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Taek

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Sia Official Nxt Thread
« on: May 12, 2014, 01:32:03 pm »



 
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 hosts on Sia. This is accomplish via "smart" storage contracts stored on the
Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given
amount of time. If the host loses the file, the host does not get paid.

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.

Sia is currently only a testnet. The full network and cryptocurrency will be released on June 7th, 2015. The test
network supports file uploads of up to 100mb. Larger uploads may be successful, but are likely to crash the program.

The Sia cryptocurrency is live! You can rent storage using siacoins and hosts providing storage to the network receive
compensation in the form of siacoins. The storage platform itself is still in beta, and only uploads that are 500mb or
less in size are supported by the wallet. There is a trading thread for siacoins here.
 
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 Wallet
 
Sia is currently version 0.3.3, which features a live cryptocurrency.  Using the current Sia interface, it is possible
to upload, download, and share files. It is also possible to mine blocks and send money to other people. Sia is
available for Linux, Mac, and Windows. Download Page.
 








The Roadmap
 
Sia has laucnhed a cryptocurrency that can be used for renting and hosting cloud storage. The storage platform itself is
still in beta. The wallet supports files up to 500mb in size, a limit that we are planning to raise to 1TB by the end of
the summer. Currently, all downloading is free, though this is something that we intend to change at the same time that
we raise the storage cap. With paid downloads (a lot like streamium), hosts have strong inventives to provide the
fastest speeds possible. Just like with storage, the wallet will automatically pick the cheapest and fastest bandwidth,
ignoring expensive or slow hosts.

Sia also has a GPU miner, though it is very buggy. We are working on ironing out all of the kinks in the miner and
providing a smoother mining experience to everybody. The GPU miner does not support multiple graphics cards, and does
not work for everybody.

We are creating a block explorer. We expect to have a very basic explorer ready by the first or second week of July.

We are creating a file tracker for Sia, called 'Sunfish'. Sunfish is a platform where you can share your uploads with
other people, and search for files that other people have uploaded. The tracker itself is a centralized service, but the
files are stored in a decentralized way. Trackers are easy to mirror or clone - if one tracker starts acting poorly,
someone can clone the tracker and apply different management rules.

We are trying to get Sia onto a currency exchange platform. In the further future, you will be able to trade bitcoins
for siacoins without trusting a centralized service! (Scheduled for the end of 2015).

If you know anybody interested in helping us with the roadmap, whether it's something specific or just general
contribution, please put us in touch. It takes a lot of work to make a revolutionary technology, and things will go
faster and smoother if we have help.

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.
« Last Edit: June 08, 2015, 02:58:01 pm by Taek »
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gaman

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Re: Sia Official Nxt Thread
« Reply #1 on: May 12, 2014, 01:42:11 pm »

seems like the price should be 75 NXT rather than 750 NXT.

Using 750 NXT, the btc raised is 2500 btc.
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voldemort628

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Re: Sia Official Nxt Thread
« Reply #2 on: May 12, 2014, 02:15:29 pm »

and 5000shares for 15% of the supply would mean a 33,333 1/3 shares total supply...
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Taek

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Re: Sia Official Nxt Thread
« Reply #3 on: May 12, 2014, 03:05:26 pm »

seems like the price should be 75 NXT rather than 750 NXT.

Using 750 NXT, the btc raised is 2500 btc.

Nxt, on bter is worth 0.00007 btc.
Inversely, 1 btc is worth 14,285 NXT.
750 * 5000 = 3,750,000 NXT.
3,750,000 / 14,285 = ~262.

750 is an approximation, it'll be adjusted slightly at launch. But it's definitely 750 and not 75.

and 5000shares for 15% of the supply would mean a 33,333 1/3 shares total supply...


It ends up not being a problem. At 5000 = 15% total, each share is worth 0.003% exactly, which means we can evenly distribute the Siastock when the time comes. Sianotes on the AE will not be divisible, but Siastock will be divisible. Sianotes are just an intermediate step.
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gaman

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Re: Sia Official Nxt Thread
« Reply #4 on: May 12, 2014, 03:16:26 pm »

Yes.   Thanks.  My mistake.  Excited to buy your asset.
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bezbezbez

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Re: Sia Official Nxt Thread
« Reply #5 on: May 12, 2014, 07:45:33 pm »

interested  ;)
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Taek

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Re: Sia Official Nxt Thread
« Reply #6 on: May 13, 2014, 06:21:37 am »

Happy to announce that we are on the Nxt AE and selling!

Things changed slightly. First, I created 10,000 sianotes, each worth 0.01% siastock, adding up to a total of 100% siastock. Sianotes are not divisible. Only 15% is sale during the pre-IPO, meaning 1500 total will be sold out of 10,000. This increases the price to 2400 each. At the moment, 100 are available. Over the next 3 weeks, we will keep releasing batches of Sianotes until the full 1500 have been sold.

