Sia Coin Updated details





  • What is Sia?

    A storage marketplace enabling buyers to rent space from sellers with extra disk space


    Made for Developers

    Sia was made to be integrated as your storage backend. You only pay for the storage you use, and there is no commitment. Get started with our API Quickstart Guide .


    Decentralized

    Sia is a decentralized network consisting of many nodes around the world. Data is stored redundantly on a diverse subset of these nodes, meaning there’s no single or central point of failure.

    Competitively Priced

    Sia is a storage marketplace. The price of storage on the network is determined by the free market equilibrium, often well below the price of centralized storage. Compare Sia to other storage solutions .

    How Sia Works


    Sia is an actively developed decentralized storage platform. Users all over the world contribute disk storage from their computers to form a decentralized network. Anybody with siacoins can rent storage from this network, and hosts are

    paid for their contributions. A combination of smart contracts, erasure coding, and encryption ensure secure, private, and reliable decentralized storage. You can download and use Sia today! sia.tech

    A smart contract on the blockchain ensures through the use of cryptographic proofs of storage that hosts are only paid if they keep the file for the entire duration of the contract. Employment of erasure codes such as Reed Solomon codes

    guarantees high file uptime even if most of the hosts on the network are unreliable or have frequent outages. All data is encrypted client-side and padded, preventing hosts from snooping the contents of the files and even from guessing what

    the file might be based on the filesize.

    The distrubuted nature of the Sia network enables many optimizations in latency, throughput, reliability, and security. The decentralized nature of the Sia network enables anyone with storage to get paid, lowering the barrier to entry and

    reducing the overall price of cloud storage.



    The Technology

    The foundation of Sia is a proof of work blockchain. Storage contracts are a new type of transaction that get enforced
    by the blockchain. Sia's hashing algorithm is blake2b. p2pool and multisig wallets are both supported on Sia.

    When a file is uploaded to Sia, a storage contract is created containing the Merkle root of the file, a reward for the
    host, and a penalty for the host (both in siacoins). After an agreed-upon duration, the host is required to prove that
    the file is still available by providing a random Merkle proof. If the proof is valid, the host is rewarded; otherwise,
    the host is penalized. Random numbers are generated deterministically using the most recent block as a seed.

    Sia has support for two way payment channels, and two way contract diffs. Among other things, this provides massive
    scalability, and eliminates the need for untrustworthy 0-confirmation transactions. Once you join a payment channel
    network, all transactions within that network will be instant and final, with no risk of a double spend.

    Reliability is achieved by using erasure coding in a massively distributed environment. Erasure coding allows a file to
    be split into many pieces, such that the original file can be recovered using only a few of them. For example, you can
    take a 50 MB file, break it into 200 pieces that are 1 MB each, and then you can recover the original file from *any* 50
    of the pieces. This method has the same overhead as creating 4 complete copies of the file, yet is much more reliable
    because it's much less likely that 151 out of 200 hosts will go offline than it is that 4 out of 4 hosts will go
    offline.

    As the network grows, we will apply statistical analysis to determine the redundancy required to provide 99.9999%
    reliability on files. It is likely that 3x overhead is absurd overkill, and statistical analysis will give an accurate
    picture of how much overhead is required.

    Using 200 hosts to store a file means that downloads can be massively parallel. Even if the average Sia host does not
    have quick upload speeds, the massive parallelism enabled by Sia means that downloads will be blazing fast anyway. In
    addition, you can choose to connect only to the datacenters that are the closest and the fastest. This optimization
    (known as a CDN) is a hugely expensive project for a traditional cloud storage service, but for Sia it is a natural
    consequence of the decentralized network.

    As security is a top priority of Sia, all encryption is performed locally; the people storing your files will have no
    ability to see what you have uploaded. Not only is every file encrypted separately, every *piece* of every file is
    encrypted separately, and hosts are not told which pieces are part of the same file.


    The Cryptocurrency

    Sia uses a new cryptocurrency, called the siacoin. The developers will mine the first 100 blocks or so before releasing

    the code + miner to the public. Other than these first blocks, there is no premine for siacoins. The first block
    reward will be 300,000 siacoins. Each block reward after that will be one siacoin smaller than the previous block reward
    (299,999, then 299,998, and so on). When the block reward reaches 30,000, all remaining blocks will give a 30,000
    siacoin reward. The block time is 10 minutes. Each siacoin is composed of 10^24 indivisible units.

    The most important features of Sia can only be accessed by using siacoins. All storage contracts and all Sia payment
    channels require owning siacoins. This requirement means that as Sia grows in usage, so too will demand for siacoins.
    As demand grows, the price will increase. If Sia is being used for billions of dollars of storage, billions of dollars
    of siacoins will be required. The value of the siacoin is inextricably tied to the amount of storage in use on the Sia
    network.

    Sia has a second cryptocurrency, called the Siafund. 3.9% of all successful storage contract payouts go to the holders
    of the siafunds. There are 10,000 siafunds total, and all 10,000 are completely premined. Sia's parent company, Nebulous
    Inc., holds approximately 8750 of these siafunds. The remaining siafunds were sold in a crowdfund which helped to
    finance Sia's early development. The primary goal of siafunding is to provide a way to finance the development of Sia
    without relying on donations or a premine. More people using Sia means more funding available to hire more developers.

    Standard transactions are not subject to the fee, and neither are failed storage contracts (where the host was offline
    or lost the file).

