What is Siacoin (SC)

1. Project Introduction
Siacoin is a decentralized cloud storage platform that leverages blockchain technology to establish a peer-to-peer (P2P) network connecting users in need of storage with hosts offering underutilized hard drive capacity around the world. By using smart contracts to ensure the transparency and security of storage agreements, Siacoin offers a more affordable and reliable alternative to traditional cloud storage services.
Summary:
Siacoin provides a blockchain-based decentralized cloud storage solution, offering a cost-effective and efficient alternative to centralized cloud providers. The network empowers users and storage providers to rent out unused storage space, optimizing resource utilization across the ecosystem.
2. Team & Investment Info
Siacoin was founded by David Vorick and Luke Champine, both graduates of Rensselaer Polytechnic Institute (RPI). The original concept emerged during a HackMIT hackathon and later evolved into a fully launched platform in 2015, headquartered in Boston. Prior to launching Siacoin, the founders co-established Nebulous, which was restructured in 2021 into Skynet Labs and the Sia Foundation to continue supporting the development of the Siacoin ecosystem.
Funding:
Siacoin did not conduct an ICO. Instead, it began operating immediately following the mining of its genesis block. It raised $750K in a seed round from investors including Li Xiaolai and Procyon Ventures. Before its Series A, it secured $3.5M from Bessemer Venture Partners, Dragonfly Capital, and others.
3. Social Media URLs
X: https://x.com/sia__foundation
Discord: https://sia.tech/discord
Reddit: https://reddit.com/r/siacoin
4. Token Info
Token Symbol: SC
Total Supply: 57,769,785,000
Token Type: SIA
Issuance/Burn Mechanism: No fixed supply cap.
5. Related Links
Official Website: https://sia.tech/
GitHub: https://github.com/SiaFoundation
LinkedIn: https://www.linkedin.com/company/the-sia-foundation/
White Paper: https://sia.tech/sia.pdf