What is ScPrime?

ScPrime is a cryptocurrency project that aims to revolutionize public cloud services. It utilizes a blockchain-based ecosystem to incentivize individuals to store data globally using smart contracts and cryptographic proofs for accuracy, security, and redundancy.

• ScPrime operates as a layer 1 blockchain built on Proof of Work ASIC mining and state channel smart contract scripts that connect Storage Providers. The network is based on the original Sia renter-host protocol and employs 256-bit encryption and erasure codes to create a highly secure and durable public distributed cloud service. Anyone can participate as a storage node and receive payment in the utility coin SCP. The open-source software allows for generic configurations, while commercial implementations like XaMiner offer a plug & play experience.
• A layer 2 reference implementation, known as Relayer, provides real-world access to the network. It can be configured as an on-premise or in-cloud instance, offering full compatibility with popular cloud protocols like AWS S3. Customers using Relayer can pay with traditional methods and enjoy a wide range of features, making it a seamless replacement for their current cloud services.

Evolution, Then Revolution

This manifesto outlines the transition to Web3 while maintaining compatibility with the real world. As blockchain, public key cryptography, and utility currencies gain acceptance, SCP software will evolve to meet the growing demand, creating a competitive global network and advancing anti-fragile decentralization. Substantial cost benefits will naturally follow.

During the genesis block on October 31, 2018, a premine rewarded the Sia community and developers, covering expenses for community participants to operate mining pools and cover initial exchange listing costs. A significant cold wallet balance was also established for network development. More details about the genesis block can be found at https://scpri.me/project-specifications

Securing the Network

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

To mitigate Sybil and other data disruption attacks, the network employs a collateral system. Storage Providers must put up collateral equal to the other side of any given contract, which remains locked and unavailable while the contract is active. Upon successful completion, the collateral is returned to the Provider. If the Provider fails to fulfill a contract, the collateral is sent to a burn address to prevent potential attacks aimed at stealing the collateral.

For durability and to leverage the advantages of a widely distributed network, datasets are divided into shards using standard Erasure Coding (Reed Solomon). The customer, within the Relayer client, determines the data/parity ratios based on desired durability, data geolocation, latency, and other network performance indicators. This approach creates extreme redundancy, as only a fraction of the uploaded data nodes need to be available to retrieve the entire dataset.