Home Innovation Storage Siacoin Surges 20% Amidst Risi...

Siacoin Surges 20% Amidst Rising Demand for Decentralized Cloud Storage


Siacoin Surges 20% Amidst Rising Demand for Decentralized Cloud Storage

Siacoin (SC) experienced a significant 20% surge within a 24-hour period as liquidity flowed throughout the $2 trillion cryptocurrency market.

Siacoin, the native token of the decentralized cloud storage blockchain Sia, has seen a significant 20% increase in value within 24 hours, signaling a growing demand for decentralized storage solutions. With its market capitalization reaching $733 million and daily trading volume soaring by 38% to nearly $200 million, Siacoin's surge reflects a shifting trend in the crypto market.

Data uploaded on Sia's blockchain is encrypted and fragmented across 30 hosts, ensuring security and redundancy. To access data, a minimum of 10 hosts must remain functional, safeguarding against data loss. Users pay hosts in Siacoin, and storage leasers lock tokens via smart contracts as collateral, enhancing the network's integrity.

Operating on a proof-of-work (PoW) consensus mechanism, similar to Bitcoin, Sia relies on miners to validate transactions and secure the network. This architecture deters malicious actors by requiring substantial hardware and energy commitments, strengthening the blockchain's resilience.

The integration of blockchain technology with cloud storage has gained traction due to its cost-effectiveness and global accessibility. Matt Henderson, Chief Strategy Officer at Aurora Labs, highlights blockchain's suitability for cloud storage, citing its flexibility, efficiency, and optimization capabilities. As decentralized storage solutions continue to gain momentum, Siacoin's recent surge underscores the growing demand for secure and trustless data storage options in the digital age.

Business News

Recommended News

Latest Magazine