ScPrime

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Discover ScPrime's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ScPrime?

ScPrime (SCP) is a cryptocurrency launched in 2018, utilizing the Blake2b Proof of Work hashing algorithm for consensus. It is designed for decentralized business-grade cloud storage, ensuring security, redundancy, and performance through blockchain smart contracts. Users can generate SCP through mining, and it is used in an incentive program for storage providers to maximize network performance and growth. The ScPrime network offers a distributed datacenter, providing durable and secure storage capacity, with a focus on environmental sustainability and passive income opportunities for participants.

How is ScPrime used?

ScPrime (SCP) is a cryptocurrency used in the ScPrime platform for renting and hosting storage on the ScPrime cloud storage network. It is a utility coin that facilitates transactions between customers and storage providers. Here's how it is used:

  1. Storage Rentals: Customers purchase storage space from SCP, Corp using traditional payment methods. SCP, Corp then purchases SCP tokens to use in smart contracts with storage providers around the globe, forming the Distributed Datacenter or cloud infrastructure.

  2. Smart Contracts: These contracts are used to match customers with storage providers. The contracts are secured by cryptographic storage proofs, ensuring the data is stored safely and accurately. Providers are incentivized to participate by earning SCP tokens as rewards.

  3. Incentive Program: SCP tokens are used in an incentive program for storage providers to maximize performance, capacity, and growth of the ScPrime network. Providers can earn SCP tokens by offering their unused hard drive space for data storage.

  1. Staking Rewards: Users can stake their SCP tokens to become Storage Providers, offering their unused hard drive space for data storage. In return, they earn staking rewards in the form of additional SCP tokens, further incentivizing participation in the network and helping to control inflation.

  2. Burn Mechanism: A burn mechanism is part of the storage contracting process, which ensures the protocol is long-term deflationary. This mechanism helps to reduce the supply of SCP tokens over time, contributing to the token's value.

In summary, ScPrime (SCP) is a utility token that enables the decentralized cloud storage network by facilitating transactions, incentivizing storage providers, and controlling inflation through staking rewards and a burn mechanism.

How do I store ScPrime?

To store ScPrime (SCP) tokens, you need to choose a reliable crypto wallet that supports SCP. Here are the steps to follow:

  1. Choose a Crypto Wallet: Select a wallet that works well in your area, accepts your payment method, and follows your preferred policies. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. You can download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up Your Wallet: Create an account by providing your personal information and selecting a strong password. You will be given a Secret Recovery Phrase or Seed Words, which is crucial to note down accurately in case you lose your wallet.

  3. Types of Wallets: For beginners, hot wallets are recommended for quick online payments. For more security, consider cold wallets, which are not connected to the internet and suitable for storing large amounts of crypto over a long time.

By following these steps, you can securely store your ScPrime (SCP) tokens in a crypto wallet.

How to buy ScPrime?

To buy ScPrime (SCP) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that fits your needs, such as Coinbase Wallet, MetaMask, or TrustWallet. Ensure it is compatible with your payment method and preferred policies. For beginners, hot wallets are recommended for quick transactions, while cold wallets provide higher security for long-term storage.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which are crucial in case you lose your wallet.

  3. Buy a Base Currency: Choose a widely accepted cryptocurrency like Bitcoin, Ethereum, or Tether. You can purchase this base currency through a cryptocurrency exchange platform. For new traders, it is advisable to start with a small amount to minimize risks.

  1. Transfer Funds to Your Wallet: Withdraw your base currency from the exchange platform to your crypto wallet. Log in to your exchange account, provide your wallet address, and specify the amount to transfer.

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet, such as Pancake Swap. Ensure the DEX has sufficient liquidity for the trading pair you want.

  3. Buy ScPrime (SCP): Connect your wallet to the DEX and select SCP from the list. Enter the amount you want to trade. Be cautious of market trends and diversify your portfolio to minimize risks.

  1. Locate Smart Contracts if Necessary: If SCP is not listed on the DEX, use tools like bscscan or etherscan to find the smart contract address. Copy and paste it into the DEX to complete the transaction.

By following these steps, you can successfully purchase ScPrime (SCP) tokens.

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History of ScPrime

ScPrime (SCP) is a cryptocurrency project that targets public cloud services with a blockchain-based ecosystem. The project pays individuals worldwide to store data using smart contracts and cryptographic proofs to ensure accuracy, security, and redundancy.

Genesis Block and Premine

The ScPrime blockchain was launched on October 31, 2018, with a genesis block that included a premine for various purposes. This premine allocated 300,000 SCP to Nebulous, Inc. for the original development of Sia, the project ScPrime forked from. Additionally, 51,840 SCP were allocated to mining pool operators, 200,000 SCP for initial project expenses, 1,750,000 SCP for the storage provider incentive program, 628,000 SCP for exchange listing fees, and 7,622,000 SCP earmarked for an airdrop to SC (Siacoin) holders.

