SiaCoin
Name
SiaCoin
Summary
Sia aims to offer a decentralized cloud storage infrastructure. Sia connects users who need file storage to a distributed global network of hosts, willing to offer under-utilized hard-drive capacity.
The Sia blockchain allows this marketplace to run without intermediaries.
Sia secures the storage transactions with a set of smart contracts, creating a (supposedly) more reliable and affordable offering when compared to traditional cloud providers.
Rating
Symbol
SC
Overview
Sia is a decentralized cloud storage platform similar in concept to Dropbox and other centralized storage provider where instead of renting storage space from a centralized entity, clients rent storage space from other peers. The only difference is Sia uses blockchain to facilitate transactions Nodes provide storage to clients using the Sia blockchain as contracts. Before storing the data, the data is encrypted into many pieces and uploaded to different hosts.
Siacoin is created by David Vorick and Luke Champine of Nebulous Inc. As the traditional storage platforms are higher in cost, more expensive and data is not well protected. Siacoin promises to offer secured storage transactions with smart contracts which is more affordable and reliable. Moreover, it is completely open source which means many individuals have contributed to Siacoin’s software hence there will be an active community building innovative applications on top if the Sia API.
Historical Price Movement (in INR)
Technology
Sia's hashing algorithm is blake2b. p2pool and multisig wallets are both supported on Sia. When a file is uploaded to Sia, a storage contract is created containing the Merkle root of the file, a reward for the host, and a penalty for the host (both in siacoins). After an agreed-upon duration, the host is required to prove that the file is still available by providing a random Merkle proof. The Sia blockchain is secured using a proof-of-work consensus algorithm.
If the proof is valid, the host is rewarded; otherwise, the host is penalized. Random numbers are generated deterministically using the most recent block as a seed. Sia has support for two way payment channels, and two way contract diffs. Among other things, this provides massive scalability, and eliminates the need for untrustworthy 0-confirmation transactions.
Once users join a payment channel network, all transactions within that network will be instant and final, with no risk of a double spend. Reliability is achieved by using erasure coding in a massively distributed environment. Erasure coding allows a file to be split into many pieces, such that the original file can be recovered using only a few of them.
Use of Native tokens in the ecosystem:
The SC token is used to pay for storage services offered on the platform.
Development Team
30%
Mining
70%
Volume ( as of 2nd May 2022)
$19,332,683
Total Supply
No limit
Circulating Supply
50,911,755,000 SC
Crowd Sales
NA
Funding
09-22-2020-Seed Round-$3M
07-10-2019-Seed Round-$3.5M
04-25-2018-Funding Round-$1.5M
07-06-2017-Grant-$400K
09-07-2016-Seed Round-$750K
08-15-2014-Seed Round-$350K
05-01-2014-Funding Round-$120K
Country
Unites States
Name of Organisation
Nebulous, Inc.
Year Incorporated
2014
Registered Address
280 CONGRESS ST., 12TH FLOOR BOSTON MA 02210
Dispute Resolution and Governing Law
Unites States
Country Risk Assessment
A1
Founding Team
| Name | Designation | Education | Experience |
| David Vorickv | Co-Founder | Rensselaer Polytechnic InstituteBachelor of Science (BS), Computer Science | 9 yrs |
| Luke Champine | Co-Founder | Rensselaer Polytechnic InstituteBachelor of Science (BS), Computer Engineering | 9 yrs |
