Sia initially began as an concept by David Vorick in 2013 that he was discussing over electronic mail with Luke Champine, calling it “the Nimbus community”. After writing the primary draft of the whitepaper in September (referred to as “Bytecoin”), David shared it with faculty pals who along with Luke started programming a prototype. The undertaking was then renamed as soon as extra to “Sia” (the Egyptian god of notion, pronounced [sigh-uh]).
It met with constructive response on BitcoinTalk, and so David determined to work on Sia full-time as a startup. Along with Luke they utilized for Y Combinator, a startup accelerator, and received by way of the preliminary display screen however have been in the end rejected because the undertaking would take for much longer to construct than anticipated.
They didn’t have to attend for his or her probability for much longer. After one BitcoinTalk person abused David’s hand-drawn diagrams with a purpose to fraudulently elevate cash, it was clear that there’s sufficient curiosity to boost cash by way of crowdfunding.
Not solely was the crowdfunding profitable, it additionally helped them with elevating contacts and getting launched to Jim Pallota and their first conventional funding funding. They formally integrated Nebulous, Inc., and shortly after offered Sianotes, later convertible to Siafunds (a supplementary token of the Sia community that can be defined later within the collection).
However Sia was a really completely different undertaking again then. It used Proof of Storage consensus as an alternative of the present Proof of Work (can be defined later within the article), hosts have been grouped into “quorum” that have been liable for storing customers’ recordsdata, and the pockets was additionally totally scriptable.
In the end, David found points within the Proof of Storage algorithm that compelled them to begin over, however because of David’s participation within the Bitcoin core developer neighborhood round that point, he grew to become capable of perceive the distinctive challenges of cryptocurrencies and use this information to put a path in direction of the environment friendly and well-designed Sia platform as we all know it at present.
The re-created Sia was closely impressed by Bitcoin, however bettering a few of its identified deficiencies and utilizing a transaction sort that permits storage contracts (digital contracts between these offering storage and paying for storage). It grew to become formalized within the second whitepaper titled “Sia: Easy Decentralized Storage” in November 2014 and the beta model was publicly launched six months later with the genesis (first) block being created on June sixth, 2015 at 10:13 EST.
If you’re thinking about extra particulars and all of the progress made by way of the betas and early releases, undoubtedly take a look at the Sia Wiki. It accommodates the entire historical past as much as the tip of 2017 and it was used as a supply for this text.
At time of writing, the most recent main model is 1.4.Zero with codename “Draco” (although 1.4.1 is nearly prepared for launch) and as I already talked about in earlier part, it was most likely the largest launch since 2015. Everybody can discover the entire visible redesign of Sia-UI, however much more occurred below the hood, making Sia quicker, extra sturdy and prepared for the options we’ve been ready so lengthy for. Neighborhood member and contributor Thomas Bennett (tbenz9) wrote wonderful article about 1.4.0 right here.
A query we often see is: why Siacoin just isn’t an Ethereum token? It’s as a result of Sia was truly created earlier than Ethereum existed. However even when it did exist, Sia is a really advanced undertaking and has particular necessities that solely personal distinctive blockchain and cryptocurrency can meet. It’s additionally a method to keep away from dependency on some exterior undertaking or affect, or one other community that may be slowed down by a thousand different tasks.