Siacoin (SC) is experiencing a notable price increase, gaining 29% in the past 24 hours. The price of Siacoin rose to $0.005248 from its low of $0.004103, extending gains seen since the altcoin touched $0.003531 on July 5. This recent surge places SC as one of the top performers among the top 100 cryptocurrencies by market cap.

Siacoin’s market cap has surged by 27% to over $303 million. Meanwhile, 24-hour trading volume has skyrocketed more than 2,700% to over $72.7 million.

Other cryptocurrencies also saw significant gains within the same period. Meme coin Mog Coin (MOG) increased by 15%, while Bitcoin Layer-2 network Stacks (STX) rose by 13%. Optimism (OP) and Ondo (ONDO) were also up 8% and 7% respectively.

Siacoin’s Decentralized Storage Network

Siacoin is the native token of Sia, a decentralized cloud storage network that offers a marketplace where users can utilize their unused storage space. On Sia, individuals can rent out their storage, entering into smart contract agreements to pay hosts via the native utility token. Hosts, in turn, use SC as collateral to ensure reliability and trust.

SC plays a crucial role in securing the proof-of-work (PoW) coin and serves as the payment currency on the network. The PoW mechanism allows for 30,000 SC as a block reward. The project officially launched in June 2015, seeing the price of SC rise to an all-time high of $0.09287 in January 2018.

Sia Foundation Provides Grants Update

On July 9, the Sia Foundation published an update indicating the availability of grant funding for community contributors. Applicants receive funding to research, develop, and deploy projects and tools that support decentralized cloud storage and the broader Sia ecosystem.

In its latest report, the grants committee approved new grants for four projects: S5 Network, SkyMusic 2, SiaLearn, and Sia NFS Gateway.

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