What is Siacoin?
Sia has become a notable player in the decentralized storage space and come think of it, it was just a simple idea that was conceived back in 2013 at a Hackaton content hosted by the MIT. Cloud storage as an industry is colossal and new entrants like Sia are hoping to chip away at the dominance of other popular storage platforms such as Dropbox and Google Drive.
This platform has been able to reduce overhead dramatically by creating the framework and outsourcing the storage to anyone who has internet connection and a hard drive. For that reason it can charge a much lower fee. Bits are multiplied in case a node containing a piece of your file happens to be offline.
In conclusion, this platform has the capability to cause disruption in an industry worth billions, which is the storage of files globally in a way that is cheaper, more secure, and more private most other storage sites.
Founder: David Vorick, Luke Champine, Zack Herbert and Jonathan Howell
Release Date: June 7, 2015