What is Siacoin?

Sia is a decentralized cloud storage platform founded by David Vorick and Luke Champine of Nebulous Inc. Unlike traditional storage providers, Sia allows clients to rent storage space from peers, using blockchain technology to secure transactions. Data is encrypted into multiple pieces before being distributed across various hosts, ensuring privacy and security.

Siacoin serves as the platform's native cryptocurrency, facilitating smart contract-based transactions. The project is open source, encouraging community participation in the development of applications built on the Sia API. Sia has outlined short, medium, and long-term goals, including enhancing file sharing among users, forming partnerships with established companies, and eventually enabling interactions with non-Sia users and mobile wallet support.