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Summary
Type
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Country
United States
Founded
2015
Dlt Type
Blockchain
Exchanges
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Regulator
United States SEC
Blockchain
Own network
Product Stage
In development
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OTC Index Position
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CoinMarketCap Position
65
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Financial Summary
Price
$0.003
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Market cap
$122,170,578
24H Change
-3.26%
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About project
⦁ Sia is a platform for decentralized cloud storage. By allowing the formation of storage contracts with peers, Sia permits its users to store data across a wide network of participants in a secure, private, reliable and fault-tolerant manner. Contracts define the conditions under which a storage provider keeps user data, and require the provider to periodically submit proof of storage to reassure the client that their data is in safe hands. These contracts are stored on the blockchain such that they are publicly auditable.
Sia is considered a Bitcoin derivative that includes specialized contract support. Sia’s settlement currency is aptly named Siacoin, and in the future a two-way peg will be implemented in order to financially connect the Bitcoin and Siacoin blockchains.
Sia’s primary objective is to introduce storage into the sharing economy.
There are two avenues through which somebody can contribute to the Sia network and earn coins. The first one is to mine them. Mining coins keeps the network secure by validating transactions. The second method is to become a host. By renting out spare storage, users will be subsidized in Siacoin in accordance to the contracts they agree to.
Siafunds refers to a different premined coin. This coin represents a stake in the Sia platform as a business venture, rather than an internal currency used by the Sia network. Siafunds are how the Nebulous Corporation aim to generate revenue from Sia’s success as a platform. Specifically, this is done by imposing a contract creation fee of 4.9 percent, which is redistributed to Siafund holders. Siafunds are premined, where approximately 88 percent are held by Nebulous Corporation and the remaining 12 percent by early crowdfund backers of the project. Siafunds are a transferable asset, like Siacoin, but they cannot be used to finance storage contracts or miner fees. When Siafunds are transferred from one address to another, a transaction output is generated which contains the number of Siacoin generated from that particular Siafund since its previous movement. So, Siafunds can be thought of as an entitlement to some growing quantity of Siacoin.
Sia is developed by Nebulous Incorporated, a for-profit organization.
Core team
JS
David Vorick
CEO, Co-founder, Core Developer
 
JS
Luke Champine
Co-founder, Core Developer
 
JS
Zach Herbert
VP of Operations
 
JS
Chris Schinnerl
Core Developer
 
JS
Steve Funk
Head of Support
 
JS
Josh Langsam
Investor
 
JS
Drew Volpe
Investor
 
Advisors & CM
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