Siacoin (SC) is a decentralized cloud storage platform that was originally conceived of in 2013, before launching a public beta in 2015. 

Decentralized cloud storage systems have several advantages over centralized cloud systems including being more secure and less expensive. The Sia team, like other cloud computing-focused projects, have made it clear that the technology now exists where individuals can form communities that rent out computing resources, as opposed to the current system where these services are handled by a select few companies. 

Written in GO, through smart contracts and the blockchain, Siacoin lets users rent out free space on their computer to other users on the network and are rewarded for doing so with Siacoin tokens. The network utilizes a Proof-of-Work (PoW) consensus mechanism.

Achievements in the past year include releasing a metadata backup solution, which ensures a reliable backup solution. This was later improved with seed-based file recovery. Sia’s current development objectives, in the short term, are to release more developer features, improve the user experience and improve network infrastructure. 

In order to attract and retain more users on the network, the Sia team is improving the user experience to make it more intuitive. While a GUI already exists, the team plans to introduce an alert system and a partial chunk upload system, letting them pay for smaller quantities of data. Developer goals include creating an SDK library and preparing documentation to help developers build applications on the platform. 

Long term goals include file sharing and multi-device file systems i.e. being able to use Sia on different devices.

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