An Overview of the ScPrime
ScPrime is a distributed storage network that uses a free market approach to connect diverse nodes to offer safe and reasonably priced network services. It potentially provides its customers with fair pricing and command over storage providers while monitoring illicit content that could possibly prevent attacks.
It is a blockchain-based ecosystem that utilizes smart contracts and cryptographic evidence to guarantee accuracy, privacy, and reliability. It also pays people to store data globally as it aims at public cloud services.
Working Mechanism of ScPrime
The Proof-of-Work Blake2B consensus algorithm, with 10-minute block timings and a hostile difficulty adjustment algorithm, powers the ScPrime blockchain. The distributed ledger of transactions is validated by specialized ASIC mining hardware employing a proof-of-work mechanism that competes to create blocks, which is referred to as mining.
SCP stepped into the game as an open-source project and centralized the validation process by forcing the miners to purchase the equipment individually from the development team. The client seeking storage creates contracts with various providers based on the asked price and performance.
The SCP orphaned the requirement of owning large specialized mining equipment by allowing miners to mine anytime and anywhere in the world. It utilizes the P2P network for the formation of anonymous contracts between clients seeking storage and providers.
The Contracts stage data are uploaded via agreements on different criteria such as length of time, price, etc. Smart contracts consist of cryptographic hashes composed of sole segments, which are further hashed into a Merkle tree. The hash, along with the data size, is used to verify the storage proofs.
A system of collateral provided by Storage Providers equal to the other party to any given contract is used to mitigate data interruption threats. During the term of the Contract, the collateral is sealed and unavailable. It is given back to the Provider after completion is successful.
If the supplier fails a contract for any reason, the collateral is delivered to a burn address to stop an attack route designed to steal it. Datasets are chunked into shards using standard Erasure Coding for durability and to take advantage of the special properties of a widely spread network.
It produces exceptional redundancy because only a portion of the uploaded data nodes needs to be accessible to retrieve the entire dataset.
ScPrime Tokennomics
There are three taken for now that are SCP, D2X, and SPF:
SCP tokens have a limitless supply and an approximate inflation rate of 1.25%. However, as part of the storage contracting procedure, a burn mechanism ensures the protocol is longer-term deflation. ScPrime also employs staking rewards as an additional inflation control technique.
Users can stake their SCP tokens to become Storage Providers and offer their free hard drive space for data storage. In exchange, they receive staking rewards in the form of extra SCP tokens, which encourages network participation even more and lowers inflation by raising the token’s demand.
Additionally, ScPrime features a secondary token known as SPF that is utilized to reward network participants. SPF is unique to our network and has been thought of for purposes other than coin yield. ScPrime plans to transition from proof of work to proof of stake in the future, with SPF being an appealing choice for the staking/governance token.
SPF tokens have never been posted on exchanges or offered for sale to the general public. The migration of SPF to the Solana network started in 2024, giving rise to the new coin D2X. SPF is burned on the ScPrime blockchain upon migration to maintain the 400,000,000 overall supply number.
Features of ScPrime
- ScPrime is based on a layer-1 blockchain that connects Storage Providers via state channel smart contract scripts and proof-of-work ASIC mining.
- The network uses 256-bit encryption and eliminates codes to build an extremely robust and secure public distributed cloud service.
- It provides end-to-end encryption to its users, which controls the information and is never accessed by hackers.
- SCP, a utility token, is free and open-source. Anyone can use it to participate as a storage node and receive payment.
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