What Is Siacoin?
Siacoin is the utility token that powers the Sia network, a decentralized cloud storage platform. The Sia network utilizes the hosts’ unused hard drive capacity to create a data storage marketplace.
Background
David Vorick and Luke Champine first conceived of Sia in 2013.
How It Works
The Sia Foundation, a non-profit organization, oversees developing and enhancing the Sia network. It envisions a future where individuals entirely own their data, devoid of walled gardens, vendor lock-in, or single provider access risks. The Sia Foundation’s software suite enables hosts and renters to manage their data and resources efficiently.
When a file is uploaded to Sia, it is fragmented, encrypted, and globally distributed. The network ensures continuous accessibility by creating multiple copies of each file. As a renter, you can upload your files to hosts who have allocated their storage capacity. Contracts are initiated with these hosts, specifying the amount of data to be stored, the duration, and the cost. As a host, you provide surplus storage capacity to the network and earn Siacoins in return. These coins can be used to acquire storage space or exchange for other cryptocurrencies or fiat on various exchanges.
Key Takeaways
- Siacoin is the Sia network’s utility token, a decentralized cloud storage platform.
- The Sia network utilizes the hosts’ unused hard drive capacity to create a data storage marketplace.
- The Sia Foundation, a non-profit organization, oversees developing and enhancing the Sia network.
- Files uploaded to Sia are fragmented, encrypted, and globally distributed, ensuring continuous accessibility.
- As a host, you can provide surplus storage capacity to the network and earn Siacoins in return. These coins can be used to acquire storage space or exchange for other cryptocurrencies or fiat on various exchanges.
