What is Sia and SiaCoin and how does it work?

Sia is a platform that allows a user to put data into the cloud while still retaining in control of that data. The SiaCoin token is used in smart contracts to pay the hosts and when a file contract has been created, the renter and the host will both put SiaCoins into the contract. The host gets the SiaCoins only if they still have the data when the contract expires.

The promise of Sia is a decentralized network of datacenters that, taken together, comprise the world’s fastest, cheapest, and most secure cloud storage platform.

SiaCoin VS Traditional Cloud Storage (Amazon, Microsoft, Google)

Sia is attempting to enter the enterprise cloud storage industry which is currently dominated by massive players like Amazon (Amazon S3), Google (Google Cloud Storage), Microsoft (Microsoft Azure) and Dropbox (Dropbox for Business).

What makes Sia better than traditional cloud storage

Traditional cloud storage today works something like this - Once you have uploaded your data to the cloud - all that data sits with a single company such as DropBox or Apple - they therefore have access to all of your data, and therefore all of the control of your data.

And with privacy being such a necessity nowadays (due to the fact that corporations cannot be trusted due to issues such as database leaks and privacy policy changes)

What does Sia do that is different?

Sia allows a user to store their data in the cloud without losing control.

Once a file is uploaded to Sia, it is encrypted, and then uploaded to a large number of hosts, none of whom are able to manipulate any of your data or violate your privacy or prevent you from retrieving the original file that you uploaded. This is achieved through smart contracts that are used to ensure that the hosts do not get paid unless they store your data.

What makes Sia different from other cloud storage services using blockchain technology. Sia is the only platform that will hold the payment for the host in escrow until the host has finished the file contract. And if you had to ask me - I believe the team behind Sia are one of the best out there - A true highly capable engineering team.

Supply of Siacoins

The supply mechanism of Sia is somewhat unique, because there will be an infinite number of Siacoins. Developers mined the first 100 blocks to start with. The reward for the first block was 300,000 Siacoins, and after the first block, the Siacoin reward will exponentially decrease by one unit for subsequent blocks.

It means that:

  • The first block had 300,000 Siacoins.
  • The second block had 299,999 Siacoins.
  • The third block had 299,998 Siacoins.
  • The fourth block had 299,997 Siacoins.

This will continue until the block rewards are decreased to 30,000 Siacoins. After that, 30,000 Siacoins will enter the system for every block mined. There are 26.7 billion Siacoins currently available.

Download the Wallet

The only official wallets are Sia-UI and Sia Daemon, available from the Sia Apps page or the Nebulous Labs Github. One of the core developers has created an offline Sia wallet, though it is not officially supported.

There are no hardware wallets that support Sia at this time.

Do not deposit funds into Sia wallets from any other sources. No other wallet is officially supported, and there are several fake wallets that steal user funds.

How to Buy SiaCoin

I wrote a full article here How to Buy Sia using Shapeshift

For any exchange related issue, please contact the exchange you are trading on before posting here!

Exchanges occasionally experience technical issues with the Sia wallet, such as delayed or cancelled withdrawals. Always contact the exchange first in case of wallet issues. No one here can help you with your exchange account. Please note that many exchanges have long support queues and it may take a while to receive a response. If the exchange has provided you with a transaction ID, you can also try to paste that into a Sia Explorer for the status on your withdrawal.