Siacoin (SC)

Siacoin Token Profile (PDF)

Siacoin is a distributed data storage network launched in 2013 with a business model comparable to existing cloud services like Google Drive and Dropbox. Rather than storing data on the cloud or a centralized server, data is encrypted, broken into small fractions and distributed across a decentralized network. The Sia token is the medium of exchange between buyers of data, who are looking to store their files, and sellers, who rent out unused disk space. By providing an economic incentive for participation, Sia aims to increase the pool of storage and reduce storage costs by matching buyers and sellers though a free-market system. The Siacoin Client was designed with different types of data providers in mind, from large capacity data centers to single computers. As with other storage tokens, once a file is uploaded to the Siacoin network, it is then encrypted and duplicated so that two copies of the same file always exist. These files are then split into smaller fractions and distributed across the network. The project was initially conceived at HackMIT in 2013 by Luke Champine and David Vorick, who later pursued development through Nebulous Inc., a VC-funded startup in Boston.