Siacoin (SC) experienced a significant 20% surge within 24 hours as trading activity within the $2 trillion cryptocurrency market intensified.

Siacoin serves as the native token for the Sia network, a decentralized blockchain platform established in 2015 to enable users to rent out their unused storage space. This surge propelled SC’s market capitalization to $733 million, with a daily trading volume reaching nearly $200 million, as reported by CoinMarketCap.

One of the primary objectives of the cryptocurrency industry is to address issues present in traditional centralized services. In line with this objective, Sia aims to offer secure and trustless access to cloud storage at competitive rates, challenging major players like Amazon and Google.

Data uploaded on the Sia blockchain is distributed across 30 encrypted hosts, with a minimum of 10 hosts required to ensure data retrieval functionality. Users transact with hosts using SC, while decentralized storage leasers secure their tokens through smart contracts as collateral.

Siacoin operates on a proof-of-work (PoW) consensus mechanism, similar to Bitcoin (BTC), relying on miners to validate transactions and create new blocks. This PoW model enhances the network’s security by imposing significant hardware and energy requirements on potential attackers.

Blockchain technology has emerged as a cost-effective and globally accessible solution for cloud storage. According to Aurora Labs’ chief strategy officer Matt Henderson, the pairing of blockchain and cloud storage offers enhanced flexibility, efficiency, and optimization.

For more insights on the synergy between blockchain and cloud computing, continue exploring news and updates on Global Crypto News.

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