Sia (SC): how it works, supply and reviews
In short
- Type
- Own proof-of-work blockchain for storage contracts
- Maximum supply
- No cap: the supply of Siacoin is unlimited
- Risks and caveats
- Siacoin has no supply cap; new coins are issued every block to miners and to the Sia Foundation.
- Checked
- 31 October 2026
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Key facts
- Ticker
- SC
- Official site
- sia.tech
Key facts checked on 31 October 2026 against official sources.
What is Sia
Sia is a decentralised cloud storage network whose blockchain, launched on 6 June 2015, enforces storage contracts between renters and independent storage providers. Siacoin (SC) is its utility coin, used to pay for storage and as provider collateral. The network is stewarded by the Sia Foundation, a US 501(c)(3) non-profit.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Own proof-of-work blockchain for storage contracts |
| Consensus | Proof of work using the Blake2b-Sia mining algorithm |
| Launched | Genesis block mined on 6 June 2015 |
| Storage contracts | Contracts lock renter payment and provider collateral in SC; providers must submit storage proofs or lose collateral |
| Protocol version | Sia v2 hard fork activated at block 526,000 on 6 June 2025 |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | No cap: the supply of Siacoin is unlimited |
| Issuance | Block reward started at 300,000 SC and fell by 1 SC per block to a permanent floor of 30,000 SC at block 270,000 |
| Foundation subsidy | 30,000 SC per block to the Sia Foundation, plus an initial 1.57 billion SC at the founding hard fork |
| Inflation | Supply growth falls over time; the docs table shows 5.3% in year 10 and 2.3% in year 20 |
What SC is used for
- Renters pay for storage in Siacoin.
- Storage providers earn Siacoin and lock Siacoin as collateral in contracts.
- Miners receive Siacoin block rewards.
Who develops and governs Sia
- Foundation
- The Sia Foundation, Inc., a 501(c)(3) non-profit
- Founders
- Luke Champine and David Vorick (conceived at HackMIT in 2013)
- Developer
- Originally Nebulous; split in 2021 into Skynet Labs and the Sia Foundation; Skynet Labs ceased operations in late 2022
- Governance
- Foundation funded by a protocol subsidy; publishes quarterly transparency reports
History
| Date | Event |
|---|---|
| 2013 | Sia is conceived at HackMIT by Luke Champine and David Vorick. |
| November 2014 | The original Sia whitepaper is published. |
| 6 June 2015 | Genesis block mined; mainnet launch. |
| 2020 | The Sia Foundation is created by community vote and a hard fork that adds a funding subsidy. |
| 2022 | Skynet Labs, the venture-backed company spun out of Nebulous, ceases operations. |
| 6 June 2025 | Sia v2 hard fork activates at block 526,000. |
| 2026 | Sia Storage launches in March, letting people use the network without buying Siacoin. |
Security and audits
- Data is encrypted in the client application and spread across independent providers; users keep control of their keys.
- Providers post collateral and must submit storage proofs or lose it.
- Sia v2 dropped legacy 28- and 29-word seeds; official apps support only 12-word BIP39 seeds.
Security incidents
No security incident is recorded in the sources checked on 31 October 2026 (the company’s own channels and incident databases): defillama.com/hacks, hacked.slowmist.io, rekt.news/leaderboard, sia.tech/blog/feed.xml, sia.tech/about
Risks and caveats
- Siacoin has no supply cap; new coins are issued every block to miners and to the Sia Foundation.
- Legacy 28- and 29-word seeds are not supported by official v2 apps; holders must move coins to a 12-word seed.
- Wallets and nodes that were not upgraded for the June 2025 v2 hard fork cannot sync or send coins.
Official links
- Website: sia.tech
- Docs: docs.sia.tech
- Source code: github.com/siafoundation
- Blog: sia.tech/blog
Questions and answers
What is Siacoin?
Siacoin (SC) is the utility coin of Sia, a decentralised storage network; it pays for storage, serves as provider collateral and rewards miners.
What is the maximum supply of Siacoin?
There is none: the supply is unlimited. The block reward stays at 30,000 SC per block, and the Sia Foundation receives a further 30,000 SC per block.
Who created Sia?
Luke Champine and David Vorick conceived Sia at HackMIT in 2013; the network launched on 6 June 2015 and is now stewarded by the non-profit Sia Foundation.
How does Sia work?
Renters form storage contracts with independent providers on the Sia proof-of-work blockchain; providers lock collateral and must submit storage proofs or lose it.
Sources
- Sia - About
- Sia - How it works
- Sia - MiCA indicators
- Sia blog - From Genesis to Adoption (21 May 2025)
- Sia docs - Learn about Siacoins
- Sia docs - Siacoin total supply
- Sia docs - V2 hardfork
- The Sia Foundation
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