    The Business Plan

    The long term goal of Sia is to be the backbone storage layer of the Internet. All long term storage will be performed
    on Sia. All movies and music will be streamed from Sia. All images will be embedded from Sia. All businesses will use
    Sia as a backend for cloud storage. Sia intends to replace Bittorrent, Amazon S3, Amazon Glacier, Microsoft OneDrive,
    and all backend cloud storage services. We intend to fully disrupt a many billion dollar industry.

    Sia is meant to be a Platform that other applications can build off of. The beta has a first draft API for developers to
    use, found here.

    Over the next few months, we are focusing on building out the api and creating an example application that replaces
    Bittorrent. If you have ideas for things that you want to build which will use Sia, please get in touch with us. Sia is
    completely open source, and you can use the API without getting explicit permission or paying any royalties or licensing
    fees.

    The Future

    The promise of Sia is a decentralized network of small datacenters that, taken together, comprise the world's fastest,
    cheapest, and most secure cloud storage platform. Today, being a major cloud storage player requires having datacenters,
    building trust within the market, reaching customers, and competing with giants such as Amazon, Google, and Microsoft.
    Breaking into this market is a multi-billion dollar endeavor.

    Sia changes that, by enabling small, efficient datacenters to sell their storage without market trust and without a
    marketing budget. Sia lowers the barrier to entry, and in doing so creates a wealth of cheap storage for its users.
    Anyone with an Internet connection and a cheap source of storage can make money.

    The long term goal of Sia is to become a serious competitor to existing cloud storage platforms, including Dropbox,
    Google Drive, and OneDrive. We envision a future where even massive services such as Netflix and YouTube will use Sia to
    deliver the best user experience to their customers.

    We are looking forward to the data storage revolution. Help us make it happen.



    Network Pulse

    445137

    Total File Contracts

    31

    Million SC

    Total Contract Cost

    General Statistics

    Height

    79,915

    Current Block

    000000000000036ea2c7057f5809746c785c481af0321b09fd0e46ae5d3693f6

    Total Coins

    20.78 billion siacoins

    Difficulty

    13,955 TH

    Estimated Hashrate

    21,861 GH/s

    Maturity Timestamp

    18:35, Nov 25, 2016

    Active File Contracts

    4,671

    Total File Contract Cost

    31,611,853 siacoins

    Total File Contract Size

    27.114793605658 TB

    Successful Storage Proofs

    67,726




    Download:

    Sia-UI

    For users

    Linux — 64-bit

    https://github.com/NebulousLabs/Sia-UI/releases/download/v1.0.3/Sia-UI-v1.0.3-linux-x64.zip

    macOS — 64-bit

    https://github.com/NebulousLabs/Sia-UI/releases/download/v1.0.3/Sia-UI-v1.0.3-osx-x64.zip

    Windows — 64-bit

    https://github.com/NebulousLabs/Sia-UI/releases/download/v1.0.3/Sia-UI-v1.0.3-win32-x64.zip



    Sia Daemon

    For developers

    Linux — 64-bit

    https://github.com/NebulousLabs/Sia/releases/download/v1.0.3/Sia-v1.0.3-linux-amd64.zip

    API Quickstart Guide

    macOS — 64-bit

    https://github.com/NebulousLabs/Sia/releases/download/v1.0.3/Sia-v1.0.3-darwin-amd64.zip

    API Quickstart Guide

    Windows — 64-bit

    https://github.com/NebulousLabs/Sia/releases/download/v1.0.3/Sia-v1.0.3-windows-amd64.zip

    API Quickstart Guide



    Miners

    Miner

    The official GPU miner

    https://github.com/NebulousLabs/Sia-GPU-Miner/releases/latest

    Source code on GitHub

    Alternate Miner

    A GPU miner for Sia in Go


    Source code on GitHub

    Built on Sia

    Block explorer

    Sia Blockchain Explorer

    explore.sia.tech

    Minebox

    Next generation NAS powered by Sia

    minebox.io

    Sia Cluster

    Data farm monitoring and management tool for Sia

    github.com/aspectron/sia-cluster

    Sia GNOME Shell Extension

    Sia Cloud Storage Extension for GNOME Shell

    github.com/pmknutsen/gnome-shell-sia

    Sia PULSE

    Analytics tool for Sia

    siapulse.com/

    Discover more

    Whitepaper

    http://sia.tech/faq

    Blockchain Explorer

    Download

    Roadmap

    Developer Docs

    Github - UI

    Github


    Exchange:

    Yunbi:SC/CNY

    Poloniex:SC/BTC

    HitBTC:SC/BTC

    Cryptopia:SC/BTC

    Cryptopia:SC/LTC

    Cryptopia:SC/DOGE







  • Things you can do with Sia



    Sia is fundamentally a cloud storage platform. And, when compared to other types of cloud storage, it has the following advantages:Decentralization. Only the uploader controls the files. Nobody can spy on the data, nobody can prevent you from downloading the data, and the data cannot be forcibly deleted from the network.Price advantage. Uploading to Sia is extremely cheap. As of posting, storage was approximately $2.00 / TB / Month, which can be compared to Amazon's $21 / TB / Mo. Unlike Dropbox, Sia is metered, which means you only pay for what you use. 100 GB costs $0.20 per month, and 1100 GB costs $2.20 per month, etc.Geographic diversity. When data is uploaded to Sia, it is uploaded all around the world. Outages due to DDoS attacks in North America don't affect the data, because it's also replicated in four other continents across a large number of nodes.Sia makes the most sense for write-seldom, read-often data, however it is also a good substitute for most things that you would put on Amazon Glacier or Amazon S3. Here are some examples of things that work very well for Sia:Computer snapshots. A computer snapshot often contains an enormous amount of personal information. Whether it's information about your friends, your health, your finances, or your passwords, you usually don't want corporations to have full access to your data, especially in a time when the new hot thing is to do as much data mining as possible. Sia's security can provide great peace-of-mind when backing up your computer to the cloud.A media center. While security is not as much of a concern with media, media often takes up a large amount of storage, and Sia is one of the cheapest ways to store and retrieve data online. $2 per month gets you enough to store 1000 GB of media.Research Data Warehouse. A lot of scientific research produces massive amounts of data. Whether it's genome sequencing, particle colliding, or something else, scientists are often forced to filter and discard valuable data for financial reasons. Cheaper solutions such as tape or Amazon Glacier often result in headaches and slowdowns when it's time for the data to be used. Sia as a platform is cheaper than both tape and Glacier, without needing to wait a long time to fetch the data.More creative ideas:Life recorder. A fun idea is to record your entire life through either a camera in your glasses or pocket or somewhere similar - such that your camera can see and record everything you do. This can create a mountain of data, and until the introduction of Sia this may have been intractable to store. However, storing an entire year's worth of SD video (480p, 8 hours per day) on Sia would only cost around $5 per month.Web archive. Websites disappear, comments get deleted, data gets lost. Centralized archives preserve some of this, but often take snapshots infrequently and the data is stored in centralized places. Sia could potentially be used to save frequent snapshots of your favorite websites automatically, primarily being leveraged as a cheap backup source.FUSE. FUSE would allow all data added to, removed from, or altered within a directory to be added to Sia with no further interaction from the user. Sia does not handle tiny files very well yet, so you would not want to run your entire computer out of Sia, however a FUSE implementation would be a great catch-all for all sorts of data, including programs, games, and web-downloads.Blockchain database. It is possible to use Sia as storage for a blockchain. The Bitcoin blockchain currently stands at close to 100 GB, which can be a burden on your local machine but is very small compared to the scales of typical cloud storage. The raw blockchain data doesn't change, which makes it a great candidate for storage on Sia, and would be an excellent way to reduce the burden of running a full node without reducing the amount of security.



  • Sia v1.0.4 and v1.0.4-LTS Released


    • andard Release: https://sia.tech/appsLTS Release: https://sia.tech/ltsToday we are releasing v1.0.4, which is very similar to v1.0.3 except with a few bug fixes. The graphical client has some upgrades that allow you to more easily see file redundancy, move files around, and more gracefully upload and download entire folders.More significant is the introduction of our LTS releases. The LTS releases are slower to adopt features, which generally means more stability. Our next series of releases will be featuring major changes to the host, the wallet, and the renter. While we will be testing our new releases as much as possible, with changes this large bugs in production are inevitable.The LTS releases are primarily targeted at companies, exchanges, and services which rely heavily on Sia's stability. LTS releases will only upgrade to other LTS releases, and LTS releases will not include upgrades such as instant-wallet-unlocking until we are confident that no new bugs have been introduced.For most users, we recommend using our non-LTS releases, as LTS is over-cautious. We test every release, and we have lots of safety features to protect funds or data from being lost. LTS is primarily for users who will experience great disruption even if there are only minor bugs. 1

    Log in to reply


    1 out of 1



  • Secure Password Management using NACL and Go

    Last weekend, I finished up a project that had been in the back of my mind for a while. The project was not an original idea; it's a password manager. At its most basic, a password manager is an encrypted volume in which you store your myriad unique passwords for all the various services you use. Many find that a text file and GPG is sufficient, but most prefer the usability improvements that utilities such as LastPass, KeePass(X), and 1Password provide. However, these all have problems that I could not easily ignore. LastPass is centralized and closed source, leaving you trusting an unauditable service that holds all your data. 1Password is also closed source. KeePass is a monstrously complex application, complete with support for plugins, browser integration, and dozens of other features, all of which are incidental to the main function of a password manager and are potentially exploitable. All of the above store the entirety of your credentials in memory for long periods of time.

    After feeling disillusioned with the current offerings of password managers, a colleague introduced me to pass, a password manager inspired by the UNIX philosophy. pass is clearly a step closer to what I wanted out of a password manager. Unfortunately, pass also failed a cursory security audit. An attacker with access to your .password-store data directory learns:

    • How many passwords you have
    • The names for each password (usually these are the sites associated with the passwords)
    • The usernames associated with each name

    Exasperated, I decided to write masterkey. The goals were now well defined:

    • Provide a simple, convenient interface for securely storing passphrases and other secrets
    • Use existing, well-audited, hard to mess up cryptography.
    • Write clean, well tested, readable and easily auditable code.
    • Assume a more aggressive threat model than most other password managers. Specifically, avoid storing decrypted credentials in memory, and don't leak metadata.

    Completing these goals represented a quantifiable improvement in terms of security over the popular password managers, and a quantifiable improvement in usability over the bare bones GPG-textfile method.

    The Interface

    masterkey is operated via a REPL, a type of interactive command line interface. Like other password managers, the user only has to enter their master passphrase once at the beginning of the session. I took some inspiration from Cobra, and built a small package that creates an interactive prompt and can register arbitrary commands and pass arguments to those commands. The code is available here (handy godoc link), and may serve to be useful for others looking to build interactive CLI applications using Go. The secure stateful nature of masterkey's vault means it is also amendable to a GUI, and will likely be endowed with a web interface at some point.

