We can see pleasant news of the recovery of the cryptocurrency market today, after a significant decline in prices, which began last week. SiaCoin (SC) is among the coins that showed a significant increase of 20% in just 24 hours. This rapid growth of SiaCoin was due to the inclusion in the list of Binance, one of the world’s most popular crypto exchanges. As is usually the case with new listings for Binance, the SC token will initially be offered in trading pairs along with Bitcoin, Ethereum and Binance Coin.
After the initial announcement, the price of SC increased from $0.11 to $0.16 and continues to grow, but correction should come soon. Maybe take-off to the moon would be more on the bull market, but now traders are still very cautious about the cryptocurrency market.
SiaCoin is a project that provides decentralized storage of cloud data. SiaCoin was launched in 2015, and they already provide a service in the real world, which can’t but rejoice, given that in the blockchain and cryptocurrency space there are so many bloated speculative projects.
In order to ensure a high level of security and privacy, the Sia network is maintained through mining (Proof-of-Work). The key advantage of a decentralized cloud storage is the absence of a central object that has access to your data, unlike traditional solutions for storing cloud data. At the moment, the amount of data stored in the Sia network is rather small (180 terabytes), but the network capacity is 5.5 petabytes.
Decentralized cloud storage is a heavily contested sector, with MaidSafe, STORJ and Filecoin being some of Sia’s biggest competitors.