Siacoin is the cryptocurrency developed to use the Sia platform. Sia permits its users to store data across a wide network in a secure, private, reliable and fault-tolerant manner. Siacoin is an inflationary currency uses a proof of work scheme. Siacoin, uses a blockchain enforced contract where a user can request file storage services from a host.
Sia, as a concept was first come into mind of at HackMIT, an annual student-run hackathon in 2013. David Vorick is co-founder and CEO of Sia. It was determined by Nebulous development team which contains a core team of five industry people.It was officially launched in June of 2015; it is now backed by Boston-based firm Nebulous Inc., whose self-proclaimed mantra is: ‘Re-decentralizing the Internet’.
Features that distinguish it from other cryptocurrencies. The Siacoin protocol is not just about sending money from A to B. It has many features
Sia transactions strip away the pay to script mechanism, opting for the multisignature M-of-N scheme for all transactions
The decentralized storage system that distribute the data in the web.
Siacoin uses a storage solution that is decentralized, taking resources from each user.
The Sia Blockchain create a smart contract, which is designed to ensure that the host it paid for all the services.
Because of features of Siacoin it grows in usage and demand for siacoins. As demand grows, the price will increase. Sia has a second cryptocurrency, called the Siafund. The primary goal of siafunding is to provide a way to finance the development of Sia. Sia is a decentralized network of small datacenters that provides the world's fastest, cheapest and most secure cloud storage platform. Amazon, Google, and Microsoft,Netflix and YouTube etc.are using Sia deliver the best user experience to their customers and market value of Sia is increasing.
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