What is Siacoin?

Source. Crypto info.com

What is Siacoin?

Siacoin, which operates with the token named SC, is an open source, low-cost cloud storage solution offering encryption and decentralized distribution of files. Users are in control of their private keys so that it's assured that no third parties can have access to or control of their stored files.

This system gives birth to a cloud storage marketplace where everyday users can offer up their spare storage space (such as the harddrive on their personal PC) for rent. This means that thousands of people across the globe can create a highly redundant, completely private and affordable alternative to traditional cloud storage. No more worrying about privacy when using Google or Amazon- and saving money at the same time.

There is no sign up need for new users, no servers to fail and no third parties to trust. The SC coin pays for storage costs for users and is earned by those renting out their storage space.