Siacoin

What Is Siacoin?

With the creation of Bitcoin, the world saw a significant rise in blockchain-related projects. And ideas, thus, creating the cryptocurrency ecosystem that we know today. To this day, the overall number of altcoins goes beyond the 700, with more being built as we speak. That means that someone wishing to stay updated on the market situation. Would need to not only check regularly for new ideas but also read page after page of technical info.

One of those lesser-known cryptocurrencies today is Siacoin, the workhorse of the Sia storage platform. And, to prevent the hassle of having to search every bit of information through the internet. We’ve compiled this compact guide with all you need to understand about it.

 

What Is It?

Before we start talking about Siacoin, we need to understand what the Sia platform is.

Cloud storage is a service where people rent additional space for storing their files on the internet. Without compromising their PC’s disk space. And, while that is a concept that has opened up a new market, anyone looking to start in this field. Would have to compete against giants like Amazon and Google.

Sia looks to change this by allowing for data and file storage on a blockchain platform. Looking to create a decentralized market where anyone can offer their services. Giving producers an excellent way to profit from their available storage capabilities. While clients get a competitive market that keeps prices accessible for them.

The Siacoin, its cryptocurrency, is not viewed as money but as a safety measure and commodity to make transactions more comfortable within the platform, establishing a single, standard token for customers to use to pay for services and to penalize bad behaviours.

Who’s Behind This?

Sia is developed by the development team of nebulous, consisting of:

  1. David Vorick (CEO): BS in Computer Science from the Rensselaer Polytechnic Institute and with experience in software development. He is also the co-founder of Sia.
  2. Like Champine (Co-Founder): Core developer for Sia out of his love for programming. He studied with Vorick for three years before dropping out to dedicate to Sia.
  3. Jonathan Howell (Core Developer): Programming since he was 10, he works on Sia’s front-end to develop its core functionality and an optimal UX.
  4. Zach Herbert (Head of Operations): Studying for an MBA at Harvard Business School, he’s an expert in project and product management.
  5. Todd Miltenberger (Nebulous’ Founder): Venture capitalist and entrepreneur, he also uses to perform investment banking for emerging companies. Founded Nebulous as a consulting business in 2009.

The rest of the development is handled by Sia’s community thanks to it being an open-source code that anyone can edit by joining them on GitHub.

Overview

Sia looks to generate a genuinely decentralized market for online storage services by delivering an efficient and transparent platform for users to work while resting assured of their safety. That is because, unlike Amazon or Dropbox, their code is easily verifiable by anyone and there is no single entity controlling the entire network of services.