Siacoin aims to disrupt the world of cloud storage. What sets Saicoin apart is that it is a decentralized, encrypted, peer-to-peer cloud storage platform. Siacoin has been able to dramatically reduce the overhead of cloud storage by allowing users to (in a sense) “rent out” their unused hard drive.Siacoin was created by Luke Champine and David Vorick of Nebulous Inc. The Saicoin team chose not to hold an ICO. Instead, Siacoin came to life when its genesis block was mined. Even without an ICO, the Sia team managed to raise over $1.25 million in funding through investors such as Fenbushi Capital, Raptor Group, Procyon Ventures, along with angel investors like Xiaolai Li.Siacoin has a few major competitors such as MaidSAFE and Storj.