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Siacoin
About Siacoin
Siacoin (SC) is the native token of the Sia network, a decentralized storage platform facilitating global disk storage contributions to create a secure and private alternative to centralized cloud storage. Users can rent storage from hosts using Siacoin, with transactions managed by smart storage contracts on the Sia blockchain. These contracts ensure that hosts are paid only after securely storing a client's file for a specified duration, incentivizing reliable storage. The concept for Sia and Siacoin was conceived by David Vorick and Luke Champine, founders of Skynet Labs, at an MIT hackathon in 2013. Skynet Labs, formerly Nebulous, continues to evolve the platform, aiming to build a decentralized internet through its application hosting and storage.
Siacoin (SC) is the native cryptocurrency that powers the Sia platform. Sia is a robust decentralized storage platform where users globally contribute disk storage from their computers to create a decentralized network. This active project focuses on providing users with a secure and affordable cloud storage solution that prioritizes privacy and reduces dependency on centralized data centers.
Siacoin serves as a medium of exchange in the Sia network, mainly used to rent storage from hosts. This process is executed through smart storage contracts recorded on the Sia blockchain. The smart contract ensures that payment is released to the host only after they have securely stored the client's file for a predetermined duration. If the host loses the file before this period, they are not paid, thereby creating an incentive for hosts to reliably store files.