Sia is a project that wants to make decentralized data storage possible. The concept behind this is relatively simple. Virtually everyone has unused storage on his computer. This storage can be used so that other people can use it. The users then pay the owner of the storage for their use. For example, people who need storage need a cheap solution and people with a lot of unused storage have a way to earn money here.
Siacoin started in September 2013 as a project of David Vorick and Luke Champine when they were both computer science students at the Rensselaer Polytechnic Institute in Troy, New York. The original Siacoin project was designed on HackMIT 2013. While most cryptocurrency projects were currently focused on digital assets as a means of exchange, theorists Vorick and Champine about a better system that would create intrinsic value for their holders by using their token as payment for file storage.
In addition to storing data, Sia wants to develop applications that will make the service extra valuable to make. Because Sia is open-source, every programmer in the world can contribute to this.
With a maximum circulation of 44.55 billion SC in July 2020 and thereafter 1.57 billion will be recovered every year by mines . Inflation will be around 3.4% at the beginning and then decrease to 2% per year.