In-depth Explanation: What Is Siacoin (SC)?

Bitcoin is the world’s most well-known cryptocurrency. But Bitcoin only offers decentralized transactions. Ethereum’s network was the first to provide various decentralized services. One of these services is data storage.

Data storage is one of the necessities of the 21st century, as smart devices become an inseparable part of society. Some cryptocurrencies offer decentralized data storage, changing the approach behind it once and for all. One of the biggest cryptocurrencies to provide such a service is Siacoin. 

Siacoin is, in fact, a utility token and the native token of the Sia network. Like every cryptocurrency, Siacoin has had its ups and downs in terms of price. Recently, Sia has been growing at a consistent rate. But its price is not the only pretext for traders to consider before engaging with this coin. It is perhaps its utility that makes it unique and worthwhile. As such, let’s look at the key components of Siacoin so that you have a better understanding of this cryptocurrency’s background.