Kraken, a global bitcoin and cryptocurrency exchange company, today announced that native asset Siacoin (SC) of cloud-computing and storage platform Sia, will be listed on Kraken starting October 9th.
- Funding – Kraken will enable deposits and withdrawals for Siacoin (SC) at approximately 13:30 UTC on October 9th.
- Trading – The first trades will start shortly after funding is enabled, as sell orders cannot be placed until deposits clear.
The Sia network leverages underutilized hard drive capacity around the globe to create a decentralized data storage marketplace that is more resilient, private and affordable than traditional cloud storage solutions. Sia runs on its own blockchain, powered by the Siacoin (SC) token, used to buy and sell data storage on the network.
- Sia matches users who need data storage with hosts that have unused hard drive space
- Files are encrypted, divided into fragments and distributed across the network of hosts. There are no central servers, meaning only end-users can access, control and own their data
- On average, storing files on Sia costs 90% less than centralized cloud storage providers. Storing 1TB of files on Sia costs about $1-2 per month, compared with $23 on Amazon S3
- Files are distributed across multiple redundant nodes, ensuring uptime and eliminating single points of failure
- The Sia blockchain powers a decentralized marketplace where storage providers compete for business, ensuring the lowest possible prices. Renters pay using Siacoin, which can also be mined and traded
- Sia is completely open source, with a vibrant community of developers building applications on the Sia API
- Sia was launched in 2015 by Boston-based Nebulous, Inc.
Last week, the company behind Sia received a no enforcement action with a $225K penalty from the SEC for its unregistered sale of Sianotes back in 2014.