Airdrop and Supply Management

The airdrop was a 1:5 ratio for SC holders, but due to concerns that centralized exchanges might not deliver the airdropped SCP to their customers, the funds were moved to a cold wallet. These 4,525,377 SCP are now marked towards the building and improvement of the ScPrime network through Storage Provider incentives.

Supply Precision Change

In February 2020, SCP's supply underwent a precision change, where the decimal was moved three places to the left. This change made the supply more manageable and attractive to exchanges, facilitating listings on sites like CoinMarketCap and Coin Gecko. The total supply of SCP tokens is infinite, with an inflation rate of approximately 1.25%, but a burn mechanism in the storage contracting process ensures the protocol is long-term deflationary.

Tokenomics and Distribution Model

ScPrime uses Proof of Work (PoW) ASIC mining and state channel smart contract scripts to tie Storage Providers together. The network uses 256-bit encryption and erasure codes to create a highly durable and secure public distributed cloud service. Anyone can participate as a storage node and be paid in SCP. Open-source software allows users to build generic configurations, while commercial implementations like the XaMiner deliver a plug-and-play experience.

Secondary Token: SPF

ScPrime also has a secondary token called SPF, used for incentivizing stakeholders in the network. SPF tokens have never been sold publicly and have never been listed on exchanges. In 2024, SPF migration to the Solana network began, producing a new coin called D2X. During migration, SPF tokens are burned on the ScPrime blockchain to preserve the total supply number of 400,000,000.

Evolution and Growth

ScPrime aims to evolve and revolutionize decentralized cloud storage by maintaining real-world compatibility. As blockchain, public key cryptography, and utility currencies gain acceptance, SCP software will evolve to meet the need, growing a competitive global network and advancing anti-fragile decentralization over time.

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How ScPrime works

ScPrime (SCP) is a cryptocurrency that operates on a decentralized business-grade cloud storage platform. Here's an overview of how it works:

Blockchain and Mining

ScPrime uses a layer 1 blockchain based on Proof of Work (PoW) ASIC mining. This means that the network is secured by powerful computers solving complex mathematical problems to validate transactions and create new blocks. The blockchain uses the Blake2b hashing algorithm for consensus, ensuring the integrity of the network.

Storage Providers and Incentives

Anyone can participate as a storage node and earn SCP tokens by providing durable, secure, and performant storage capacity. Storage providers are incentivized to join the network through passive income opportunities. They can set up licensed providers to share in data from Xa Net Services and receive benefits such as passive income, real-world products, and indemnification on uploads.

Smart Contracts and Security

ScPrime employs smart contracts to ensure accuracy, security, and redundancy in data storage. These contracts tie storage providers together, ensuring that data is stored securely and reliably. The network uses 256-bit encryption and erasure codes to create a highly durable and secure public distributed cloud service.

Tokenomics and Supply

The total supply of SCP tokens is infinite, with an inflation rate of approximately 1.25%. However, a burn mechanism is part of the storage contracting process, which ensures the protocol is long-term deflationary. Users can stake their SCP tokens to become storage providers, earning staking rewards in the form of additional SCP tokens, further incentivizing participation in the network and helping to control inflation.

Xa-Miner and Storage Mining

The Xa-Miner is a key component of the ScPrime network, allowing users to set up and manage their storage nodes easily. Storage mining involves providing unused hard drive space for data storage, earning SCP tokens in return. This process helps to create a global, decentralized datacenter.

Decentralized Cloud Storage

ScPrime's decentralized cloud storage platform competes with traditional cloud services like Amazon S3, Google, and Microsoft Azure. It targets small and medium-sized businesses, offering a cost-effective and secure alternative for data storage. The platform uses an S3 RESTful API, making it compatible with thousands of apps and tools.

Roadmap and Development

ScPrime has a roadmap for continued development, including improvements to its relayer, conductor, and provider selection. The project aims to evolve and advance anti-fragile decentralization over time, incorporating new technologies and features to enhance its services.

In summary, ScPrime is a decentralized cloud storage platform that rewards individuals for providing storage capacity using blockchain technology and smart contracts. It offers a secure, cost-effective, and environmentally friendly alternative to traditional cloud services.

