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Frequently Asked Questions

Here you can find frequently asked questions about various cryptocurrencies.

PRIME is the native token of the Echelon Prime Foundation, a Web3 ecosystem advancing the next generation of gaming. Echelon creates and distributes tools to encourage innovation in, and promote the growth of, novel gaming models and economies. The first game to adopt and utilize PRIME is Parallel, a sci-fi trading card game.

Where Can I Buy or Obtain FRAX and FXS?

FRAX, the stablecoin, is available on many major exchanges and DeFi platforms like Uniswap and DEXes. The Frax Shares (FXS) tokens are also available and as liquid as the stablecoin. Investors looking to purchase upside and governance rights to the world’s first fractional-algorithmic stablecoin should buy Frax Shares (FXS). Users who want stability by using the world’s only fractional-algorithmic stablecoin should purchase FRAX.

Who Are the Founders of the Frax Protocol?

The Frax Protocol is the brainchild of American software developer Sam Kazemian who came up with the first idea of a fractional-algorithmic stablecoin in 2019. The founding team of Frax engineers includes Travis Moore and Jason Huan. Sam Kazemian originally devised the idea when he noticed that stablecoins were growing rapidly but none had any mixture of algorithmic monetary policy and collateralization. Projects that had purely algorithmic monetary policy had failed or shut down without any significant traction. Frax was designed as an answer to measure the market’s confidence in a partly algorithmic and partly collateralized stablecoin.

What Makes Frax Unique?

The Frax Protocol is a community driven and unique design stablecoin. Over 60% of the supply of FXS is issued over a number of years to liquidity providers and yield farmers. It is an entirely decentralized protocol with governance onchain. It is also the first and only stablecoin to incorporate the fractional-algorithmic hybrid design at the time of its launch in November 2020.

How Many FRAX and FXS Coins Are There in Circulation?

The supply of the FRAX stablecoin is dynamic and always changing to keep the price at $1 due to its fractional-algorithmic monetary policy. The supply of the Frax Shares (FXS) tokens are hard capped to 100 million tokens at genesis with no inflation schedule in the protocol. The FXS token is the governance token which accrues all value of new minted FRAX, fees, and excess collateral. FXS is an investment and governance asset while FRAX is the currency token.

What Is the Frax Protocol (FRAX)?

The Frax Protocol is the first fractional-algorithmic stablecoin system. Frax is open-source, permissionless, and entirely on-chain – currently implemented on Ethereum (with possible cross chain implementations in the future). The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. The protocol incorporates the following concepts: Fractional-Algorithmic – Frax is a unique stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The ratio of collateralized and algorithmic depends on the market's pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio. Decentralized & Governance-minimized – Community governed and emphasizing a highly autonomous, algorithmic approach with no active management. Fully on-chain oracles – Frax v1 uses Uniswap (ETH, USDT, USDC time-weighted average prices) and Chainlink (USD price) oracles. Two Tokens – FRAX is the stablecoin targeting a tight band around $1/coin. Frax Shares (FXS) is the governance token which accrues fees, seigniorage revenue, and excess collateral value. Before Frax, stablecoins were divided into three different categories: fiat collateralized, overcollateralized with cryptocurrency, and algorithmic with no collateral. Frax is the first kind of decentralized stablecoin to classify itself as fractional-algorithmic ushering in the 4th and most unique category.

**ssv.network ** ssv.network is a decentralized staking infrastructure that enables the distributed operation of an Ethereum validator. This is achieved by splitting a validator key between four or more non trusting node instances (‘multi-operator node’). The nodes are collectively tasked with executing the validator's duties under a consensus mechanism. In simple terms, the protocol transforms a validator key into a multisig construct governed by a consensus layer. The unique protocol improves robustness, liveliness and fault tolerance of nodes across the Ethereum ecosystem. Distributing validator keys between node instances suggests a major leap forward comparing to existing staking schemes who fall short when it comes to: * Validator keys can be stored offline * ‘Active to active’ redundancy * Node instances customizability * Threshold signature scheme ssv.network is the first public implementation of the SSV primitive, which originated as a research piece by the Ethereum Foundation back in 2019 and since then has grown to a DAO governed, community driven network of stakers, builders and node operators. ssv.network is rapidly approaching mainnet. Scheduled for the beginning of 2022, the genesis implementation of the Decentralized Staking Infrastructure will be focused on Ethereum, afterwhich, the network is expected to expand to other POS chains. **SSV tech ** Secret Shared Validators (SSV) is the first secure and robust way to split an Ethereum validator key between non-trusting node instances (or operators). The validator key is split in such a way that no node must trust the other to function, a certain number can go offline without affecting validator performance, and no single node instance can take unilateral control of the validator. The result is decentralized, fault-tolerant, and secure staking on Ethereum. SSV can be perceived as an intermediary layer between the validator node and the beacon chain. Validator keys are split into 4 or more shares and organized in a ‘multi-operator’ construct. The technology significantly improves the limitations of existing staking implementations: Validator keys can be stored offline - Validator keys are currently kept online in order to perform duties on the Beacon chain. With SSV, only the encrypted ‘Shared Keys’ are kept online thus eliminating the risk of exposing the key attack vectors and exploitation. ‘Active to active’ redundancy - Independent node instances (operators) can operate simultaneously and manage a validator key without slashing risk Infrastructure flexibility- stakers(validators) are able to change and optimize their multi-operator construct by changing 1 or more of the node instances. Threshold signature scheme - 1 or more nodes can go offline without affecting the validaotr’s ability to continue performing duties. This achieves optimal fault tolerance and validator uptime. The SSV primitive was originally proposed by the Ethereum Foundation in 2019. The BloxStaking team joined the research effort by implementing the first SSV Proof of Concept of the SSV primitive. The technology later evolved into the first SSV based public implementation; ssv.network.

