SiacoinSC to BTC

 

In this, two parties are required. One is a ranter, and the second is the host. For instance, a person who needed space on the cloud to store his data. On the other side, a member of the Sia network known as the host creates an area on the Sia network.

This deal happens between the two parties by the file contract.

 

What is a File Contract?

File-contract is a part of Sia Network. File Contract is one kind of agreement between the renter and the host. On the Sia network, ranters and hosts don't deal with the File Contract.

 

How does Siacoin work?

Sia network disrupts the cloud storage industry by getting storage space from the storage provider and providing individuals who need storage. This allows individuals to access a peer-to-peer ecosystem where anyone can take advantage of storage. A host can provide storage, and the others get the storage on a rent. The storage deal happens between the parties under the observation and contract called File Contract. 

 

All the available services receive payments in Siacoin(SC), which makes Sia more powerful. All Sia transactions are very secure by the storage proofs and file contract.  

 

What Makes Siacoin Unique?

Siacoin does have value because of its functionalities and efficient support. Sia is a decentralized cloud storage system that charges higher fees for rental and data mismanagement issues than traditional cloud storage providers.They also have a problem with a lack of security, server responsiveness, and data ownership.

 

Sia has resolved this issue by using the peer-to-peer system and decentralized environment where the individual users can deal with a file contract that includes rental agreements and contracts. Sia plans to become the world's largest decentralized cloud storage network with better data security and protection where ownership of the data matches the unique private key.

 

What gives Siacoin value?

Siacoin is unique because of its utility and technical functionality. Siacoin is a native currency you can spend on the Sia network when filing contract creation among renters and hosts. This procedure gives Siacoin value.

 

On the Sia network, renters pay in Sia to the hosts for Sia network services, like storage. Which means you need SC tokens. Hosts need to sell their SC tokens to gain profit and monetize their services. They can also stake SC tokens to get good services and technology.

 

How is the Siacoin network secured?

Sia network secured because of the POW(Proof-Of-Work) technique. The transactions are written in the block, which the miners have generated. The miners will be rewarded for protecting, creating, and verifying the transactions blocks.

 

At the time of data upload on the storage system, data protection is done through fragmentation. The user's data is broken into parts and distributed among different nodes that drive the network. If only one node is compromised, the related information will be lost uselessly; you have to prevent its ownership from stopping it, which can only be done through private keys which belong to the individual users.

 

The circulating supply of Siacoin?

The global ranking of Siacoin is #91, and it is a precious currency with a $621.89 million market cap. Its circulating supply is 48.29 billion sc tokens with a $39.55 million 24h trading volume.

 

How to buy a Siacoin?

If you are looking for a different way to store data, Sia may provide ways to keep your data. Sia allows users to store various kinds of files without any data stolen or locked by the company.

 

Sia(SC) is available on almost every exchange but buying NEO from top exchanges makes our investment more secure and valuable. You can create an account on any exchange in just three simple steps includes: 

• Signup to exchanges
• Verify your identity, and despite funds
• Start buying and trading Ripple.

Once your identity is verified from your selected exchange, you can buy or trade-in Sia(SC). We are listing down some top and valuable discussions lists where you can buy.

• Binance
• Kraken
• OKEx
• HitBTC
• WazirX
• Huobi Global
• Gate.io
• CoinEx

Many exchanges do not allow users to deposit fiat currencies like INR, EURS, USD, and many more. In this case, you can buy other stable cryptocurrency pairs like USDC/SC, USDT/SC, BTC/SC, ETH/SC equivalent of your fiat currency, and then you can convert it to Sia(SC).