Siacoin (SC)

What is Siacoin (SC)?

The Siacoin network is a decentralised cloud-storage platform. Using a peer-to-peer blockchain, it is competing against current centralised providers for delivering cloud-storage purpose solutions. While current leading giants such as Amazon, Drobox and Microsoft dominate this space, Sia is unique in its decentralised nature and its ability to give data storage control to individuals and network participants. They achieve this with their specialised cloud storage model called Skynet, which enables worldwide Peers on Sia’s network to offer and rent out any underutilised hard drive space capacity.

Smart contracts on the blockchain secure the data – these are called ‘file contracts.’ These allow anyone to request or host encrypted storage space on the system, in return for payment using the network’s native cryptocurrency, Siacoin. All types of storage proofs and transactions are approved on the public ledger, resulting in an ecosystem where no one person or entity can censor or restrict access to any of the data.

With the aim of growing into the storage layer for the internet of things, Sia implements a network of distributed users to secure the transfer of information. Data and files stored on the platform are encrypted and broken into separate pieces of code, ensuring there is no single point of vulnerability.

While Siacoin facilitates smart contracts between renters and hosts, the Sia network also uses another token, called Siafunds. With another purpose in mind, this token is used to incentivise more users joining the platform. When a file contract is completed, funding sources are distributed. These include storage fees, bandwidth costs and network services. Siafunds entitles holders to a 3.9% portion of each funding source.

Team

The Siacoin network is the brainchild of the blockchain hardware and software infrastructure company, Nebulous, Inc. The organisation is founded in Boston, US and unlike other crypto start-ups, did not have an ICO or a pre-mine. They are backed by Raptor Group, First Star Ventures, Fenbushi Capital and INBlockchain.

David Vorick is the Lead Developer, one of the Co-Founders and CEO of Siacoin. Keen to inspire how we perceive technology and the way we live, Vorick is one of the central drivers at Sia, with a BS in Computer Science from Rensselaer Polytechnic Institute.

The other Co-Founder and Core Developer at Sia is Luke Champine. He was alongside Vorick at Rensselaer Polytechnic Institute, but chose not to continue his time there in order to grow the platform.

Matthew Sevey is a software developer for Sia. With a BS in Mechanical Engineering from the University of Maine, Sevey writes code for Sia, seeking constantly to expand their platform API, while finding new solutions for decentralised stat storage.

Ivaylo Novakov is another of Sia’s Core Developer Team. He has an extensive background in Computer Engineering, with a BA in Computer Science from the Technical University of Sofia. He started his career with MediaOne back in 2005, before becoming Director of Engineering for a provider of advanced analytics.

Roadmap

Nebulous, Inc. was established in 2014. In 2015 they launched the Sia Storage Platform.

Short-Term

• User Experience – Sia will introduce flexible settings and preferences for performance and pricing to improve their payment plans, as well as a new alert system to keep users informed.
• Developer Features – README.md files for all Sia modules are being built, encouraging developers to better interact with and test on the network in preparation for any next generation applications.
• Infrastructure – New Remote Procedure Calls will be released, improving the transaction, deletion and securing of data stored on the network.

Medium-Term

• Larger File Storage – Faster contract formation, increasing the size and speed of data transfers. Improved support for diverse file sizes.
• File Recovery with Wallet Seed – Continuous backups will be developed to happen automatically.

Long-Term

• Easy Peer-to-Peer File Sharing – Data can be transferred between users both on and outside of the Sia platform.
• Multi-Device File Storage System and Mobile Wallets – Users can access the same node and sync data across multiple devices on the network.

Where to Store Siacoin (SC)

Siacoin supports its own online wallet to store your tokens. Sia-UI is a graphical user interface built by the team at Nebulous, Inc. It is available for Mac, Linux and Windows and is a very secure option. If you are a technical user and prefer to use a command line interface wallet, Sia Daemon is an alternative.

An additional Android app serves as a wallet client for Sia’s platform. Sia Client, or Sia Wallet Android allows users to send and receive the network’s cryptocurrency. With this, you can control your private encryption keys as well as your own data, meaning no third party can access your files.

Leading hardware wallet provider Ledger is another option for Siacoin holders. With the device, private keys are stored separately from the platform, ensuring additional security when not interacting with the blockchain.

Where to Buy and Sell Siacoin (SC)

You can Buy & Sell Siacoin (SC) by heading over to the Buy Coins page of our website. Siacoin (SC) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Siacoin (SC) has never been easier, simply place your order and provide your wallet address. Once your payment arrives SC will be sent directly to your wallet. If you choose to Sell Siacoin (SC) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.

Siacoin (SC) Resources

Website: https://sia.tech/
Block Explorer: https://siastats.info/
Twitter: https://twitter.com/siatechhq
Platform: https://siasky.net/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.