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Siacoin (SC) is the native utility token of Sia, a blockchain-based platform for decentralized cloud storage. Sia provides a secure, trustless marketplace where users can rent out unused storage space. Transactions and agreements are enforced via smart contracts, with Siacoin serving as the payment method for storage services. The project's objective is to become the foundational storage layer for the internet. Initially announced in May 2014, Sia was revised and re-announced in May 2015, with its official launch occurring in June 2015.

Sia was conceptualized in mid-2013 by David Vorick, a computer science student at Rensselaer Polytechnic Institute. He shared the idea with his college friend Luke Champine, who joined development after Vorick presented at a HackMIT event in September 2013. The project was named Sia in early 2014, inspired by the Egyptian god of perception. Together, they founded Nebulous, Inc., which developed Sia until The Sia Foundation was established in 2021. This non-profit organization, registered in the US, now oversees the project, handling protocol maintenance, developer support, partnerships, scalability, and community guidance. It is funded through a block subsidy and offers a grants program.

Sia's whitepaper outlines its ambition to rival established cloud storage providers like Amazon, Google, and Microsoft. Its decentralized approach enables competitive pricing. Files are split into 30 encrypted segments, each stored on a different host for redundancy. Smart contracts on Sia's blockchain record and enforce agreements between uploaders and hosts. Siacoin is used for payments, with renters paying hosts in SC, and hosts locking SC as collateral in smart contracts.

Siacoin has no maximum supply, as the project states that an unlimited token supply is necessary to match the vast amount of data that can be stored. New SC tokens are generated through proof-of-work mining rewards, which started at 300,000 SC per block and decreased by 1 SC per block until reaching a permanent 30,000 SC in July 2020. With The Sia Foundation's launch, the block reward doubled, with the extra 30,000 SC going to the Foundation monthly. SC is removed from circulation when hosts lose tokens or collateral is forfeited due to misconduct. Future plans include a proof-of-burn mechanism requiring hosts to burn a small portion of revenue to demonstrate legitimacy.

Sia's blockchain relies on a proof-of-work consensus mechanism, where miners compete to add new blocks, and a majority must confirm transactions. Co-founder Vorick argued in 2017 that this approach deters attacks due to the high energy and hardware costs involved. Additionally, hosts must provide collateral, reducing incentives for malicious behavior. The network's resilience is enhanced by splitting data into 30 segments distributed globally, ensuring files remain accessible as long as 10 of the 30 hosts survive an attack, barring catastrophic events.

Siacoin is available on several cryptocurrency exchanges, including Binance, OKEx, Huobi Global, and Upbit. It can be traded against fiat currencies like the US dollar and South Korean won, as well as cryptocurrencies such as Bitcoin and Ether, and the stablecoin Tether.