Decentralized storage for the post-cloud world
Sia is a decentralised cloud storage platform that provides storage renting through peer-to-peer network. This is done via smart contracts that are formed between the storage providers and the users. To establish such cloud storage service without having an actual data storage center, Sia leverages underutilised hardware capacity around the globe. This would allow the opportunity to offer a much lower cost storage service compared to traditional centralised cloud storage service.
Siacoins (SC) are the utility token that power the Sia network. There are no maximum supply of SC since the amount of data that humans store are limitless. As of 2021, there are around 47.3 billion SC in circulation. SC are created as block rewards during mining on the Sia Proof of Work blockchain. To tackle inflation, Sia implement the Proof of Burn mechanism where hosts burn their tokens to a unspendable address to demonstrate that they are real. At the same time, hosts that have burn their token will be more likely to be selected by the renters (users).
Paradigm, Bessemer Venture Partners, A. Capital Ventures, Hack VC, First Star Ventures, INBlockchain, Bain Capital Ventures, Collaborative Fund, Dragonfly Capital Partners, Hack VC.