Siacoin (SC)
The creators of Siacoin
Siacoin, the cryptocurrency that powers the Sia network, was created by David Vorick and Luke Champine of Nebulous Inc. These innovators aimed to address the shortcomings of traditional storage platforms, which often entail higher costs and less secure data protection. By utilizing smart contracts, Siacoin facilitates secure storage transactions, providing an open-source platform that encourages contributions from a wide range of developers. This has led to an active community that continuously builds innovative applications using the Sia API.
| Ticker | SC |
| Category | Smart Contract Platform |
| Website | https://sia.tech/ |
| @sia__foundation | |
| https://www.reddit.com/r/siacoin |
How Sia works
Sia operates by creating contracts on its blockchain, which govern the storage of data between clients and hosts. Before data is stored, it is encrypted, split into multiple pieces, and distributed across different hosts. This not only ensures data security but also enhances redundancy and accessibility. The use of blockchain technology facilitates transparent and reliable transactions, ensuring that both clients and hosts are bound by the terms of their contract.
Development goals of Sia
Sia's development is structured around three main time frames: short-term, medium-term, and long-term goals, each focusing on expanding the platform's capabilities and user base.
Short-term development
In the short-term, Sia focuses on enabling file sharing between users within its platform. This feature allows users to share files without removing them from the cloud, thereby increasing network utilization and enhancing user experience.
Medium-term development
The medium-term objective for Sia is to enhance partnerships with major companies. By reaching out to large entities such as Netflix and Dropbox, Sia aims to establish itself as a viable storage and distribution framework for these companies, potentially integrating its decentralized storage solutions into their operations.
Long-term development
Looking towards the future, Sia's long-term development plans include expanding its services to allow file sharing with non-Sia users and supporting mobile wallets. This expansion aims to increase the accessibility and flexibility of the Sia platform, making it more attractive to a broader audience.
Open source and community involvement
The open-source nature of Sia means that its software is continuously being improved by contributions from a global community of developers. This collective effort not only drives innovation but also ensures that the platform remains robust and responsive to the needs of its users. The active community around Sia plays a crucial role in its ongoing development and the creation of new applications that leverage its decentralized storage capabilities.