Where Can You Buy Livepeer (LPT)?

Livepeer (LPT) tokens are becoming an increasingly sought-after asset, which is why more exchanges are starting to offer trading pairs with the cryptocurrency. If you are looking to purchase LPT, your best bet is [Gate.io](https://coinmarketcap.com/exchanges/gate-io/). Other recommended exchanges include: * [Poloniex](https://coinmarketcap.com/exchanges/poloniex/) * [OKEx](https://coinmarketcap.com/exchanges/okex/) * [Sushiswap](https://coinmarketcap.com/exchanges/sushiswap/) It is important to note that purchasing cryptocurrency bears risk, just like investing in any other asset. [Find more information here](https://coinmarketcap.com/how-to-buy-bitcoin/) about buying cryptos.

How Is the Livepeer Network Secured?

As Livepeer is built on the [Ethereum](https://coinmarketcap.com/currencies/ethereum/) blockchain, the platform utilizes a modified version of a delegated proof-of-stake ([DPoS](https://coinmarketcap.com/alexandria/glossary/delegated-proof-of-stake-dpos)) consensus mechanism. In a DPoS mechanism, there is no mining at all. Instead, the validation of new blocks on the blockchain happens based on the number of coins staked. This is what differentiates Livepeer from consensus mechanisms as the one Bitcoin uses. While Bitcoin’s proof-of-work ([PoW](https://coinmarketcap.com/alexandria/glossary/proof-of-work-pow)) mechanism requires a large amount of electrical and computing power, the DPoS systems are more ecologically conscious and easily scalable. Not only that, LIvepeer benefits from the extensive DApp universe already established by the Ethereum blockchain, which further boosts the usability of the network.

How Many Livepeer (LPT) Coins Are There in Circulation?

Livepeer has a maximum supply of 22,906,951 LTP tokens and a total supply of 22,859,012 LTP tokens. The circulating supply is 21,164,655 LPT. Of the total supply, founders and early team members split amongst themselves about 12.35%, which has a vesting period of 36 months from network launch. Another 19% of tokens were directed towards pre-sale purchases. The largest amount of tokens, 63.437%, was distributed towards crowd sales. Finally, 5% of the total token supply is reserved for maintaining the Livepeer network, ensuring the project’s future development.

What Makes Livepeer Unique?

Livepeer is a unique project because it aims to revolutionize the broadcasting industry by employing the powers of blockchain technology. The open-source platform allows users and developers to participate in the management and improvement of the platform freely. The growing capabilities of digital cameras for producing high-quality video content drive the development of the broadcasting industry, and Livepeer aims to further boost this process by allowing users to benefit from decentralized computing power and crypto-economic incentives for bootstrapping and participation. Livepeer is becoming a leading industry platform, as it allows users to participate in numerous ways. The platform offers opportunities for pay-as-you-go content consumption, auto-scaling social video services, uncensorable live journalism, and video-enabled [DApps](https://coinmarketcap.com/alexandria/article/how-to-access-dapps-on-your-mobile-phone). Livepeer is transforming the live video streaming process and is on the road to becoming an industry leader.

Who Are the Founders of Livepeer?

