Siacoin to Release Version 2.0 in December

Siacoin will release version 2.0 in December. The new version will bring a faster, more secure, and simpler version of its decentralized data storage protocol.

Refer to the official tweet by SC:

SC Info

Sia serves as a trustless and secure marketplace for cloud storage, where users can rent out their unused storage space. The primary objective of Sia is to position itself as the backbone storage layer of the internet, aiming to compete with major cloud storage providers like Amazon, Google, and Microsoft by offering more competitive storage rates due to its decentralized nature.

In the Sia network, files are divided into 30 encrypted segments, each stored with a different host for redundancy purposes. The relationships between those who upload and those who host files are governed and enforced through smart contracts on Sia’s blockchain. Siacoin facilitates transactions within this network, with renters paying hosts in SC for storage services, and hosts using SC as collateral within these smart contracts to ensure reliability and trust.

Siacoin (SC) is the native utility token of Sia, a decentralized cloud storage platform built on blockchain technology. Siacoin has an unlimited supply to match the potentially limitless demand for data storage and transactions on the network. New Siacoins are minted as mining rewards via a proof-of-work algorithm, with the mining reward now fixed at 30,000 SC per block. The introduction of The Sia Foundation has led to a doubling of the block reward, with half going to the Foundation. Siacoins are removed from circulation when hosts forfeit their tokens due to bad actions. The Sia team plans to implement a proof-of-burn mechanism where hosts must burn a portion of their earnings to demonstrate their legitimacy. The Sia development team pre-mined approximately 30 million SC before public release, but the team and investors hold less than 0.1% of the total Siacoin supply.