Siacoin jumps 29% amid new interest in decentralized storage network

As a researcher with a background in blockchain technology and cryptocurrencies, I find Siacoin’s (SC) recent price surge of 29% in a day to be an intriguing development. This altcoin has been making waves in the market, with its price rising from $0.004103 to $0.005248 within the past 24 hours.

Siacoin has surged by approximately 29% within the last 24 hours, making it one of several alternate coins undergoing a significant price hike on Wednesday.

As a researcher, I’ve observed an intriguing development in the Siacoin market. On this past Wednesday, the price surged from a low of $0.004103 to reach a high of $0.005248. This uptick follows a series of gains that began when SC hit a nadir at $0.003531 on July 5. Wednesday’s price action propelled Siacoin into the ranks of the top performers among the leading 100 cryptocurrencies by market capitalization.

As a researcher, I’ve observed an impressive growth in Shiba Inu (SC) recently. The market capitalization has experienced a significant surge of approximately 27%, reaching over $303 million. Moreover, the trading volume within the past 24 hours has seen a remarkable increase of more than 2,700%. This translates to an impressive volume of over $72.7 million.

At the moment of composition, coins experiencing double-digit percentage increases within a 24-hour period included Mog Coin (MOG), which surged by 15%, and Stacks (STX) from the Bitcoin Layer-2 network, which rose by 13%. Additionally, Optimism (OP) and Ondo (ONDO) saw gains of 8% and 7% respectively.

Siacoin’s decentralized storage network

Siacoin serves as the native digital currency for Sia, a decentralized platform specializing in cloud storage. By joining this network, you gain access to monetize your spare storage capacity through a built-in marketplace.

On Sia platform, users have the option to rent out their storage space. Those who acquire this storage enter into a smart contract agreement, pledging to pay hosts using Sia’s native utility token. In return, hosts employ this token as collateral to ensure dependability and credibility within the network. Smart contracts (SC) serve a pivotal role by facilitating not only the security of the proof-of-work (PoW) coin, but also acting as the currency for transactions on the Sia network. Notably, each block reward amounts to 30,000 SC through the PoW mechanism.

The project began formally in June 2015, leading to an peak price of SC at $0.09287 – its highest point ever – in January 2018.

Sia Foundation provides grants update

On July 9, the Sia Foundation announced that funding is now open to members of the community for grants. Eligible applicants can receive financing to work on projects and create tools that enhance decentralized cloud storage and expand the wider Sia network.

The grants committee recently announced approval for funding on four new projects: S5 Network, SkyMusic 2, SiaLearn, and Sia NFS Gateway.

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2024-07-10 21:15