ScPrime At-a-Glance

ScPrime formed in 2018 using the Sia architecture to start a brand new blockchain from genesis on which to build decentralized storage primarily for business users. The chain uses ASIC driven Proof of Work for consensus that produces a utility coin called $SCP. Coins are rewarded on a declining inflation schedule that is nearly flat after several years of emission. The chain shares a mining algorithm with Sia.

Decentralized storage is provided using a Renter/Host analogy and storage proofs as originally envisioned by Greg Maxwell on Bitcointalk back in 2014. State channel contracts are formed between parties that identify hard drive sectors on computers around the world and allow uploading and downloading. These Storage Providers are rewarded after a period specified by the contract with $SCP coins, which are publicly tradeable on crypto exchanges.

At ScPrime, businesses use the network through a public service called Xa Net Services or XNS. Customers do not purchase or interface with cryptocurrency at all. Instead, it is the same as any traditional cloud storage company with fiat payment, customer service and support. Under the hood, the development corporation for ScPrime operates the business and develops the software to manage dollar to crypto conversions for contracting.

The project is well-known in a popular market niche known as Decentralized Physical Infrastructure Networks (DePIN). With over 2300 nodes providing an average of 25TB each, ScPrime is well positioned as a leader in the space and offers one of the few projects in crypto that has a product that traditional customers use.

ScPrime founders come from storage related businesses of video streaming and motion picture development. With global storage need expected to grow exponentially over the next several years, the project and team are well positioned to deliver essential cloud services and using a single purpose Proof of Work blockchain allows the project to achieve performance and security unheard of in traditional cloud products.