Siacoin (SIA)

Siacoin was conceived in 2013 at a hackathon event hosted by the Massachusetts Institute of Technology. The idea allows anyone to rent out their computer storage space, rewarded through a smart contract mechanism on the Sia blockchain.

Siacoin

Official Website: http://sia.tech/

Key Facts

  • Sia’s creators are Luke Champine and David Vorick.
  • Sia is a decentralised network of datacentres (typically called cloud storage) which facilitate the buying and selling of computer storage space cheaply, quickly and securely.
  • Users pay for transactions within Sia using Siacoin (a cryptocurrency).
  • You can contribute personal hard drive space to other clients and become a storage space hoster.
  • Sia relies on miners to supply computing power to the network, who are then paid in Siacoin.
  • Sia’s code is open source and the blockchain closely resembles the bitcoin blockchain, preserving a proof of work consensus.

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