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project icon for siacoin

Siacoin

SC
$0.001791
-6.66%
Negative delta icon
project icon for siafund

SiaFund

SF
n/a

The Sia blockchain enables a marketplace for decentralised data storage, which allows private data storage services to be competitively priced and safely replicated, and aims to be more secure than existing cloud storage.

Overview

Project Stage

Live status icon

Amount Raised

$4,750,000.00

Market Cap

SC
SF
$75MM

Sector

Data Storage

Blockchain

Native token icon

Sia

Funding Source

Equity Funding, Token Sale

Project Profile

Sia is the result of work from a a venture backed company founded in Boston in 2014 called Nebulous Inc., which operates a network of cloud storage and develops the Sia software. Sia has had a live product since 2016 and the roadmap moving forward hopes to see the network reach speeds similar to Amazon S3 and become a true competitor with regards to functionality and user experience, with the associated security and privacy benefits of a decentralized network of appropriately incentivized rational actors. Sia’s core and founding team is comparatively small and development focused; including a front-end designer with extensive experience in product management and experience as a software engineer for MyEtherWallet. The Sia team decided to hard-fork the networks codebase in late 2018 as a means to mitigate the centralizing influence of those ASICs specifically built by Bitmain and Innosilicon though the Obelisk (a subsidiary of Nebulous) ASIC’s will continue to function post-fork.

Project Details

The Sia blockchain is heavily influenced by Bitcoin, with a modified notion of transactions designed for storage contracts. A Sia transaction includes a ‘FIle Contract’ field that determines: the duration of the contract (default 90 days), the required frequency of proofs of correct storage, the reward per correct proof, the fee per failure to submit proof of storage and the maximum number of such failed proofs before the contract is breached. When a user decides to commit data to the Sia network, they interface with software that breaks the data up into 30 shards before encryption and distribution across the network. This is achieved via erasure coding that allows for the full original file to be retrieved on the basis of any 10 of the 30 shards, thereby introducing redundancy capable of tolerating up to 2/3rds of the shards becoming corrupted or otherwise unavailable. A user enters into a contract with a data storage provider and then the network is responsible for ensuring the data's ongoing availability by periodically requiring proofs of storage. The storage provider will be compensated for correct proofs of adequately stored data and incur costs to themselves should proofs not be submitted. A network of payment channels are utilized, analogous to Bitcoin’s lightning network, to provide low-cost small value transactions between storage providers and networks users.

Asset Details

Those providing data storage capacity to the network are required to stake Sia as collateral for the opportunity to provide services. This allows storage providers to be fined should they renege on their commitments to both store data, for the agreed time, and sufficiently frequently prove this to be the case. User’s renting out distributed storage capacity on the network will make payments in Siacoin. Sia hope to provide order of magnitude cost reductions per unit data stored per unit time, although this price comparison will only be truly meaningful once the latency and user experience match that of existing centralized cloud storage providers.

Sia Mining

Siacoin’s PoW consensus mechanism uses the Blake2b hash algorithm, with two variations in its history. Sia mining has a complex and controversial history. In mid-2017, David Vorick announced that ASIC development could not be prevented and that the core team, under a different corporate entity, would develop its own ASICs so as to better control the security of the network. Pre-orders on these “Obelisk” devices would also help fund core development. Delivery was promised for mid-2018, but two ASICs beat the Obelisk to the market, first the Bitmain A3 and then the Innosilicon S11, which was significantly more efficient than either the A3 or the Obelisk specs. It was revealed that the Obelisk was compatible with both the original Blake2b and a slight variation that would render other ASICs optimized for the original Blake2b incompatible. In response, the SIA community proposed a fork to implement the variation so as to preserve both the profitability of the Obelisk and appease a community unhappy with a core development team that was late on shipping now-unprofitable miners. After initially opposing the fork, the core team, citing concerns about the complete monopoly the S11 had on the network, ended up releasing a fork to make the Obelisk the only compatible ASIC. This also gave rise to a variety of other forks. Additional details and links about this history is detailed well here. The delay and underperformance of the Obelisk resulted in a class action lawsuit against the team.

project icon for siacoin

Sia

SC

Project Assets

project icon for siacoin
SC
$0.001791
-6.66%
Negative delta icon
project icon for siafund
SF
Negative delta icon

The Sia blockchain enables a marketplace for decentralised data storage, which allows private data storage services to be competitively priced and safely replicated, and aims to be more secure than existing cloud storage.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
SC
SF
$75MM
Native token icon

