What is ScPrime?

ScPrime is a cryptocurrency project targeting public cloud services with a blockchain based ecosystem to pay individuals to store data around the globe using smart contracts and cryptographic proofs to ensure accuracy, security and redundancy.

• ScPrime is a layer 1 blockchain based on Proof of Work ASIC mining and state channel smart contract scripts tying Storage Providers together. The network is based on the original Sia renter-host protocol and uses 256-bit encryption and erasure codes to create a highly durable and secure public distributed cloud service. Anyone may participate as a storage node and be paid in the utility coin known as SCP. Open-source software allows users to build generic configurations while commercial implementations like the XaMiner deliver a plug & play experience.
• A layer 2 reference implementation brings real world access to the network with a core client software called a Relayer, which can be configured as an on-premise or in-cloud instance to access the network with full compatibility with widely used cloud protocols like AWS S3. Customers using this client pay with traditional methods and have a wide array of features allowing for a drop-in replacement of their current cloud uses.

Evolution, Then Revolution

This is a core manifesto about transitioning to Web3 while 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. Radical cost benefits are a natural result.

At the genesis block on October 31, 2018, a premine rewarded the Sia community and developers as well as covering expenses for community participants to operate mining pools and initial exchange listing costs. A large cold wallet balance was also created for network development. Details of the genesis block are available at https://scpri.me/project-specifications

Securing the Network

The ScPrime blockchain is Proof-of-Work - Blake2B consensus algorithm with 10 minute blocktimes and an aggressive difficulty adjustment algorithm. The Genesis reward was 300 SCP declining by 0.001 SCP per block with a 10 SCP floor approximately five years from Genesis. A declining project fee was included in the first two years for developer funding. After block 105,000, 10% of each block reward is sent to an unspendable address to reduce inflation/supply for the duration of the project.

Sybil and other data disruption attacks are mitigated with a system of collateral put up by Storage Providers equal to the other side of any given contract. Collateral is locked and unavailable while the contract is active. When successfully completed, it is returned to the Provider. If for any reason, the Provider fails a contract, the Collateral is sent to a burn address to prevent an attack vector built to steal the collateral.

For durability and taking advantage of the unique nature of a widely distributed network, datasets are chunked into shards via standard Erasure Coding (Reed Solomon).Data/Parity ratios are determined by the customer inside the Relayer client based on desired durability, geolocation of data, latency and other network performance indicators. The use of EC creates extreme redundancy as only a fraction of uploaded data nodes need be available to retrieve the whole dataset.