ScPrime

What is ScPrime?

ScPrime, also known as the Distributed Datacenter, is an enterprise-grade cloud storage solution built on an anti-fragile blockchain. It provides end-to-end encryption, S3 RESTful API compatibility, and offers passive income opportunities to anyone with an internet connection. As customers purchase storage, nodes join the network wherever needed, creating a global hyper-scale infrastructure. Moreover, ScPrime promotes environmental sustainability by discarding traditional measures like PUE and eliminating cooling and personnel costs associated with conventional cloud services.

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Recent Video Interview

Main points of the interview:

• SCPrime founder discusses the migration of the SCP utility token to the Solana blockchain.
• SCPrime started in 2018 with a focus on decentralized storage solutions for business cloud services.
• The core products include S3 compatible cloud storage and the ExaMiner node.
• The SPF token, used for network incentives, will transition to Solana for improved security and scalability.

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Problem and Solution

The problem: The dominance of a few public cloud storage companies raises concerns regarding privacy, security, and pricing. Businesses seek alternatives that offer control over data and mitigate risks associated with centralized storage solutions.

The Solution: ScPrime addresses these concerns by offering a decentralized mesh network of storage providers. Through market-based incentives and strong encryption mechanisms, ScPrime ensures the security and durability of customer data in a highly cost-competitive environment.

Baseline Features

• Consensus: ScPrime employs a distributed ledger validated by specialized computers through proof-of-work consensus, ensuring transparency and security in transactions.
• Payment Channel/Smart Contracts: Utilizing state channel architecture, ScPrime facilitates anonymous contract formation between clients and providers, ensuring secure data uploads and payments.
• Erasure Codes: Reed-Solomon erasure codes distribute data for higher durability and efficiency, minimizing the risk of data loss.
• Encryption: ScPrime enforces end-to-end encryption to protect client data from unauthorized access, addressing privacy concerns prevalent in traditional cloud storage.
• Licensing/Compensation: The project utilizes an open-source license, with plans for a mix of open-source and proprietary code development. Two cryptocurrency grants support ongoing software development.

How Does It Work?

In its implementation, ScPrime employs a robust set of technological tools to uphold the integrity and security of its network. Utilizing proof-of-work consensus, ScPrime ensures transparent and decentralized validation of transactions, enhancing network security. Transaction mechanisms are meticulously designed to streamline the transfer of value, minimizing the risk of double-spending and ensuring the reliability of financial transactions within the ecosystem.

Smart contracts play a pivotal role in ScPrime's framework, enabling the automation and execution of agreements between parties, particularly between storage clients and providers. These contracts enforce terms and conditions, such as data storage duration and pricing, with cryptographic signatures ensuring the integrity of agreements.

Moreover, ScPrime incorporates storage proofs to prevent fraudulent activities and guarantee the authenticity of stored data. These proofs validate the fulfillment of storage agreements, providing assurance to clients and incentivizing providers to maintain data integrity.

Business Model

ScPrime taps into the growing demand for cloud services by offering compliance regimes, service level agreements, and compatibility with de facto standards. Competing with industry giants like Amazon, Microsoft, and Google, ScPrime aims to provide superior privacy, security, and performance at a lower cost, tapping into the predicted exponential growth of the cloud services market.

Competition

With dominant players controlling the enterprise cloud storage market, ScPrime aims to differentiate itself by offering superior privacy, security, and performance at a competitive price point.

Market Opportunity

ScPrime targets the exponentially growing data storage market, offering a simple and compatible solution for enterprises transitioning to cloud services. Beyond basic storage, ScPrime sees opportunities in platform, infrastructure, and software-as-a-service offerings.

What Makes ScPrime Stand Out?

ScPrime recognizes the increasing stringency of data regulations and prioritizes transparency and auditability to comply with evolving standards. Incentives are offered to storage providers who adhere to these regulations, ensuring alignment with compliance requirements. Additionally, ScPrime stands out by offering clear Service Level Agreements (SLAs) and compensating for any performance discrepancies, thus guaranteeing customer satisfaction and accountability often absent in decentralized projects. Furthermore, ScPrime's unique coin emission schedule, coupled with a pre-mine allocation strategy, not only incentivizes supporters but also ensures the project's sustainability and longevity in the market.

Similar Assetes

Some similar assets to SCP: Big Data Protocol, Siacoin, Zus, Arweave, BitTorrent, Bluzelle, Cere Network, Crust Network...

Project Development

ScPrime announces a crucial update on 4/6/2024, urging the community to vote on limiting the migration of SCP to Solana. The proposal aims to transport the storage contracting coin for listing on DEX, necessitating a vote from legitimate Storage Providers. These providers serve as the governing mechanism until the transition to a different consensus in 2025. To vote, providers must download the latest version of the Web Wallet and use their associated seed.

The migration holds significance for SCP's tokenomics and coin supply. SCP, a permissionlessly mined coin with a deflationary supply curve, faces liquidity challenges on centralized exchanges. The migration to Solana seeks to enhance liquidity and enable yield earning mechanisms. Three proposals outline different strategies for migration, with considerations for coin burning, CEX listings, and community preferences.

The first proposal suggests no limitations on migration, offering immediate transportability for up to 50% of the supply. The second proposal introduces an inflationary supply curve, limiting initial migration to mitigate potential market disruptions. Voting details will be communicated through the ScPrime Discord channel, with active Storage Providers eligible to cast their votes using the latest Web Wallet version.

ScPrime Price Analysis

As of December 22 2024 ScPrime has a marketcap of $5.3M. This is {{percentagefromath}} from its all time high of $3.47. In terms of its tokenomics, there's a total supply of 56M with 100% currently outstanding. Keep in mind ScPrime has a fully diluted value of $5.3M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.