The story of its founding is quite exciting and impressive.
Sia was first conceived by David Vorick in mid-2013 while he was studying computer science at Rensselaer Polytechnic Institute. Shortly after introducing his project at the HackMIT hackathon in September 2013, Vorick emailed the idea to his college friend Luke Champine, who later joined the project. The project was officially announced as Sia in early 2014. The protocol is named after the Egyptian goddess of perception.
Through their university's entrepreneurship center, Vorick and Champine were introduced to billionaire investor Jim Pallotta, founder of Raptor Group. Pallotta later invested in the project. Shortly before graduating from university, the duo founded the company Nebulous to formalize Sia's development. It was later rebranded as Skynet.
Siacoin (SC) is the native token of Sia, a blockchain-based distributed and decentralized cloud storage platform. Sia acts as a robust, trustless cloud storage marketplace where network participants can rent unused storage space. Agreements and transactions are implemented through smart contracts. Siacoin is used as a medium of exchange to pay for storage services on the network. The main goal of the project is to become the "foundation storage layer" operating on the internet.
The main purpose of the platform is to bring a decentralized structure to data storage. The platform strives to ensure that data is protected from censorship theft and that the user is never denied access to data by miners, hackers, government bodies or developers. In the network, peers rent storage from each other instead of a central provider. In addition, the platform only stores the storage contracts created between the parties, defining the terms of their arrangement.
According to Sia documentation, the network is secured by blockchain technology and is a variant of the Bitcoin protocol that creates a data storage marketplace.
When a file is uploaded to Sia, it is split, encrypted, and sent around the world. Tenants upload files, hosts store them, and everything is automatic. Once you upload your files, the network copies them multiple times, ensuring they are always accessible. They are never accessible by the hosts because they only receive pieces of the entire file that have already been encrypted.
Why is Siacoin Different?
The long-term goal of the Sia project is to compete with existing storage solutions. The developers see themselves in direct competition with large-scale cloud storage service providers such as Amazon, Google, and Microsoft. Thanks to its decentralized nature, Sia is able to offer competitive storage services.
Files stored on the Sia network are split into 30 encrypted segments, and each segment is uploaded to different computers for increased security. Agreements between uploaders and hosts are recorded on the Sia blockchain and processed through smart contracts. Siacoin acts as the network’s payment medium. Those renting storage space pay hosting providers. Deposited SC tokens are locked as collateral for smart contracts.
"According to the Sia development team, the developers point out that the uploaded data is divided into 30 pieces, and that the pieces of data are distributed around the world. Thus, they ensure that the network will not collapse, except for a massive natural disaster or geopolitical events. In addition, after an attack on the network, as long as 10 out of 30 hosts remain standing, the files can still be retrieved"
In the investment rounds it organized, the company received funding from many famous investment firms.
Authorities generally paint an optimistic picture for the future of SC. They often state that the price of Siacoin (SC) in particular will rise in the coming year.
Market Value $269.79M
Circulating Supply 57.74 B
Maximum Arz 57.74 B