Sia

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Equity Funding, Token Sale

$5MM

Data Storage

Project Profile

Sia is the result of work from a a venture backed company founded in Boston in 2014 called Nebulous Inc., which operates a network of cloud storage and develops the Sia software. Sia has had a live product since 2016 and the roadmap moving forward hopes to see the network reach speeds similar to Amazon S3 and become a true competitor with regards to functionality and user experience, with the associated security and privacy benefits of a decentralized network of appropriately incentivized rational actors. Sia’s core and founding team is comparatively small and development focused; including a front-end designer with extensive experience in product management and experience as a software engineer for MyEtherWallet. The Sia team decided to hard-fork the networks codebase in late 2018 as a means to mitigate the centralizing influence of those ASICs specifically built by Bitmain and Innosilicon though the Obelisk (a subsidiary of Nebulous) ASIC’s will continue to function post-fork.

Project Details

The Sia blockchain is heavily influenced by Bitcoin, with a modified notion of transactions designed for storage contracts. A Sia transaction includes a ‘FIle Contract’ field that determines: the duration of the contract (default 90 days), the required frequency of proofs of correct storage, the reward per correct proof, the fee per failure to submit proof of storage and the maximum number of such failed proofs before the contract is breached. When a user decides to commit data to the Sia network, they interface with software that breaks the data up into 30 shards before encryption and distribution across the network. This is achieved via erasure coding that allows for the full original file to be retrieved on the basis of any 10 of the 30 shards, thereby introducing redundancy capable of tolerating up to 2/3rds of the shards becoming corrupted or otherwise unavailable. A user enters into a contract with a data storage provider and then the network is responsible for ensuring the data's ongoing availability by periodically requiring proofs of storage. The storage provider will be compensated for correct proofs of adequately stored data and incur costs to themselves should proofs not be submitted. A network of payment channels are utilized, analogous to Bitcoin’s lightning network, to provide low-cost small value transactions between storage providers and networks users.

Asset Details

Those providing data storage capacity to the network are required to stake Sia as collateral for the opportunity to provide services. This allows storage providers to be fined should they renege on their commitments to both store data, for the agreed time, and sufficiently frequently prove this to be the case. User’s renting out distributed storage capacity on the network will make payments in Siacoin. Sia hope to provide order of magnitude cost reductions per unit data stored per unit time, although this price comparison will only be truly meaningful once the latency and user experience match that of existing centralized cloud storage providers.

Sia Mining

Siacoin’s PoW consensus mechanism uses the Blake2b hash algorithm, with two variations in its history. Sia mining has a complex and controversial history. In mid-2017, David Vorick announced that ASIC development could not be prevented and that the core team, under a different corporate entity, would develop its own ASICs so as to better control the security of the network. Pre-orders on these “Obelisk” devices would also help fund core development. Delivery was promised for mid-2018, but two ASICs beat the Obelisk to the market, first the Bitmain A3 and then the Innosilicon S11, which was significantly more efficient than either the A3 or the Obelisk specs. It was revealed that the Obelisk was compatible with both the original Blake2b and a slight variation that would render other ASICs optimized for the original Blake2b incompatible. In response, the SIA community proposed a fork to implement the variation so as to preserve both the profitability of the Obelisk and appease a community unhappy with a core development team that was late on shipping now-unprofitable miners. After initially opposing the fork, the core team, citing concerns about the complete monopoly the S11 had on the network, ended up releasing a fork to make the Obelisk the only compatible ASIC. This also gave rise to a variety of other forks. Additional details and links about this history is detailed well here. The delay and underperformance of the Obelisk resulted in a class action lawsuit against the team.

Recent News

The developers behind the Sia decentralized storage network raise a $3.5 million pre-Series A to develop media streaming and team expansion

July 10, 2019

Sources:

more

Sia parent company Nebulous raises $3.5 million led by Bain Capital, will expand development team for the decentralized storage network

July 10, 2019

Sources:

CoinDesk

SEC reaches $225k settlement with Sia over $120k 2014 unregistered securities offering.

Nebulous, the principal developer of the Sia cloud storage network, sold Sianotes to the public through Bitcointalk in 2014, prior to the Ethereum ICO. Sianotes were converted to Siafunds upon network launch in 2015, which grant holders a share of total network revenue.

