strives to compete with available storage solutions by being able to provide competitive rates thanks to its decentralized nature. The Sia’s blockchain is secured using a proof-of-work consensus mechanism, which, according to its co-founder, is the best strategy as massive hardware expenses and energy requirements should render malicious actions lacking in profit.

As a utility token that’s used to power transactions via smart contracts, Siacoin has no maximum supply, as there should be a limitless amount of coins to match the equally limitless amount of data to create and store. Files stored on the Sia network are divided into 30 encrypted segments, each uploaded to a unique host. Uploaders pay hosts using SC; hosts, in turn, lock SC in smart contracts as collateral. The agreements between uploaders and hosts are recorded on the blockchain.

Check out this article to choose the most convenient way to buy cryptocurrencies, including Siacoin.

Important: please note that SC deposits and withdrawals are currently not supported. You can buy, exchange and store SC. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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