    The Core Algorithm

    masterkey uses NACL for authenticated symmetrical encryption and Scrypt for key derivation. A random nonce is generated every time a masterkey vault is created. This nonce is used to encrypt the data and to salt the user's passphrase. The resulting derived key, encrypted data, and nonce are then stored in memory. masterkey uses a REPL to provide an interface to interact with the vault, and each time the vault is accessed it is decrypted and re-encrypted. The result of this algorithm is that an attacker who somehow gains access to the memory of masterkey only knows how to decrypt the vault for the current session, since the nonce changes each time the vault is used and only the derived secret key is stored in memory, not the passphrase. The attacker is also faced with the challenge of determining exactly where in memory the secret key and the encrypted data are, which is a nontrivial task since both are cryptographically random. In comparison, an attacker may simply string dump 1Password or KeePassX and use simple regular expressions to extract all credentials.

    Links

    masterkey Github Repo



  • December 2016 Update + Roadmap


    Core Development


    This month we ended up dropping a lot of the work that we've been doing on the wallet. It was decided that the core usability bottleneck for Sia was the uploading speeds, and also Sia up until this point is not actually very proactive about punishing bad hosts. We've spent a large part of November and will continue to spend December on these things, because they really should be our strengths.We have some really exciting news. We re-wrote the uploading algorithm, and uploads are now going at full speed all the time. Our home connection is pretty slow, only 15mbps, but my tests on the live network were getting between 12 and 16mpbs constantly. This can be compared to our v1.0.4 release, which had the connection inching along at something closer to 0.5mpbs constantly. So, at the very least it's a 10x - 20x speedup, but my guess is that it's actually a lot faster - our home connection is the bottleneck here, not the Sia network.It's not ready for release yet, there are some clear bugs with the new algorithms. But it's super promising, and fixing the bugs will only speed things up further.We've also made big changes to the download code. One of the biggest features is that downloads no longer need to wait 30+ minutes to get started, they will usually start in 60 seconds or less. Downloads have been overhauled just like uploads, and are also seeing significant speedups not just in latency but also in throughput.


    Release Schedule

    v1.1.0

    We're hoping to have v1.1.0-RC1 out in the next week or so. The primary feature v1.1.0 is going to be improved upload and download speeds, however there will also be updated code to better detect and utilize superior hosts - meaning generally faster speeds, better redundancy (6x redundancy over good hosts is much better than 6x redundacy over mediocre hosts), all while providing lower prices. v1.1.0 is going to reduce the default redundancy from 6x to 4x because of our algorithm improvements, which means lower prices and faster upload times, on top of the improvements that are already there.The full v1.1.0 will likely be released the first or second week of January. The code has changed in significant ways and that means we will have to do a substantial amount of testing. We will be aiming to release one RC per week until the software is proven stable.

    v1.2.0

    This release is target for around February and will feature upgrades to the host and wallet. Hosts will be faster, will be able to handle larger contracts and renewals, and will be performing proof-of-burn as the final securty countermeasure in Sia. This will also feature upgrades to the host plugin in the UI, giving users access to more of the host's settings, and also giving users a tool to gauge how well they are doing and what steps they could be taking to improve the amount of data on their machine.The wallet has been receiving incremental changes in a separate development branch for several months now, and those changes will finally be released in v1.2.0. Most notably the wallet will unlock instantly, however we will also fix errors related to the 'transaction is too big for the transaction pool' class of errors, we will be updating the seed-recovery code to not need a restart to find your balance, and we'll be fixing a few other stability issues as well.There's a very good chance that either v1.1.0 or v1.2.0 will have the ability to repair files without having the file locally. Meaning, once a file gets past about 1.5x redundancy, it'll be safe to delete from your local machine and Sia will still be able to (though more slowly) get the file to its full 4x redundancy. It should be noted that Sia can only repair files if it is running, so even though you will be able to delete the file locally you will still have to keep Sia on in the background for a few hours per week to do repairs.

    v1.3.0

    This release is farther away, slated likely for April or May. There are a few features that we are considering for v1.3.0, but we haven't finalized the roadmap. Here's a list of potential things we will be adding:

    • General speed and scalability improvements.
    • Ability to share files.
    • Ability to set price vs. performance preferences, including abiltiy to blacklist or whitelist hosts.

    Within 2017

    Here are a few things that we may have by the end of 2017:

    • Ability to recover your files using only your wallet seed.
    • Support for mobile wallets.

    Other Noteworthy Developements


    Minebox Presale

    For those unfamiliar with https://minebox.io, Minebox is a storage device that integrates tightly with the Sia network. You can use it like any traditional NAS, however any unused storage space can be rented out over the Sia network for profitability, and all data stored locally on the Minebox can easily be backed up to the Sia network.Nebulous HiringNebulous is currently looking to expand the team! You can find a full description of the available positions at https://sia.tech/jobs

    Overall Health of Sia

    Despite what the price may indicate, things are going very well at Sia. On the development size Sia is making substantial improvements. Faster uploads, faster downloads, and an ever growing set of tests to improve stability. On the business side, Sia is making progress evangelizing to enterprises, and while we can share anything yet there are several large companies in our pipeline. The Sia team has also received more invitations to speak at conferences, including places like London.



  • Siacoin Release Sia v1.1.0

    https://github.com/NebulousLab...

    This is a minor release that improves renter performance and adds "defrag" behavior to the wallet. Previously, we have had issues with the wallet accumulating too many small outputs and thus being unable to fund large transactions. This isn't an issue for most users, but it can affect high-volume wallets, notably exchanges. The new wallet will regularly consolidate small outputs into one larger output.

