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Siacoin
May 28, 2017 1:17 PM

Overview
Sia is an actively developed decentralized storage platform. Users all over the world contribute disk storage from
their computers to form a decentralized network.

Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on
the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a
given amount of time. If the host loses the file, the host does not get paid. Users can rent storage using siacoins and
hosts providing storage to the network receive compensation in the form of siacoins.

Coin Basics
The developers have mined the first 100 blocks or so before releasing the code + miner to the public. Other than
these first blocks, there is no premine for siacoins. The first block reward was of 300,000 siacoins. Each block
reward after that is one siacoin smaller than the previous block reward (299,999, then 299,998, and so on). When
the block reward reaches 30,000, all remaining blocks will give a 30,000 siacoin reward. The block time is 10
minutes. Each siacoin is composed of 1024 indivisible units.

The most important features of Sia can only be accessed by using siacoins. All storage contracts and all Sia payment
channels require owning siacoins. This requirement implies that the value of the siacoin is inextricably tied to the
amount of storage in use on the Sia network.

Sia has a second cryptocurrency, called the Siafund. 3.9% of all successful storage contract payouts go to the
holders of the siafunds. There are 10,000 siafunds total, and all 10,000 are completely premined. Sia's parent
company, Nebulous Inc., holds approximately 8750 of these siafunds. The remaining siafunds were sold in a
crowdfund which helped to finance Sia's early development. The primary goal of siafunding is to provide a way to
finance the development of Sia without relying on donations or a premine. More people using Sia means more
funding available to hire more developers.

Standard transactions are not subject to the fee, and neither are failed storage contracts (where the host was
offline or lost the file).

Other Info
Name Siacoin
Ticker SC
Basic Pitch Video https://www.youtube.com/watch?v=B4YGpWxyn6Y August 5th 2016
Category Storage
Competitors Storj, Maidsafe
Official Website http://sia.tech/
Production Stage Launched
Block Explorer http://explore.sia.tech/
Genesis Block January 6th 2015
MKTCAP $234,627,799 July 10th 2017
USD Vol/Day $11,159,000.0 July 10th 2017
USDPRICE $0.008 July 10th 2017
Reward System POW
Current Block Reward Previous reward -1, until blocks reach 30,000 reward, which is
permanent
BlockTime 10 min
Coins in Circulation 27,636,336,519 July 10th 2017
Network HashRate 279,443 GH/s
POW Algo Blake2b
Corporation Yes, Nebulous Labs Inc. a VC-funded startup in Boston

Coin Details
When a file is uploaded to Sia, a storage contract is created containing the Merkle root of the file, a reward for the
host, and a penalty for the host (both in siacoins). After an agreed-upon duration, the host is required to prove that
the file is still available by providing a random Merkle proof. If the proof is valid, the host is rewarded; otherwise,
the host is penalized. Random numbers are generated deterministically using the most recent block as a seed.

Sia has support for two way payment channels, and two way contract diffs. Among other things, this provides
massive scalability, and eliminates the need for untrustworthy 0-confirmation transactions. Once you join a

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payment channel network, all transactions within that network will be instant and final, with no risk of a double
spend.

Reliability is achieved by using erasure coding in a massively distributed environment. Erasure coding allows a file to
be split into many pieces, such that the original file can be recovered using only a few of them. For example, you
can take a 50 MB file, break it into 200 pieces that are 1 MB each, and then you can recover the original file from
any 50 of the pieces. This method has the same overhead as creating 4 complete copies of the file, yet is much
more reliable because it's much less likely that 151 out of 200 hosts will go offline than it is that 4 out of 4 hosts will
go offline.

Using 200 hosts to store a file means that downloads can be massively parallel. Even if the average Sia host does
not have quick upload speeds, the massive parallelism enabled by Sia means that downloads will be blazing fast
anyway. In addition, you can choose to connect only to the datacenters that are the closest and the fastest. This
optimization (known as a CDN) is a hugely expensive project for a traditional cloud storage service, but for Sia it is a
natural consequence of the decentralized network.

As security is a top priority of Sia, all encryption is performed locally; the people storing your files will have no
ability to see what you have uploaded. Not only is every file encrypted separately, every piece of every file is
encrypted separately, and hosts are not told which pieces are part of the same file.

Pre-Mine or Founder Distribution? First 100 blocks pre-mined

Future Milestones
Latest Highlight Obelisk presale live on June 28th 2017 (ASIC for Sia mining)
Primary Use Storage network
Features Highly redundant, low cost, completely private
Other Chain Reliant? No
Trusted Exchanges Polo, Yunbi, Bittrex, Cryptopia, HitBTC, alcurEX
Highest Volume Exchange Polo, July 2017: $6,128,730

Wallets
Multi-sig wallets supported.

Mobile-IOS No
Mobile-Android Yes
Windows Yes
Linux Yes
Hardware No

Social Media

Youtube https://www.youtube.com/channel/UCedY1FIU9Sxn5dq0m2yn6EQ
Twitter https://twitter.com/SiaTechHQ
Facebook https://www.facebook.com/siastorage/
reddit https://www.reddit.com/r/siacoin/

Development

Number of Developers
Development Road Map https://trello.com/b/Io1dDyuI/sia-public-roadmap

Links

FAQ:
http://sia.tech/faq/

Forum:
https://forum.sia.tech/

Blogs:
https://blog.sia.tech/

Whitepaper/Documentation:
https://www.sia.tech/whitepaper.pdf

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