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Sia is a distributed cloud storage platform that uses the blockchain to process payments. With Sia you can rent storage, get paid to host files or mine Siacoin to maintain the network.
Existing cloud services are central, the costs are high, the files are often not encrypted and each provider uses its own large data centers. With Sia it is possible to store your own files privately and remotely on different cloud stores for a lower price.
Sia was founded by David Vorick and Luke Champine of Nebulous Inc, who have a start-up in Boston.
What is Siacoin?
Sia uses its own digital currency called Siacoin for this service. All payments are processed via Siacoin. This makes it possible to make decentralised payments for encrypted contracts.
Siacoin: Origin and technical details
Siacoin was pre-scooped by the developers. The developers dug the first 100 blocks before releasing the code.
The first block had a block reward of 300,000 Siacoins, the following blocks are reduced by one Siacoin each, i.e. 300,000, 299,999, 299,998 and so on.
However, the block reward never falls below 30,000 Siacoins. This sum is the minimum limit for a block reward. The block time for Siacoins is 10 minutes.
Symbol Designation Number of Wiss.
Buy Siacoins
On HitBTC* you can buy Siacoins (abbreviated SC). To do this, you must first register with HitBTC*. Use a strong password and two-factor authentication to log in.
To buy Siacoins on HitBTC, you need Bitcoins. Either you send Bitcoins to the stock exchange or you send another, faster and cheaper currency to HitBTC and exchange it for Bitcoin.
If you do not yet have digital currencies or do not wish to exchange them, you can purchase digital currencies from these providers:
Digital currencies should never be stored on a stock exchange. The danger is too great that it will be hacked and you lose your money. You should also create a secure environment for your computer. A minimum level of protection is a permanently good and safe antivirus program*!
For your Siacoins you need to download a wallet. With wallets you should only use official contact points, third-party software should only be used in exceptional cases.
You can find the official Siacoin Wallet on the Sia website. As a user you download the Sia-UI, Sia Daemon is for developers.