SiaCoin is a cloud storage cryptocurrency platform created by the blockchain and software development company Nebulous Labs on May 14, 2015. The company is based out of Boston, Massachusetts, and was founded by David Vorick and Luke Champine.
The Siacoin platform consists of a decentralized network of nodes located around the world. It enables users to store important data in a cloud platform that is secure and distributed in the network, preventing intrusions and violation of data privacy.Siacoin uses a Proof-of-Work (PoW) consensus mechanism and a BLAKE2 cryptographic hash function.
Siacoin (SC) is the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the "backbone storage layer of the internet."
Sia was originally announced in May 2014 before being revised and re-announced a year later in May 2015. It officially launched in June 2015.
On September 8, 2016 Siacoin raised $750,000 thousand in funding bringing there total ventyure capital funding to $1.25 million. Companies participating in the venture capital rounds include: Five Star Ventures (also known as Procyon Ventures), Raptor Group, Fenbushi Capital, and Xiaolai Li.
