Dear ATOMARS Community,
We are pleased to announce the listing of Siacoin (SC) on the ATOMARS exchange. Siacoin (SC) deposits are effective starting from November 12, 2019 and the following trading pairs will be available: SC/BTC and SC/ETH.
SIACOIN PROJECT SUMMARY
Siacoin (SC) is a decentralized, blockchain-powered cloud-storage platform that allows anyone to rent storage space, host files, or participate in the network and earn its utility token Siacoin (SC) doing this. The Sia blockchain uses a proof of work consensus algorithm to provide security.
When data is uploaded to the Sia platform, it is encrypted, then broken down to smaller components, then stored on nodes all over the world. The only way this data can be accessed is to decrypt it by using private keys.
The Sia network uses storage smart contracts where the host (provider) and renter (user) lock up some Siacoin and transaction fee paid by the renter in a smart contract escrow. After some time the renter has chosen, the system checks automatically to see if the data from the host is still available. If the host loses encrypted data or is offline, their Siacoins is forfeited. However, if the encrypted data is provided by the host, the collateral is returned and payment is made through the smart contract.
There is a secondary token on the Sia platform known as the revenue-sharing token SiaFunds (SF). This digital asset gives the holder part of the transaction fee whenever a file is uploaded to the Sia network. SiaFunds aims to incentivize token holders to the storage platform by bringing on more users. As more people join in using the Sia network, holders of SiaFund receive more Siacoin.
Only 10,000 SiaFunds are available and all have been pre-mined. 8,000 of this is owned by Siacoin’s parent company Nebulous Inc. The remaining were sold in a crowdfunding to finance early development.
David Voric and Luke Champine conceived the idea for Siacoin in 2013 at HackMIT, a student-run hackathon at the Massachusetts Institute of Technology. Together they cofounded Nebulous Inc. In 2014, which is the core development team behind the Siacoin project.
SIACOIN (SC) FEATURES
Far More Affordable: The Sia cloud storage on average costs 90% less that cloud storage providers available today. For example, it costs about $23 to store up to 1TB of files on Amazon S3 but about $1-2 monthly on Sia.
Highly Redundant: Redundant file segments on nodes are distributed and stored on nodes across the world, eliminating any single point of entry failure and ensuring uptime that competes with traditional storage providers. To do this Sia ensures multiple copies of your files are created so that even if nodes go offline, files will be available for information to be accessed at any given time.
Open Source: As an open source software, Sia is being contributed to by leading software engineers and a community of developers who continue to build innovative applications on Sia’s API.
Security: All files on the Sia network are secured cryptographically and only accessible to the renter. The blockchain manages transactions and also handles contract fulfillment and processing of payment between the renter and the host.