Although the cryptocurrency market is still shaken from the latest “massacre”, the show must go on and Sia has just shared some good news with the cryptosphere. Nebulous Inc, the for-profit company that founded the Sia cloud storage platform, announced today that it has been the subject of a $400k grant from INBlockchain.
The $400k grant is to be used in the development the Sia Network, a decentralized cloud storage platform created to provide a competitive alternative to both traditional and P2P cloud hosting solutions, allowing the company to pursue more ambitious milestones without the need to organize fundraising campaigns.
Although the Sia Network has been able to stay on course and to provide a rapidly growing platform with nearly 1000 hosts worldwide, the grant from INBlockchain will allow Nebolous to focus on “building Sia into the storage layer of the internet”, a milestone that would improve user experience and help expand the platform’s reach.
David Vorick, cofounder and CEO of Nebulous stated:
“We are thrilled to receive INBlockchain’s generous grant and look forward to continuing Sia development. This grant means Sia does not need to focus on fundraising, and can focus entirely on delivering strong technology.”
Today, Sia is already providing a viable and competitive solution to legacy cloud hosting providers while also giving regular citizens the chance to monetize their idle HDD space by becoming a host. While Sia provides a blockchain-based solution for storage contracts and payments, the files are not directly stored on the blockchain, and are instead stored by anyone that wishes hosts.
The decentralized model behind Sia makes content hosting more secure given that files are less prone to be lost or hacked. However, this model also helps build a distributed economy where everyone can earn income without the need to be the owner of a large data center. Prices remain competitive, due to this low entry barrier where everyone can become a service provider.
Although the platform relies on no central authority to process transactions or contracts, Nebulous Incorporated charges a 3.9% fee that is allocated to the “Siafunds” holders. Siafunds are held by Nebulous (88%) and by the early crowd-fund backers of Sia (22%).
This “Siafunds” system is employed as an alternative to premine as a source of income. Now, thanks to the grant from INBlockchain, Sia will be able to provide greater-quality services while maintaining the aforementioned fee. Li Xiaolai, founder of INBlockchain said:
“Don’t worry about money, just have things well done.”