Siacoin Jumps 29% Amid New Interest in Decentralized Storage Network

Siacoin (SC) is among a number of altcoins whose price has seen a significant rise on Wednesday, up 29% in the last 24 hours. On Wednesday, Siacoin’s price rose to $0.005248 from a low of $0.004103, extending the gains seen since the altcoin hit $0.003531 on July 5. SC is ranked among the top 100 cryptocurrencies by market capitalization. SC’s market capitalization rose 27% to more than $303 million. Meanwhile, 24-hour trading volume soared more than 2,700% to more than $72.7 million.

Siacoin is the native token of Sia, a decentralized cloud storage network that offers a marketplace where users tap into their unused storage space. On Sia, one can rent out their storage, with those who lease entering into smart contract agreements to pay hosts via the native utility token. Hosts on the other hand, use SC as collateral to guarantee reliability and trust. SC therefore plays a crucial role in not just helping secure the proof-of-work (PoW) coin but also as the payments currency on the network.

On July 9, the Sia Foundation published an update indicating availability of grant funding for community contributors. Applicants get funded to research, develop and deploy projects and tools that support decentralized cloud storage and broader Sia ecosystem. In its latest report, the grants committee said it approved new grants for four projects: S5 Network, SkyMusic 2, SiaLearn, and Sia NFS Gateway.

Image: CoinCentral