When was Siacoin released?

From its conceptualization in 2013 to its mainnet launch in 2015, Siacoin has undergone substantial development, evolving from a vision into a fully operational decentralized cloud storage platform.

Nov 15, 2024 at 06:43 pm

Understanding Siacoin's Progression from Inception to Mainnet Launch

Introduction

Siacoin (SC), the native token of the Sia decentralized cloud storage network, has gained significant traction since its inception. To fully understand its trajectory, let's delve into its key milestones, from its initial conceptualization to the pivotal mainnet launch.

1. Genesis and Conceptualization:

Siacoin's origins can be traced back to 2013, when David Vorick and Luke Champine envisioned a decentralized and secure alternative to traditional cloud storage providers. The concept of Sia revolves around harnessing the unused hard drive space of individual users to create a vast and redundant storage network.

2. Initial Funding and Development:

In 2014, Sia raised $1.2 million in seed funding through a decentralized ICO. This funding enabled the team to develop the initial protocols, software, and network infrastructure necessary for Sia to operate. The project continued to evolve and mature through a series of testnet releases.

3. Public Testnet Launch:

In December 2015, Sia released its public testnet, allowing users to test the network's functionality, explore various use cases, and provide feedback for further development. The testnet phase played a crucial role in refining the protocol, identifying potential issues, and gauging community reception.

4. Mainnet Launch:

The highly anticipated mainnet launch occurred on June 6th, 2015. This marked the official availability of Sia's decentralized cloud storage platform to the public. The mainnet launch completed the transition from a development-focused network to a fully operational and accessible service.

5. Sia v1.0 and Early Milestones:

Following the mainnet launch, Sia continued to release software updates and improvements. Sia v1.0, released in January 2016, introduced new features such as file encryption, multi-file upload, and support for multiple hosts. These enhancements expanded the network's capabilities and user experience.

6. Decentralized Autonomous Organization (DAO):

In March 2016, Sia formed a decentralized autonomous organization (DAO) to facilitate community governance and decision-making. The DAO allows token holders to participate in proposals and votes that shape the platform's direction and future development.

7. Hard Fork and Sia v1.3:

A hard fork occurred in November 2016, leading to the release of Sia v1.3. This upgrade aimed to address scalability issues and improve network performance by introducing a new consensus mechanism called Proof-of-Work+Time. The hard fork also introduced Siafunds, which served as a payment mechanism for storage providers.

8. Sia UI v2.0 and Further Innovations:

Sia UI v2.0, released in May 2018, revamped the user interface and introduced a host of new features, including support for contracts, web hosting, and the Sia Funds Marketplace. The platform also underwent continuous updates and innovations, such as the introduction of consensus groups and gateways to enhance network security.

9. Sia v1.4.0 and Sia Central:

The Sia v1.4.0 upgrade in July 2020 introduced significant improvements in network security, including added protection against phishing attacks and exploit