    Thanks to the new renter algorithm designed by @DavidVorick, we are seeing upload/download speeds that saturate most residential connections! This is a huge improvement over the previous algorithm. However, memory usage may be substantially higher than before. We are working to reduce memory usage in the next release without compromising speed.

    As before, you should be able to upgrade to v1.1.0 by running siac update. If something goes wrong, you can always update manually -- but please file a bug report or get in touch on our Slack.

    Thanks as always to our contributors, users, and fans, and a special shout-out to @BitcoinErrorLog who submitted a PR to this release!



  • Siacoin (SC)  Release  v1.1.1

    This is a minor release focusing on the renter and hostdb. The renter would previously slow down considerably after about 100 GB of data total had been uploaded, but now will maintain high speeds for much longer than that. While the total amount of data can now easily reach multiple TB, individual files are advised to stay below 100 GB. The hostdb is smarter about scanning and ranking hosts, and you can see more in-depth output using the siac hostdb -v command.

    IMPORTANT NOTE: Unfortunately, our upgrades to the Renter require a full rescan of the blockchain. As a result, if you are upgrading from an older version, siad may take a long time to load the first time you run it. On an HDD, this may take up to an hour. On an SSD it should take closer to 10 minutes.

    You should be able to upgrade to v1.1.1 by running siac update. If something goes wrong, you can always update manually -- but please file a bug report or get in touch on our [email protected] who submitted a PR to this release

    Download



  • March 2017 Update + Roadmap

    We are introducing a new, ongoing roadmap for Sia. It's a public Trello board listing all of our current activities and future planned activities. You can also vote for your favorite cards/tasks. Check it out here: https://trello.com/b/Io1dDyuI/sia-public-roadmap

    Recent Development

    The past few months have been very busy for Sia. One of our biggest accomplishments was the release of v1.1.0 and v1.1.1, which each provided substantial speedups to uploads and downloads on the renter. We have also released a competitive website https://rankings.sia.tech - a just-for-fun place to show off how much you have uploaded.

    The new uploading code was so efficient that many of our hosts have hit full capacity, and this has resulted in a new type slowdown. Renters who are newly forming contracts know to avoid hosts without much available storage, but renters who have already formed contracts do not currently recognize that they need to form new ones when their hosts are full. Our next major set of upgrades for the renter is going to be focusing on host selection, and making sure that the renter is continuously making sure it has the best possible selection of hosts. This will also help with the occasional download issues that users are seeing.

    Upcoming Development

    Below is the list of things that we'll be working on over the next 4-8 weeks.

    INSTANT WALLET UNLOCKING

    We've promised instant wallet unlocking a few times, but we're finally finishing and releasing instant wallet [email protected] currently fully focused on finishing the upgrades that we need, and then we will be able to release v.1.2.0 with instant wallet unlocking. The instant wallet unlocking code will also enable us to reduce the memory usage of Sia by about 500 MB.

    Beyond instant wallet unlocking, the wallet will also be upgraded to allow loading from a wallet seed without needing to restart Sia, and will also now find all coins. The current version does not always find all of the coins, we've had to help people make manual adjustments to their configs to get everything working. That will no longer be needed with the new wallet code.

    HOST PERFORMANCE AND RELIABILITY UPGRADE

    Unfortunately, hosts have not been correctly submitting storage proofs. v1.1.2 will have a hotfix for two of the issues relating to hosts incorrectly handling their storage contracts and this should resolve 90% of the problems. The other 10% will be resolved through upgraded monitoring and testing that will be launched in v1.2.0.

    There is a second host bug where Windows hosts will occasionally corrupt and lose all of their contracts following a power failure. The fix is unfortunately more substantial, and will not be ready until v1.2.0.

    v1.2.0 will see substantial changes to the host, particularly to the file management. In addition to fixing the corruption bug, the host will have greatly improved performance and scalability, and Windows users will no longer need to run their hosts as the admin user (Linux and Mac users already do not need to run their hosts as admin).

    The upgrade from v1.1.1 to v1.2.0 for hosts could take a while. If you have hundreds of GBs on your host, the upgrade could even take a few hours. While unfortunate, it should be the most expensive upgrade for a long time, and it is well worth it. The new host code is much faster, much more scalable, much more reliable, and overall better for your filesystem.

    RENTER PERFORMANCE UPGRADE

    We are always continuously monitoring renter performance, and right now the biggest problem is clearly host quality. When hosts fill up with storage, or get overwhelmed with bandwidth requests, the renter is not very good about identifying that the host has lost quality and needs to be replaced. Our next major upgrade for the renter is therefore ongoing monitoring of host quality, and making sure that new hosts are brought in to replace faulty hosts.

    This should help a lot, both with performance and with file reliability.

    PROOF OF BURN

    Related to host quality and host performance, we will be adding proof of burn to Sia, likely in v1.2.0. The proof of burn will close the final major security gap in the Sia code, more or less 'completing' the core design for the storage protocol. There is of course much to do beyond that in terms of performance and features, but Sia's base will essentially be complete.

    When the feature is released, we will also release an updated hosting guide explaining the proof-of-burn process.

    FILE SHARING

    File sharing will probably not be in v1.2.0. But it may be in v1.2.1 or v1.2.2, and it's something we're very excited to be bringing back to the community. The file sharing we will be adding today will be a simplified type of sharing, where all that is traded is the .sia files. If the receiver of the file is already connected to enough hosts to download the file, then the file can just be downloaded without hassle. Otherwise, the receiver will pick some of the cheaper hosts and form new file contracts with them, allowing them to download that file, and any future files they receive that are shard on that host.

