How Does Siacoin Works?

Evelyn Zhang
2 min readJan 17, 2023

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Siacoin or SC is a blockchain cloud storage platform. It allows users to lend their unused bandwidth and storage space to other users. Necessary information about their tokens can be found on the MEXC digital asset introduction page.

mexc SC

How Does Siacoin Works?

Sia Network is a peer-to-peer system that allows users to act as borrowers and lenders. It has no central authority and everything works in a decentralized ecosystem. Users can use Siacoin to buy storage space from lenders or unused bandwidth. On the other hand, lenders can lend their device storage in exchange for rewards.

Currently, the entire system runs on nodes. The Siacoin system divides user data into different parts and distributes it across nodes. In addition, all information is private. Only users with their private keys can access the data. Even if the user owns a random node, they cannot access the data. If they could access the node, they would only see part of the data, which would render the information meaningless.

How to buy SC Token

You can buy Siacoin (SC) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “SC” using the search bar to see the available trading pairs. Take SC/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of SC you want to buy. You can choose to open a limit order, a market order or a stop limit order. Take market orders as an example. Click [Buy SC] to confirm your order. You will find the purchased SC in your Spot Wallet.
  4. You can find a detailed guide on how to buy SC Token here.

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