Altcoin Market Update:
Siacoin (SC) saw a notable price surge of 29% in the past 24 hours, reaching $0.005248 on Wednesday from its low of $0.004103. This upward movement positions SC as one of the top performers in the top 100 cryptocurrencies by market cap, with its market cap increasing by 27% to over $303 million. The 24-hour trading volume for SC has also seen a significant rise, jumping more than 2,700% to over $72.7 million.
Siacoin’s Decentralized Storage Network:
Siacoin is the native token of Sia, a decentralized cloud storage network that enables individuals to rent out their unused storage space. Through smart contract agreements, users can lease storage space and pay hosts using the native utility token SC. Hosts, in turn, use SC as collateral to ensure reliability and trust within the network. Additionally, SC plays a vital role in securing the proof-of-work (PoW) coin and acts as the payment currency on the Sia network.
Sia Foundation Grants Update:
The Sia Foundation recently announced availability of grant funding for projects that support decentralized cloud storage and the broader Sia ecosystem. The grants committee approved funding for projects such as S5 Network, SkyMusic 2, SiaLearn, and Sia NFS Gateway, providing opportunities for community contributors to research, develop, and deploy tools that enhance the Sia network.
