Siacoin (SC), which is the most valuable altcoin worth less than $1.0 billion, has made some spectacular gains in the past 24 hours – jumping 115 percent to $0.0292. On Thursday, this cryptocurrency had hit a new peak of $0.0295, but quickly began dropping after that. By Friday morning, Siacoin (SC) had dipped down to $0.0151 – shedding about half its value overnight.
Thankfully, this resilient crypto-coin has managed to regain most of what it lost yesterday – and appears to be on the rise again. In fact, it hit a new high of $0.0326 earlier today.
What is Siacoin (SC)?
With so many altcoins circulating in cryptocurrency exchanges these days, it can be difficult keeping track of them – and even harder to choose which ones you want to invest in.
While you may think it’s attached to a hit pop singer, Siacoin was actually imagined for the first time back in 2013 with a very basic concept – people renting out their digital storage in exchange for rewards. It’s a decentralized storage network, to put it simply.
There are already a couple well-known cryptocurrencies out there that rely on this idea as well, like Maidsafe or Storj, but Siacoin differentiates itself in how its blockchain is maintained. Compared to similar coins, Sia’s blockchain allows for the creation of smart contracts that guarantee that receivers get their payments.
The author of this article holds none of the assets mentioned above.