This new currency was developed to use the Sia Platform. Nebulous Inc. is the company that is backing Siacoin, and is Boston based. Sia was formed in June of 2015. What is Siacoin? Sia is a cloud storage platform similar to Google Drive, Dropbox, and Amazon Cloud. What is different about Sia is that it is an open-source blockchain, decentralized cloud storage platform where date is stores on the blockchain. This type of currency brings together a large amount of unused storage space and compiles it with a blockchain to make the cloud storage encrypted and decentralized. How does it work? Anyone can rent out extra space on their PC to the Sia network and get paid in Siacoin. On the other hand, anyone can use Sia storage and pay Siacoins to the host. Siacoin is a special currency for the Sia network. It executes files storage contracts on the Sia blockchain. Note that the host will have to keep files for a specified time and in a specified space. When the agreement between the host and the user has ended, payment will be sent to the host in Siacoins. According to Sia’s site, “The long-term goal of Sia is to be the backbone storage layer of the Internet. We believe data should be free. We aim to liberate the unused bits of the world and construct the largest storage super server on the planet.”
