Easy way to Buy Siacoin(SC) Online with Wigwam crypto app

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How to buy and hold SC with Wigwam

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

4. Check your crypto in the created wallet

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Why Wigwam is the best crypto wallet for Siacoin (SC) storage

Siacoin (SC) token review

Siacoin (SC) is the native utility token of the Sia network, a decentralized cloud storage solution. The SC (formerly known as SingularityNET) was developed by co-founders David Vorick and Luke Champine in 2013, targeting the centralized cloud storage market. SC, a payment token within the Sia network, is used to pay for utilizing storage services, as a reward for miners, and for collateral by hosts to guarantee the availability and reliability of stored data.

Sia Network

The Sia network runs on a Proof of Work (PoW) consensus mechanism that uses hard mathematical functions to protect and validate blocks containing transactions. This platform is built around blockchain technology and a special idea, Proof of Storage, where hosts can earn by renting out their unused hard drive space in exchange for SC. This mechanism guarantees data integrity and security. This is one of the major reasons why Blockchain is used. Also, Sia created Skynet, which is an independent and decentralized content delivery network (CDN) based upon the Siacoin network that enables users to host and share information and content in a fast and secure manner.

Siacoin Use Cases

Decentralized Cloud Storage: Earners can take advantage of their unutilized storage places and get SC while data renters can pay in SC for storing their data.

Content Distribution: Skynet can serve as a repository for peer-to-peer sharing of content, which does not require any central server.

Backup and Recovery: Siacoin is a secure version for data backup and recovery.

Enterprise Solutions: Sia's blockchain system attracts organizations that need a reliable and secure storage option

Economical Value

The token does not have a maximum supply, allowing for an unlimited amount of SC to facilitate transactions through smart contracts. As of February 2023, the total number of tokens in circulation is approximately 56,500,845,399 SC.

Token Distribution: SC is employed as a payment instrument for services within the Sia network (storage, shared pool, and rental storage), as miners' reward and Guarantor.

Main Holders: The major stakeholder group is people who mine to secure the network and those who have a hosting role in which they provide storage space.

Impact on Token Price: The value of SC can be influenced by a set of factors like the security of the network, adoption rates, and demand in the market. However, the project is confronted with competition from different decentralized projects and traditional cloud providers. Also, unlimited supply has a negative impact on a price in the long run.

Challenges

Adoption: Although Sia has been under development for quite a long time, it still owns a significantly small user base in comparison with the established cloud storage providers.

Competition: The decentralized storage infrastructure of Sia is constantly challenged by such projects and traditional cloud storage providers who also aim to provide decentralized cloud storage solutions.

Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.