    Those file contracts that get created will not be used for uploading, only for downloading. They will also not be renewed.

    IMPROVED FILE RECOVERY

    Today, if your renter folder corrupts, you will more or less lose all of your files. The same code that enables file sharing however will also enable file recovery (essentially you can share your files with yourself). You will be able to create a backup of all your Sia files, and if something goes wrong and you lose your renter directory, you will have a few weeks (4-6) to re-download your files and get them back. While this is not as good as being able to recover your files using just a seed, it is a significant improvement to losing everything. Furthermore, it means you can back up multiple TBs of data using a usb stick that's just a few GBs.

    This is of course not the end of the improvements, as time continues we will make it increasingly easy to recover your files in the event of disaster.

    AUTO-REPAIR

    I am almost embarrassed that things are still this way, but currently on Sia if you delete the file locally, the redundancy will constantly degrade, and performance can also suffer substantially. So largely, you need to keep your files locally even as you upload them to Sia.

    Either v1.2.1 or v1.2.2 will have an upgrade to fix this. You will be able to delete your files locally once they are uploaded beyond 1.5x redundancy, and Sia will be able to keep them safely online after that.

    That's all the time I have for today, however I hope to make a follow up post with some updates on our long term mission and our business developments at some point soon. In short, our long term mission remains to replace all existing centralized cloud storage solutions and CDNs, and our business development is going well.



  • Siacoin (SC) Release Sia v1.1.2

    This is a patch release that adds a new asynchronous download endpoint (/renter/downloadasync) and fixes a bug that interfered with host storage proof submission. Hosts are strongly encouraged to upgrade before their proof windows end.

    Download



  • Using Sia as a Storage Back-End for Nextcloud






    Nextcloud is a self-hosted alternative to dropbox: it provides a web interface for storing and retrieving your files, using several different storage backends. It integrates with AWS, Dropbox, and Google Cloud, so it was only natural that an integration with Sia was something we desired. This blog post acts as a walkthrough for people already running Nextcloud, guiding you through the process of using Sia with Nextcloud.

    Setting up a Sia Node

    Running Nextcloud with Sia requires running a full Sia node. This guide will walk you through the process of setting one up on your Nextcloud server, and assumes basic linux system administration knowledge.

    Download the latest Sia release that supports Nextcloud, v1.1.2, available here. Unzip the release to your preferred installation directory, and start up a node by running siad. You may also want to set up siad as a service on your server.

    Once you have started a siad instance, you should allow the blockchain to fully synchronize. This can take a fair bit of time, you can view the progress by running siac, the other binary packaged in the release.

    After the blockchain has fully synced, create a new wallet by running siac wallet init. Make sure you keep the seed that is displayed after this command executes safe, it’s the passphrase you will use to unlock your wallet and can also be used to recover your wallet. Note that currently you cannot recover your files from this seed, though this is a planned feature. Now that you’ve initialized a wallet, run siac wallet unlock and provide your seed to unlock your wallet.

    Now, you’ll want to acquire some Siacoin (SC). The usual process for this is to first get Bitcoin, then use an exchange (Yunbi, Poloniex, Shapeshift.io, and Bitsquare all have Siacoin) to convert from BTC to SC. Once you’ve done this, use siac wallet address to get an address you can receive coins on, and send your SC from your exchange to that address.

    The final step is to set an allowance. A Sia allowance is a recurring amount that you allocate to file storage, download, and upload. You can use the siac renter setallowance command to set your allowance. It takes two parameters, amount and period, where amount is the amount of SC you will be setting aside and the period is the duration of the allowance. The allowance will automatically renew halfway through the period. After you set your allowance, you’re ready to install the Sia Nextcloud app and start uploading and downloading from the Nextcloud interface.

    Setting up your Nextcloud installation

    First, you’ll need to enable external storage on your Nextcloud installation, if you haven’t done so already. Nextcloud provides some good docs on how to do that here. After you’ve enabled external storages, you’ll need to install the Sia external storage app, available here. After you’ve installed the Sia app, add a new external storage from the external storage app. From the dropdown, select Sia. In the ‘API Address’ field, input the default api address, localhost:9980. After doing so, you should see the status indicator turn to green, indicating that you’re ready to start uploading files to Sia.

    Conclusion

    The Nextcloud integration is one of the first major integrations of Sia into another storage product, we hope to be able to announce a few more in the coming months. You can check out the source code, report bugs, or request features for the Sia Nextcloud app on our github repo: https://github.com/NebulousLabs/Sia-Nextcloud. We’ll be constantly improving the core Sia product as well as the integrations, so you may want to follow the rest of our Github pages to stay in the loop.

    Nextcloud has published a corresponding blog post here






  • Siacoin (SC) Release v1.2.0

    Download



  • Siacoin (Sia) January-April 2017 Update





    In our effort to make Sia development as transparent as possible, we’ve decided to start a new initiative: regular triannual updates to the Sia community.

    Startups typically provide regular reporting to their investors, but the crypto space is special. Our users, whether they buy or sell storage, mine, or develop innovative applications, all use and hold Siacoin. Many also hold Siafunds. For these reasons, we consider it our responsibility to provide as much up to date information as possible.


    This January-April update will provide you with a snapshot of everything Sia. We will publish the next update in August.


