What is Siacoin (SC) ?

Siacoin SC Official Logo
Siacoin SC Official Logo

Siacoin is the currency of the Sia network. Renters pay hosts in Siacoin to utilize their hard drive space and hosts are paid out only after they’ve proven they are storing the file in question. Sia achieves this functionality by using a form of smart contract called “file contracts,” which establish parameters of the host-renter relationship like price and uptime commitments. These contracts typically last 90 days and are automatically enforced by the network. Sia is a cryptocurrency software that allows any computer running it to rent out unused hard drive space to users looking to store files. The files are also encrypted, so network users can be confident their data is safe from unauthorized access. Sia is similar to cloud storage solutions like those offered by tech giants Amazon or Google, only rather than trusting a company to manage and store their data, its users rely on software and a distributed network of global computers. To accomplish this, files stored through the Sia network are sliced into tiny pieces, so only a small portion of each is stored on any one hard drive. The files are also encrypted, so network users can be confident their data is safe from unauthorized access. Those looking to store files on another Sia user’s hard drive then pay for the privilege using Siacoin, the platform’s native cryptocurrency.

Original author – David Vorick
Initial release – October 2014
Development status – Active
Website – sia.tech

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