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ScPrime's strengths

The token ScPrime (SCP) has several strengths:

  • Immutable Ledger: ScPrime uses a blockchain with multiple PH/s of expensive ASIC hashrate to validate an immutable global ledger of storage transactions, ensuring the integrity and security of data storage.
  • End-to-End Encryption: Data is never exposed to hackers unencrypted, and users are always in control of their data, ensuring robust security.
  • S3 Compatibility: ScPrime is compatible with the widely used S3 RESTful API, making it easily integrable with thousands of existing apps and tools.
  • Passive Income: Anyone with an internet connection can participate in the Distributed Datacenter and earn passive income by providing storage capacity.
  • Global Hyper-Scale: The network incentivizes nodes to join wherever needed, creating a truly intelligent Edge, which allows for efficient and scalable data storage.
  • Environmentally Friendly: ScPrime aims to reduce environmental impact by eliminating the need for traditional data centers with their high energy consumption and infrastructure costs.
  • High Durability: ScPrime offers 11 nines of durability, ensuring that data is highly available and resistant to loss or corruption.
  • Low Costs: ScPrime claims to have a total cost of ownership as low as $0.00/TB, making it a cost-effective option for data storage.
  • No Egress or API Fees: Users do not have to pay additional fees for data egress or API usage, reducing overall costs.
  • Decentralized: ScPrime operates on a decentralized network, which provides greater control and security for users compared to traditional centralized cloud services.

These strengths position ScPrime as a robust and efficient decentralized data storage solution with a strong focus on security, scalability, and cost-effectiveness.

ScPrime's risks

ScPrime (SCP) is a cryptocurrency project that operates as a decentralized business-grade cloud storage system using blockchain smart contracts. It offers various features such as end-to-end encryption, S3 RESTful API compatibility, and passive income opportunities for providers. However, like any investment, it carries financial risks.

Risk of Loss

The value of SCP can fluctuate, and there is a substantial risk that investors might lose money buying, selling, holding, or using SCP. This volatility is inherent to the cryptocurrency market and can result in significant losses if not managed properly.

High-Risk Investment

ScPrime is considered a high-risk investment due to its significant volatility. It should only be considered by those with a high tolerance for risk, a strong financial position, and the ability to absorb potential losses.

Market Fluctuations

The price of SCP can be affected by market trends and may decrease in value over time. For instance, in the short term, the price might drop to $0.1353 in July 2024, and in the long term, it may rise to $24.10 by the end of 2030.

Development and Marketing Challenges

The project has faced challenges in marketing its product effectively, which can impact its adoption and revenue generation. The team has invested heavily in development, but marketing efforts require additional funding, which may not be readily available.

Dependence on Investors

ScPrime relies on new investors to support its marketing and development goals. If it fails to attract sufficient investment, the project's progress and profitability might be hindered.

Competition and Industry Risks

The cryptocurrency and cloud storage markets are highly competitive, and ScPrime faces risks from other established players. Any significant changes in the market or the emergence of stronger competitors can negatively impact ScPrime's financial performance.

In summary, ScPrime carries financial risks due to its volatility, high-risk investment profile, market fluctuations, development and marketing challenges, dependence on investors, and competition in the industry.

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Did ScPrime raise funds?

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ScPrime’s team

  • Kenneth Scott Bell (CEO): Kenneth has a 20+ year history in the design and sales of video production and storage subsystems. He has also served as the product development leader for Telestream Wirecast Gear and has extensive channel development and sales experience.
  • Pavel Dolgov (Lead Developer): Pavel has a background in data structures, algorithms, cryptography, and software design patterns. He is also experienced in site reliability engineering.
  • Jay Rama (Network Ops/IT Lead): Jay is a systems engineer with 15 years of experience across various industries, including film/TV and storage pipelines. He is a decentralized service evangelist with a focus on security and privacy.
  • Renat Akhmedianov (Senior Software Developer): Renat has extensive experience in backend, systems architecture, high-load, and blockchain development.
  • James Bartlett (Senior Software Developer): James has over 18 years of experience in website development, ranging from small projects to large corporation websites. His skills include PHP, NodeJS, Vue, and other languages.
  • Reinis Prikulus (Database/Telemetrics): Reinis has a master's degree in Computer Science and experience in system administration and software development, particularly with Java and database development.
  • Mark Rayson (Support Manager): Mark has 20+ years of experience in the network industry, working for both service providers and vendors. He provides post-sales consulting services for SP, Enterprise, and Data Centre customers and has strong troubleshooting and customer service/support skills.
  • Henry Wilson (Tech Marketing Engineer): Henry is a computer engineering graduate with experience in blockchain, network, and financial systems. He is passionate about technology and real-world applications.
  • Henrik Korkuc (Site Reliability): Henrik has experience in SRE/Platform/Infra engineering, including Ceph, MySQL, Cassandra, Elasticsearch, and M3DB.

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