October 1, 2019

Sources:

more
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project icon for siacoin

Sia

SC

Project Assets

project icon for siacoin
SC
$0.001791
-6.66%
Negative delta icon
project icon for siafund
SF
Negative delta icon

The Sia blockchain enables a marketplace for decentralised data storage, which allows private data storage services to be competitively priced and safely replicated, and aims to be more secure than existing cloud storage.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
SC
SF
$75MM
Native token icon

Sia

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Equity Funding, Token Sale

$5MM

Data Storage

Project Profile

Sia is the result of work from a a venture backed company founded in Boston in 2014 called Nebulous Inc., which operates a network of cloud storage and develops the Sia software. Sia has had a live product since 2016 and the roadmap moving forward hopes to see the network reach speeds similar to Amazon S3 and become a true competitor with regards to functionality and user experience, with the associated security and privacy benefits of a decentralized network of appropriately incentivized rational actors. Sia’s core and founding team is comparatively small and development focused; including a front-end designer with extensive experience in product management and experience as a software engineer for MyEtherWallet. The Sia team decided to hard-fork the networks codebase in late 2018 as a means to mitigate the centralizing influence of those ASICs specifically built by Bitmain and Innosilicon though the Obelisk (a subsidiary of Nebulous) ASIC’s will continue to function post-fork.

Project Details

The Sia blockchain is heavily influenced by Bitcoin, with a modified notion of transactions designed for storage contracts. A Sia transaction includes a ‘FIle Contract’ field that determines: the duration of the contract (default 90 days), the required frequency of proofs of correct storage, the reward per correct proof, the fee per failure to submit proof of storage and the maximum number of such failed proofs before the contract is breached. When a user decides to commit data to the Sia network, they interface with software that breaks the data up into 30 shards before encryption and distribution across the network. This is achieved via erasure coding that allows for the full original file to be retrieved on the basis of any 10 of the 30 shards, thereby introducing redundancy capable of tolerating up to 2/3rds of the shards becoming corrupted or otherwise unavailable. A user enters into a contract with a data storage provider and then the network is responsible for ensuring the data's ongoing availability by periodically requiring proofs of storage. The storage provider will be compensated for correct proofs of adequately stored data and incur costs to themselves should proofs not be submitted. A network of payment channels are utilized, analogous to Bitcoin’s lightning network, to provide low-cost small value transactions between storage providers and networks users.

Asset Details

Those providing data storage capacity to the network are required to stake Sia as collateral for the opportunity to provide services. This allows storage providers to be fined should they renege on their commitments to both store data, for the agreed time, and sufficiently frequently prove this to be the case. User’s renting out distributed storage capacity on the network will make payments in Siacoin. Sia hope to provide order of magnitude cost reductions per unit data stored per unit time, although this price comparison will only be truly meaningful once the latency and user experience match that of existing centralized cloud storage providers.

Sia Mining

Siacoin’s PoW consensus mechanism uses the Blake2b hash algorithm, with two variations in its history. Sia mining has a complex and controversial history. In mid-2017, David Vorick announced that ASIC development could not be prevented and that the core team, under a different corporate entity, would develop its own ASICs so as to better control the security of the network. Pre-orders on these “Obelisk” devices would also help fund core development. Delivery was promised for mid-2018, but two ASICs beat the Obelisk to the market, first the Bitmain A3 and then the Innosilicon S11, which was significantly more efficient than either the A3 or the Obelisk specs. It was revealed that the Obelisk was compatible with both the original Blake2b and a slight variation that would render other ASICs optimized for the original Blake2b incompatible. In response, the SIA community proposed a fork to implement the variation so as to preserve both the profitability of the Obelisk and appease a community unhappy with a core development team that was late on shipping now-unprofitable miners. After initially opposing the fork, the core team, citing concerns about the complete monopoly the S11 had on the network, ended up releasing a fork to make the Obelisk the only compatible ASIC. This also gave rise to a variety of other forks. Additional details and links about this history is detailed well here. The delay and underperformance of the Obelisk resulted in a class action lawsuit against the team.

Recent News

The developers behind the Sia decentralized storage network raise a $3.5 million pre-Series A to develop media streaming and team expansion

July 10, 2019

Sources:

more

Sia parent company Nebulous raises $3.5 million led by Bain Capital, will expand development team for the decentralized storage network

July 10, 2019

Sources:

CoinDesk

SEC reaches $225k settlement with Sia over $120k 2014 unregistered securities offering.

Nebulous, the principal developer of the Sia cloud storage network, sold Sianotes to the public through Bitcointalk in 2014, prior to the Ethereum ICO. Sianotes were converted to Siafunds upon network launch in 2015, which grant holders a share of total network revenue.

October 1, 2019

Sources:

more