What is Siacoin? | Decentralized Cloud Storage | Siafund Tokens | Siacoin Crypto

Let’s learn about Siacoin, a 
decentralized file storage solution. Sia is a decentralized cloud storage 
platform secured by Blockchain technology. The Sia network leverages underutilized 
hard drive capacity around the world. Sia was founded by developers David 
Vorick and Luke Champine in 2013. They were computer science students 
together in New York at the time. They first had the idea for the 
decentralized file storage network   at a hackathon held at MIT during that year. Sia’s public beta first launched in March 2015,   with the live network coming 
online in Summer of the same year. Users pay to store their files with Siacoin 
or SC, the native coin of the network. In turn, renters earn Siacoin for their services. Siacoin has no maximum supply. It is designed to be used to power file 
storage transactions via smart contracts. The project stated that there must be 
a limitless supply in order to match   the effectively limitless amount of 
data that can be created and stored. The Sia network also incentivizes 
more users to participate   with Siafund tokens, which are not Siacoins.

The special tokens give holders a 3.9% share   of each funding source after a 
hosting contract is completed. If you’re wondering if it’s practical 
or safe to have your files housed   on random people’s computers, 
it’s fair to wonder that. Fortunately, the files are sliced 
into small encrypted pieces,   so only a portion of each file is 
stored on any one renter’s device. Network users can be confident their data 
is safe from attackers and cyber-criminals. The Sia software further uses a technology called 
Erasure Coding, which builds in redundancies to   ensure a user can always access their files, 
even if two thirds of file hosts are offline. Nice. You’re watching the video channel of MarketSquare, 
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