After getting the Nxt, I will be converting directly to bitcoin and then USD (we are relying on the money, can't deal with instability). This means that the preferred method is for you to send Bitcoins (pm first, indicating which address is doing the sending and how much you are buying) so that I can avoid exchange fees. This is not required. After getting the btc, I'll send sianotes directly to your account. If you don't have an nxt account, I'll mark you down on paper and keep your sianotes for you. You can claim them at any time.

The 1500 being sold includes any that I might be holding onto, so we may 'sell out' and still have more than 8500 remaining in our account. This merely means that some investors have sent btc and chosen not to receive sianotes yet.

Account ID: 13179792715523067888
Asset ID: 11593659039925686857
Asset Name: sianote
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gvans

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Re: Sia Official Nxt Thread
« Reply #7 on: May 13, 2014, 10:06:02 pm »

Whoa, almost missed, Sia selling again 8)
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pandaisftw

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Re: Sia Official Nxt Thread
« Reply #8 on: May 13, 2014, 10:30:07 pm »

Hm, price is 2850 instead of 2400?

Taek

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Re: Sia Official Nxt Thread
« Reply #9 on: May 14, 2014, 12:31:44 am »

Yeah, it's discussed in the Bitcointalk thread. We were hoping to extend the sale for at least 2 weeks, and we've sold 1/3 of the sianotes in just 1 day. We've upped the price to slow things down a bit (though it doesn't seem to have worked).

Overall, we've sold 610 out of 1500, with people expressing interest in at least 100 more. We'll see how fast the next few hundred sell and then either raise the price or keep it at 2850.
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pandaisftw

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Re: Sia Official Nxt Thread
« Reply #10 on: May 14, 2014, 02:41:48 am »

Yeah, it's discussed in the Bitcointalk thread. We were hoping to extend the sale for at least 2 weeks, and we've sold 1/3 of the sianotes in just 1 day. We've upped the price to slow things down a bit (though it doesn't seem to have worked).

Overall, we've sold 610 out of 1500, with people expressing interest in at least 100 more. We'll see how fast the next few hundred sell and then either raise the price or keep it at 2850.

I see. I'm glad you had success with your fundraising so far, it really shows the power of the NXT AE :)

I'm also excited for Siacoin, although personally I like to see a few tangible results before investing (alpha). When will the actual "IPO" start?

Pandaisftw

Taek

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Re: Sia Official Nxt Thread
« Reply #11 on: May 15, 2014, 07:35:39 am »

Sia is 3-6 months away from actually having a complete coin, but we don't have enough in savings to leave our jobs. That's why we did the pre-IPO. We've now collected enough funds to provide for ourselves for at least a year, which means we'll be working full time on Sia for quite some time.

I'd expect to have an actual IPO around 6 months from now, but it depends on a lot of factors. We might not have an IPO right at launch. It depends on how much money we want, why we want it, when we need it, etc. Too far away to gauge right now.
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gvans

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Re: Sia Official Nxt Thread
« Reply #12 on: May 15, 2014, 02:03:42 pm »

We've now collected enough funds to provide for ourselves for at least a year, which means we'll be working full time on Sia for quite some time.


Congrats!  8)
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marek3ball

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Re: Sia Official Nxt Thread
« Reply #13 on: May 18, 2014, 08:21:50 am »

Would it be possible to share HDD using Synology NAS? They have linux system with many apps.
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Taek

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Re: Sia Official Nxt Thread
« Reply #14 on: May 18, 2014, 08:57:51 pm »

Would it be possible to share HDD using Synology NAS? They have linux system with many apps.

I'm not exactly sure what you are asking for. Do you want to share your spare NAS space on Sia? If so, that should be really easy to do.
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marek3ball

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Re: Sia Official Nxt Thread
« Reply #15 on: May 18, 2014, 09:20:30 pm »

Yes, share NAS space on Sia.

I thought:
1) buy HDD
2) put it into the NAS
3) share HDD
4) mine SiaCoin
5) or buy some Sia storage for mined SiaCoins for my backups

Did you have different idea about usage?
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Taek

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Re: Sia Official Nxt Thread
« Reply #16 on: May 19, 2014, 08:33:19 am »

You should be able to mine on Sia pretty easily.

One thing that might be trickier but do-able is to convince your NAS that storage from Sia is actually available to the NAS. Then all of the apps that need tons of storage can have storage without needing local disks. Which way you go all depends on your needs. Storage on Sia should be extremely cheap, on the order of $5/mo per TB for the same quality of service as Amazon S3.
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marek3ball

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Re: Sia Official Nxt Thread
« Reply #17 on: May 19, 2014, 09:35:49 am »

It looks really great. Some in depth articles how to use it from end-user and miner perspective could help.
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mrcryptouser

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Re: Sia Official Nxt Thread
« Reply #18 on: May 21, 2014, 12:36:07 am »

Very excited about this mate
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gaman

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Re: Sia Official Nxt Thread
« Reply #19 on: June 02, 2014, 10:20:49 pm »

Any updates like a bi-weekly update?
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