Siacoin is a native token of a blockchain-based cloud storage platform named after the god of perception, Sia. It was first discussed in 2013 over e-mail by two college friends, David Vorick and Luke Champine. The same year the first draft of the whitepaper was written and the project was titled “The Nimbus Network”, then “Bytecoin” and only afterward “Sia”.
Sia is a highly secure decentralized platform where users can act as both renters and hosts by leasing out their unused storage space in exchange for SC tokens. The files are not only encrypted but also divided into small parts which then are stored on different hard drives to ensure security. The Sia network is powered by “file contracts”, a type of smart contract, which establishes the terms of the lease. To get paid the host has to provide storage proof once the file contract is completed.
In 2020, it was announced that Nebulous, which previously simultaneously maintained the Sia platform and developed its ecosystem, split into two: the Sia Foundation and Skynet. The Sia foundation is now responsible for software and ecosystem development, and Skynet Labs for creating a decentralized internet.