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Siacoin
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Siacoin (SC) is Sia's own cryptocurrency platform, which is used to maintain payment infrastructure and transactions taking place on the network.

Sia is a decentralized cloud storage platform running on blockchain. The platform allows you to store data encrypted in the cloud, and the blockchain registry serves to verify transactions, contracts and stored assets.

The Sia project began as a cloud storage solution that implements blockchain technology and offers high-level decentralization. It is built on the basis of a P2P storage ecosystem that allows users to rent out their hard drive space to others or store their data on other people's storage resources. 

Sia was originally announced in May 2014 before being revised and re-announced a year later, in May 2015. It was officially launched in June 2015.

Who is the founder of Siacoin?

Sia was first conceived in mid-2013 by David Vorick while he was studying computer science at Rensselaer Polytechnic Institute. He discussed the idea via email with Luke Ciampin, a college friend who joined the development of the project shortly after Vorick introduced the concept at the HackMIT hackathon in September 2013. The project was officially named Sia in early 2014, a reference to the Egyptian god of worldview.

Through his college's entrepreneurial center, Vorick and Ciampin met Jim Pallotta, a billionaire investor and founder of the Raptor Group, who invested in the project. Shortly before graduating from college, they formed Nebulous Inc., a company that has since been renamed Skynet, to formally pursue Sia's development.

What makes Siacoin unique?

According to the official document, Sia's long-term goal is to compete with existing data storage solutions. He describes that the project is in direct competition with major cloud storage providers such as Amazon, Google and Microsoft. Due to its decentralized nature, Sia is able to offer competitive storage rates.

Files stored on the Sia network are divided into 30 encrypted segments, each of which is uploaded to a unique backup host. Agreements between downloaders and hosts are recorded in the Sia blockchain and applied using smart contracts. Siacoin acts as a payment method on the network, with tenants paying hosts using SC and hosts blocking SC in smart contracts as collateral.

Skynet, the company standing behind Sia and Siacoin, has announced several products built on Sia's network, including SiaStream - a cloud-based media streaming app - and the Skynet network - its flagship content delivery and file sharing network.

The company has received several rounds of funding and grants, including from Bain Capital Ventures, Paradigm and InBlockChain. In addition, for each transaction involving data storage, a 3.9% fee is charged on the Sia network, which is distributed among the holders of the company's second cryptocurrency, Siafund, with Skynet owns approximately 85% of all Siafund.

How many Siacoin (SC) coins are in circulation?

The price Siacoin today is 0.013937 USD, and the trading volume in 24 hours - 38,741,005 USD. The crypto asset has grown by -3.13% over the day. Currently, the coin’s market capitalization is 681,502,478 USD, and has 48,898,792,992 coins in circulation with the max supply of 100,000,000 coins SC.

How is Siacoin's network protected?

Sia blockchain is protected using the Proof-of-Work consensus algorithm, meaning miners compete against each other to add new blocks to the block chain, and most must confirm record for it to be published.

Co-founder Sia Vorik argued in June 2017 that proof of work is the best way to protect the network as it limits the ability of an attacker to attack a network with huge needs in energy and equipment costs.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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