Siacoin

Aurora

Bitcoin

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Siacoin (SC) jumped as high as 20% in 24 hours as liquidity rotated around crypto’s $2 trillion market. 
Siacoin is the native token decentralized cloud storage blockchain Sia, launched in 2015 for users to rent out unused storage. SC’s market cap increased to $733 million as the price rose, and its daily trading volume surged 38% to nearly $200 million per <a href="https://coinmarketcap.com/currencies/siacoin/#News" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>. 
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 <img loading="lazy" decoding="async" width="1024" height="503" src="https://crypto.news/app/uploads/2024/02/Screenshot-251-1024x503.png" alt="Siacoin rises 20%, signaling decentralized cloud storage demand - 11" class="wp-image-14249594">
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 Siacoin price | Source: CoinMarketCap
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One of crypto’s underlying missions is fixing concerns in traditional and centralized services. Sticking to this ethos, Sia plans to provide trustless access to secure <a href="https://crypto.news/oort-launched-its-decentralized-storage-service-oort-dss-to-bridge-the-gap-between-web2-and-web3-users/" target="_blank" rel="noreferrer noopener">cloud storage</a> at competitive rates compared to larger entities like Amazon and Google.&nbsp; 
Data uploaded on Sia’s blockchain is fragmented across 30 encrypted hosts. The network requires a minimum of 10 hosts to remain functional to support data retrieval. Users pay hosts in SC, and decentralized storage leasers lock the tokens via smart contracts as collateral.&nbsp; 
Siacoin operates with a proof-of-work (PoW) consensus, depending on miners adding new blocks to the network and emitting new coins. Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) is built around a PoW model as well. The idea is to bolster Sia’s blockchain against bad actors and hackers since this on-chain architecture requires expensive hardware and energy commitments to attempt attacks.&nbsp; 
Blockchain has become a go-to technology for offering cloud storage due to its cost-effectiveness and borderless access. Aurora Labs chief strategy officer Matt Henderson <a href="https://crypto.news/blockchain-and-cloud-computing-surprising-allies-who-benefit-each-other/">said</a> blockchain makes an ideal pair for cloud storage as it allows flexibility, improves efficiency, and guarantees optimization. 
 Read more: <a href="https://crypto.news/blockchain-and-cloud-computing-surprising-allies-who-benefit-each-other/"> Blockchain and cloud computing: surprising allies who benefit each other </a>

Siacoin rises 20%, signaling decentralized cloud storage demand

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