Siacoin

Siacoin (SC) is the native utility token of Sia, a blockchain-based, distributed, decentralized cloud storage platform. Sia aims to serve as a secure and trustless marketplace for cloud storage, where users can lease out their unused storage space. Transactions and agreements on the network are enforced using smart contracts, with Siacoin functioning as the medium of exchange for storage services. The project's vision is to become the "backbone storage layer of the internet." Sia was first announced in May 2014 and officially launched in June 2015.

• Total Supply

• : The total supply of Siacoin is 56,548,785,000 SC.

• Mining

• : Siacoin was not pre-mined, had no ICO, and is not considered a security. It is mined and enters circulation as a result of this process.

• Division

• : Siacoin can be divided into units as small as hastings, with 1 SC equivalent to 10241024 hastings.

As of today 27 July 2024, the price of Siacoin is ₹0.49 INR, with a 24-hour trading volume of 4357949.74 USD. The market capitalization for Siacoin is 303533554.14USD. The circulating supply is 57740361722.83 Siacoin, with the total supply also being 57769755000 Siacoin.

• Decentralized Storage

• : Sia provides a decentralized storage solution less susceptible to censorship and central points of failure.

• Smart Contracts

• : Using intelligent contracts for agreements enhances security and trustlessness.

• No Pre-mine or ICO

• : Siacoin's distribution is based on mining, which is a fairer and more decentralized approach to token distribution.

• Microtransactions

• : Siacoin's divisibility allows for microtransactions, facilitating a pay-as-you-go model for storage.

• SEC Compliance

• : Siacoin has settled with the SEC, which may reduce regulatory risks for the project.

• Unlimited Supply

• : The lack of a maximum supply cap raises concerns about potential inflation.

• Complex Dual Token Model

• : The existence of both SC and SF (Siafunds) can be confusing and may skew value capture vectors.

• User Interface Issues

• : The project has faced criticism for not providing a user-friendly interface, which could hinder adoption.

• Competition

• : Siacoin faces stiff competition from other decentralized storage solutions and newer generation projects.

• Proof-of-Work Concerns

• : Using a Proof-of-Work algorithm may create design constraints and be more energy-efficient than other consensus mechanisms.

• Innovative Storage Solution

• : Sia's decentralized cloud storage offers a unique approach to data storage, potentially disrupting the traditional cloud storage market.

• Growing Ecosystem

• : The Sia ecosystem, including Skynet, provides a platform for decentralized file-sharing and content delivery.

• Revenue Sharing

• : Holders of Siafunds (SF) receive a portion of the transaction fees generated on the network, offering a potential revenue stream.

• Security and Privacy

• : Sia's focus on privacy and security could attract users concerned about data sovereignty.

• Resilience to Regulation

• : The project's proactive approach to regulatory compliance, including its settlement with the SEC, may position it favourably in the face of potential future crypto regulations.

• Decentralized Cloud Storage

• : Sia's core offering of decentralized cloud storage sets it apart from traditional cloud service providers.

• Dual Token System

• : The dual token model with Siacoin for transactions and Siafunds for revenue sharing is unique among cryptocurrencies.

• Automated Network

• : The Sia network's automation ensures minimal human intervention, enhancing efficiency and reliability.

Siacoin addresses the problem of centralized cloud storage services that are prone to censorship, surveillance, and data breaches. By leveraging blockchain technology, Sia aims to provide a more secure, private, cost-effective storage solution.

Siacoin (SC) was co-founded by David Vorick and Luke Champine, who met while studying Computer Science at Rensselaer Polytechnic Institute in New York. However, Sia was developed by Nebulous Inc., which was rebranded to Skynet Labs, and the team has been actively developing the Sia network and Skynet.

There was no ICO for Siacoin. Instead, the token has been distributed through mining since its launch.

• Inflation Risk

• : The unlimited supply of Siacoin could lead to inflation, potentially devaluing the token.

• Adoption Challenges

• : The project's user interface issues and complex dual token model may hinder widespread adoption.

• Competitive Market

• : The decentralized storage market is highly competitive, with several projects vying for market share.

• Technological Obsolescence

• : Rapid technological advancements could render Sia's current offerings obsolete.

• Regulatory Uncertainty

• : Despite settling with the SEC, the broader regulatory environment for cryptocurrencies remains uncertain and could impact Sia.

The Siacoin (SC) whitepaper, titled "Simple Decentralized Storage," outlines the foundational principles and mechanisms of the Sia network, a decentralized cloud storage platform secured by blockchain technology. Authored by the team at Nebulous Inc., the whitepaper delves into the economic and technical frameworks underpinning Sia's operation, aiming to revolutionize how data is stored, accessed, and secured over the internet.

At the core of Sia's proposition is utilizing blockchain technology to create a decentralized marketplace for data storage. This marketplace connects clients seeking storage space with hosts willing to rent unused disk space. The interactions between clients and hosts are governed by smart contracts, ensuring that the terms of storage agreements are automatically enforced without the need for a central authority. This system enhances security and privacy and aims to reduce storage costs compared to traditional, centralized cloud storage providers.

The whitepaper highlights Sia's economic model, primarily based on two types of tokens: Siacoin (SC) and Siafunds (SF). Siacoin serves as the currency for transactions within the Sia network, including payments for storage services. The supply of Siacoin is designed to increase over time, with new coins awarded to miners as a block subsidy. This subsidy starts at 300,000 coins for the first block and decreases by one coin per block until it reaches a minimum of 30,000 coins per block. This mechanism ensures a gradual and predictable inflation rate, incentivizing miners to secure the network.

Siafunds, on the other hand, are a secondary token representing a share in the network's transaction fees. A fixed percentage (3.9%) of all contract funds is allocated to Siafund holders, aligning the revenue generation of Nebulous Inc. with the usage and growth of the Sia network. Initially, Nebulous Inc. held approximately 88% of the Siafunds, with the remainder distributed to early backers of the project.

The whitepaper also addresses the technical aspects of Sia's storage solution, including file encryption, storage proofs, and the redundancy provided by Reed-Solomon erasure coding. Files are divided into shards before being uploaded to the network, with each shard encrypted using a unique key. This ensures that hosts cannot access the contents of the files they store, enhancing privacy and security. Hosts must regularly submit storage proofs to the network to prove they still hold a client's data. The blockchain verifies these proofs, ensuring hosts are compensated only if they fulfil their contractual obligations.