    Development In the last four months we have released Andromeda (1.1.0) and Blue Moon (1.2.0), with a couple smaller updates in between. Andromeda brought wallet defragmentation, which greatly increased wallet reliability for power users like exchanges. It also enabled massive speed improvements — up to 300Mbps upload speeds, which is crazy fast!


    Blue Moon brought some large usability improvements, with updates to the UI, but its biggest improvement was instant wallet unlocking. Previously, it took 20 or so minutes to unlock the Sia wallet. Now, in Blue Moon, wallet unlock takes only seconds. This has been in the works for a long time, and was one of our biggest feature requests. Instant wallet unlock greatly increases Sia’s usability.

    It’s important to realize that Sia is fully decentralized with its own proof-of-work blockchain. As a company, we could shut down tomorrow, yet everything would still continue to function. This separates us from others in the decentralized storage space. This also makes development more challenging — it’s why feature like instant wallet unlock and reduced blockchain sync time are on the roadmap.

    Over time, we believe that only truly decentralized networks will win the battle against existing, centralized storage companies like Amazon.

    In the next couple months we will further increase Sia’s usability and better position the software as a viable cloud storage solution for businesses. We will do this by introducing the ability to repair files without retaining a local copy. This will allow our users to use Sia as a true cloud storage solution, and allow us to properly compete with Amazon.

    Collaboration

    Last month we announced our integration with Nextcloud, the popular open-source alternative to Dropbox and Google Drive. Nextcloud users now have the ability to expand their storage capacity with private, decentralized cloud storage by integrating with Sia.


    The integration, which exists as an app on the Nextcloud app store, allows Nextcloud users to add a Sia folder to their private cloud. Users can simply add files to the folder and they will automatically upload to the Sia network.

    This makes Sia more usable than ever before. Previously, Sia users could only upload files through the Sia-UI (manually) or via the Sia API. Now, by adding the Nextcloud app, users can simply add a Sia folder to their Nextcloud configuration.

    We built the Nextcloud integration, and we will be looking to build more integrations with popular services in the future.

    Business/Community

    On the business side, we have updated the website homepage and will be making more updates to the website in the next month. We have migrated our blog to Medium and have posted some great new blog posts. We did a popular Reddit AMA. We also created a public roadmap.


    Our community has been growing. We passed 2100 members in our Slack. Our community members have built some great things: a crowdsourced Wiki, SiaPulse, and SiaHub. A really cool project, SiaDrive, is launching soon — this allows users to mount Sia as a drive on Windows computers (and soon Mac/Linux).

    Another amazing contributor product (and startup), Minebox — a NAS device tightly integrated with Sia — launched its presale. The device serves as a personal cloud and backup solution, while also storing backups of your files on the Sia network. At the same time, it acts as a host on the network, which generates money in the form of Siacoin.

    Speaking of Siacoin, we have a current market cap of over $20 million (according to Coincap).


    Network

    We’ve experienced great network growth over the last four months. We currently have 100 terabytes of file contracts on the network and a total capacity of almost 1 petabyte.

    As you can see from the below chart, contract size has rapidly increased from about 37 terabytes on December 31 (block height 85000) to 100 terabytes today (block height 101771). That’s a 170% increase in the last four months. We expect to continue this trend.


    Our number of hosts is also up substantially, from 75 on December 31 to 145 today, a 93% increase. We also expect to continue this trend.

    What’s Next

    Over the next year, we will continue to improve the software (through updates like file sharing, video streaming, and faster blockchain sync), grow the community, and start to bring in business customers.

    Our goal in the next couple years is to make Sia a viable competitor to Amazon S3 and other major centralized cloud services.

    In the long term, we want Sia to be the storage layer of the internet!

    See our public roadmap for more details.


    Notable Blog Posts

    Please let us know if you have any questions! You can learn more or say hello on our website, wiki, forum, Slack, Github, or Twitter!

    By,

    Zach Herbert

    @SiaTechHQ operations. @HarvardHBS MBA student & Bitcoin Club President. Mechanical engineer. Obsessed with Apple, Tesla, and Bitcoin!



  • Siacoin (sia) Release v1.2.1

    This is a patch release that fixes bugs in the new host and wallet. This release also includes a fix for a security vulnerability that especially impacts hosts.

    The first time you unlock the wallet should be moderately faster, especially on HDDs.

    If you are upgrading a host from v1.1.2 to v1.2.1, the upgrade will be significantly faster compared to upgrading from v1.1.2 to v1.2.0. It can still take 6-12 hours for larger hosts, but previous upgrade times of several days should no longer happen.

    A siac renter allowance cancel command was also added for canceling your current allowance.

    Thanks to @mtlynch for contributing to this release! And also thanks to the contributor (kept anonymous) who discovered and responsibly disclosed the security vulnerability.

    Download:



  • Siacoin- Want to deflate the token bubble? Fix the market cap indicator.

    The token world is getting crazy, but last week’s Gnosis ICO pushed us over the edge. Gnosis investors bought up approximately 4.2% of the total GNO token supply for $12.5 million (250,000 ETH), giving the project a market capitalization of $298 million (as of April 24).

    To be clear: this means ICO investors valued Gnosis — an unproven platform that is yet to be launched — at about $300 million. Moreover, the GNO token does not have any actual purpose except to exchange for WIZ tokens at some point in the future.

    We at Sia feel that this ICO insanity cannot continue in its current form — something must give. If the bubble bursts, it will inflict damage on every token, including those that are most reputable.

