Siacoin(SC)

Overview

Siacoin (SC) is the native cryptocurrency of Sia, a decentralized cloud storage platform. Instead of renting storage from a centralized provider, users rent space from other participants in the network, with storage agreements and payments handled through the Sia blockchain. Files are encrypted and split into multiple pieces that are distributed across different hosts.

Sia was created by David Vorick and Luke Champine of Nebulous Inc. and is developed as an open-source project, allowing third-party developers to build applications on the Sia API. Siacoin is used within the network to form storage contracts, compensate hosts, and post collateral. The project has outlined development goals including file sharing between users and broader adoption of its storage network by businesses.