The concept of Sia blockchain is similar to Google Drive or Amazon S3 but instead, the network users rent data storage space in a P2P network. There are plans to launch a proof-of-burn mechanism, and team Sia has mined around 100 blocks (around 30 million SC) before publicly releasing the mining algorithm. SC, the utility token of Sia, is designed to power transactions via smart contracts and is introduced as mining rewards through Sia blockchain’s proof-of-work mining algorithm. Each storage-related transaction on the Sia network is subject to a 3.9% fee, distributed to holders of the company’s second cryptocurrency, Siafund - with Skynet holding approximately 85% of all Siafund. The grants to Sia have been bestowed upon by renowned enterprises, including Bain Capital Ventures, Paradigm, and INBlockchain. Siacoin: Expansion and Community Contributions Hence Siacoin becomes like a payment mediator network, with renters paying hosts using SC and hosts locking SC in smart contracts as collateral on which Siacoin relies entirely to store files. The agreements between uploaders and hosts are recorded on Siacoin (SC) ecosystem and enforced using smart contracts. Launching the native utility token SC, Siacoin stands as one of the significant contributors to DeFi space, giving tough competition to the industry’s largest giants like Amazon, Google, and Microsoft in terms of cloud storage solution providers and that too on competitive storage rates in the crypto industry.įiles stored on the Sia network are divided into 30 encrypted segments, with each segment uploaded to a unique host for redundancy.

Siacoin: Revolutionizing the Crypto World Founded initially in 2014, Sia was officially launched in June 2015 by David Vorick and Luke Champine, who, together with Jim Pallotta, the investor, and founder of Raptor Group, devised this phenomenal platform of Sia.

Creating a secure and trustless marketplace, the Sia project has given immense contribution to the decentralized cloud storage ecosystem, say replacing the spare hard drive space.

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