    Many in the community want to slow and eventually stop this trend. We think that, while investors are by no means rational, they need access to the best possible information in order to make informed decisions. However, it is clear that investors are completely misvaluing most tokens. So what gives?

    Our hypothesis: the market cap indicator is highly flawed.

    Market cap is so powerful because it allows investors to quickly assess total valuation of an asset. A flawed market cap calculation means that investors are not able to properly value a token without doing extensive research.

    There are two major inputs to market cap: total supply, which is required to properly calculate present market cap, and inflation, which can be used to predict future total supply and therefore future market cap.

    Total Supply

    Every site we could find that lists out tokens by price, volume and market cap does so based on circulating supply rather than total supply. Circulating supply indicates how many coins are in circulation, but does not include coins held by the project. By contrast, total supply includes coins in circulation + coins held by the project.

    Even worse, these sites don’t specifically tell users the differences between total and circulating supply. It seems that everyone is doing it wrong, and all but the most informed investors are being misled.

    This flies in the face of basic valuation principles. When valuing a stock, for example, we value the market cap by calculating (share price)*(shares in circulation + shares held by company). We call this combo shares outstanding. We are not currently portraying token market caps this way, and it really throws off the results.


    Data pulled from coinmarketcap.com on May 2, 2017. Coins with 24h volume < $300,000 are excluded. Discrepancies are highlighted in orange.

    See for yourself above. Coinmarketcap.com seems to be the the only site that allows users to opt to view tokens by total supply in existence, rather than just the supply in circulation. When we view the top tokens by circulating supply (left), the list looks fairly predictable: Bitcoin, Ethereum, Ripple, and so on. But when we view by total supply (right), we see some crazy results:

    • Ripple’s market cap has more than doubled.
    • FargoCoin is in the top five.
    • Gnosis’ market cap increased from $95 million to $861 million.
    • Stellar Lumens’ market cap increased from $45 million to $487 million.
    • Golem’s market cap increased from $186 million to $230 million.
    • Storjcoin’s market cap increased from $23 million to $228 million.

    We recommend updating all default metrics from circulating supply to total supply.

    Implementing this fix allows us to get a better picture of market cap today, but it does nothing to help us value future market cap. For this, we turn to inflation.

    Inflation

    Inflation is the major driver of future market cap. As more tokens are brought into existence, outstanding tokens are diluted. Tokens with healthy inflation rates can often preserve their price per token, but tokens with extremely high levels of inflation should decrease over time.

    In the token world, we have the wonderful benefit of codified inflation rates. This allows us to estimate the inflation over time for most tokens, and therefore estimate the future market cap. However, sites and exchanges are not properly conveying this information to investors, and therefore the majority of investors are likely not factoring this into their valuations.

    Take Zcash for example. It has a current market cap of $110 million with a total supply of 1.2 million ZEC, but over the next five years 9.8 million ZEC will enter existence. This super-high inflation will drastically increase supply each year, which in turn will affect the market cap. There is no way, however, for the average investor to quickly discover this inflation factor.

    We recommend adding a new metric called inflation factor that indicates how the market cap could be affected over the next five years by token inflation.

    Inflation factor = (new supply over 5 years) / (current total supply) * 100%.

    For example, there is currently a total supply of 25.6 billion Siacoin. In the next five years, the supply will have increased by 21.9 billion. Therefore the Siacoin inflation factor is (21.9 billion) / (25.6 billion) * 100% = 85.5>#/p###

    This means that the total Siacoin supply will increase by about 85.5% over the next 5 years. Investors should factor this information into the current Siacoin price.

    Below are inflation factor calculations for the top fifteen tokens by circulating supply (we used circulating supply rather than total supply because those are the top coins with which most investors are familiar):

    Data pulled from coinmarketcap.com on May 2, 2017. Coins with 24h volume < $300,000 are excluded. Max new coins field was calculated from publicly available inflation data for each coin. It’s possible there are inaccuracies, but the general concept of inflation factor still applies. Inflation factors highlighted in green.

    Introducing the inflation factor metric would allow investors to more easily evaluate how a token’s total supply will change over time, and therefore build that inflation risk into the token price.

    Action Plan

    We suspect that investors are overvaluing many tokens due to the unclear market cap statistic.

    Here is our list of recommendations to remedy this issue:

    1. Replace the existing flawed market cap metric with total market cap on sites such as coinmarketcap.com.
    2. Add a new field called inflation factor.
    3. Add both metrics to exchanges.

    Over the next week, we will be reaching out to coinmarketcap.com, coincap.io, cryptocompare.com, and others to request that they institute these recommendations. We will also reach out to Poloniex, Kraken, Bittrex, and other major exchanges.

    It will most likely take a unified effort in the crypto community to fix the market cap metric, but together we can get every site and exchange to provide this crucial information to investors. We recommend you email or tweet to your favorite comparison site or exchange, and share this blog post with your network.

    Together, we can hopefully stop this bubble before it bursts.

    Zach cowrote this blog post with David Vorick.



  • SiaCoin (SC) Release v1.2.2

    This is a patch release that fixes bugs in the new wallet and host.

    Hosts will now gracefully handle absent storage folders, and wallets will always show the correct balance when loading or recovering seeds. First-time wallet unlock is faster, and memory consumption has been reduced.

    The renter will also accurately report the redundancy of files, accounting for contracts that have gone offline.

    This release includes over 2500 lines of new testing and bug-fixes. Thanks to @vevarm for providing manpage generation for siac.

    Download:



Looks like your connection to Cryptocentral was lost, please wait while we try to reconnect.