What is ScPrime & How it Works?

What is ScPrime?

ScPrime was created in 2018, leveraging the Sia architecture to give a new blockchain platform for decentralized data storage. The motive behind ScPrime is to overcome the centralization in public cloud storage and offer a decentralized storage solution to business owners.

Built on a layer 1 blockchain backed up by a Proof of Work (PoW) based algorithm, ScPrime follows Sia’s renter host protocol. Users can rent their storage space and get paid in ScPrime coins as rewards.

Moreover, ScPrime encourages businesses to use the network via XNS. Users don’t need any cryptocurrency to use the network. They can use regular fiat currencies to utilize the ScPrime network.

Prime Features of ScPrime

Let’s discuss the prime features of ScPrime in detail.

1. PoW Blockchain

ScPrime is a PoW-based blockchain backed up by smart contracts. Since it follows the PoW consensus mechanism, ASIC miners are ideal for verifying transactions on the ScPrime network.

Smart contracts utilizing ScP coins match customers with a mesh network of storage providers worldwide, creating a distributed data center. The network uses cryptographic storage proofs to verify data security.

2. Payment Channel

ScPrime utilizes a state channel architecture and P2P networking to create anonymous contracts between storage clients and providers. Users store data after agreeing upon the duration and price. Once data is uploaded, storage providers provide proof that the data is stored as per the contract agreed upon.

Publicly auditable transactions must provide valid proof of results from ongoing contract payments. The inability to offer proof may end up in nonpayment and contract invalidation. Contacts mention duration, challenge frequency, and the payouts. Users can create contracts with as many storage providers as possible based on their needs.

3. Erasure Codes

Reed-Solomon erasure codes ensure data durability and efficiency by distributing it mathematically across a set of sectors, drives, nodes, or computers. Data is fragmented, expanded, encoded with redundant parity pieces, and stored across varied locations.

4. Encryption

Any business or organization faces security and privacy challenges when it comes to data storage. Data breaches can cost companies significantly. Besides, businesses may lose the trust of their customers, which any company can’t afford. Relying on public cloud services means sharing your company’s data with another firm.

ScPrime offers end-to-end encryption before allowing data onto the network. However, client-side encryption may create engineering problems. Moreover, encryption is required to prevent unauthorized access and to ensure secure and private data.

5. Licensing

ScPrime’s base code is free and available to the public, and users can use it under a nonrestrictive MIT open-source license. ScP will probably make significant modifications to the codebase, impacting the final software stack. ScP supports the development of the base software via cryptocurrency grants. In short, ScP will be a combination of open-source and proprietary code.

How ScPrime Works?

ScPrime is a decentralized storage network that leverages blockchain and smart contracts to ensure security, performance, and affordability.

The ScPrime network is compatible with various apps and digital tools, enabling any user with an internet connection to use the ScP network as a distributed data center. Thus, users can enjoy durable, secure, and performant storage capacity.

The ScP network is smart contract-based, requiring both the renter and the storage provider to lock in ScP coins to create contracts. ScP is the cryptocurrency used in the ScPrime network. The network is a decentralized and premium cloud storage platform that is striving to compete with conventional cloud storage service providers like Amazon S3, Google, and Microsoft Azure.