Livepeer is an open-source protocol, which means that developers can freely contribute to the underlying code on GitHub. Livepeer Inc is the legal entity behind the Livepeer platform. Livepeer Inc was founded by [Doug Petkanics](https://www.linkedin.com/in/dougpetkanics/) and [Eric Tang](https://www.linkedin.com/in/ericxtang/). Doug Petkanics graduated with a degree in computer science from the University of Pennsylvania in 2006. Since then, he has been an integral part of several big names like Groupon and Wildcard. In 2006, he joined Accenture as an analyst, and in 2010 he co-founded Hyperpublic, which Groupon later acquired. In 2013, Petkanics co-founded Wildcard, a publishing platform, and web browser. Since 2016, he has been at the center of development for Livepeer. Eric Tang graduated with a degree in electrical and computer engineering from Carnegie Mellon University. In 2008, he joined Next Jump as a software developer, and in 2010 he became a product manager for Clickable. In 2010, he teamed up with Doug Petkanics and co-founded Hyperpublic. Since then, the duo has worked together on Wildcard and later on Livepeer.

What Is Livepeer (LPT)?

Launched in 2017, Livepeer is the first live video streaming network protocol that is fully decentralized. The platform aims to become a viable [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain)-based, economically efficient alternative to centralized broadcasting solutions for all new and existing broadcaster companies. To learn more about this project, check out our deep dive of [Livepeer](https://coinmarketcap.com/alexandria/article/what-is-livepeer). As stated in the [official Livepeer whitepaper](https://github.com/livepeer/wiki/blob/master/WHITEPAPER.md#introduction-and-background), the live video streaming and broadcasting industry is growing at a rapid pace, and the company is looking to ride this wave and introduce decentralization to the environment. Livepeer aims to streamline the broadcasting process by allowing producers to submit their work on the platform, taking care of reformatting and distributing the content to users and streaming platforms.

Where Can You Buy Holo (HOT)?

HOT can be purchased on [cryptocurrency](https://coinmarketcap.com/alexandria/article/what-are-cryptocurrencies) exchanges such as [Binance](https://coinmarketcap.com/exchanges/binance/), [Bitrue](https://coinmarketcap.com/exchanges/bitrue/), [ProBit Exchange](https://coinmarketcap.com/exchanges/probit-exchange/) and [MXC.COM](https://coinmarketcap.com/exchanges/mxc/), among others. It can be traded on spot markets against fiat currencies such as the U.S. dollar and the euro, cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin) (BTC) and [Ether](https://coinmarketcap.com/currencies/ethereum) (ETH) and the stablecoin [Tether](https://coinmarketcap.com/currencies/tether/) (USDT). Are you interested in buying HOT or other cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin)? CoinMarketCap has a simple, [step-by-step guide](https://coinmarketcap.com/how-to-buy-bitcoin/) to teach you all about crypto and how to buy your first coins.

How Is the Holo Network Secured?

The Holo network acts as a bridge between the centralized internet and Holochain, which does not rely on traditional blockchain technology. As such, it does not rely on global [consensus](https://coinmarketcap.com/alexandria/glossary/consensus) to secure its networks. Rather, each DApp [has its own](https://holo.host/faq/how-does-holochain-manage-consensus-data-integrity/) set of validation rules and a local hash chain on which it can store cryptographically signed records. When data is transmitted across multiple nodes, random peers act as validators, receiving data and verifying that it follows the correct rules. Validators use a gossip protocol to share good data among one another and warn of bad data or blacklist bad actors. According to its development team, Holo is [designed](https://blog.holochain.org/privacy-and-security-on-the-holo-network/) to be as decentralized as possible in order to reduce the risks associated with giving any one entity too much power. The connection between hosts and applications is end-to-end encrypted, and Holo uses a globally distributed network of servers.

How Many Holo (HOT) Coins Are There in Circulation?

Holo [held](https://medium.com/h-o-l-o/announcing-holo-ico-launch-75c1e7c17f7b) an "initial community offering" from March 2018 through April 2018. Ultimately, 177.6 billion HOT was [minted](https://holo.host/hot-stats/) through a demand-determined process, with 133.2 billion HOT (75%) allocated for public sale and 44.4 billion HOT (25%) reserved for the team and company. Team tokens [were not](https://medium.com/h-o-l-o/why-theres-no-vesting-in-the-holo-ico-feb4f180e8b2) subject to vesting or lock-up periods. Once HoloFuel is launched, HOT tokens will be able to be swapped at a one-to-one ratio for HoloFuel tokens. In January 2019, Holo [stated](https://medium.com/h-o-l-o/hot-to-holo-fuel-swap-announcement-e64d59a77aaf) that instead of being immediately burned, the swapped HOT will instead be kept as a reserve currency to provide liquidity to HoloFuel holders. HoloFuel will [have no](https://holo.host/faq/why-is-there-no-supply-limit-for-holo-fuel/) supply limit. Rather, it is [designed](https://holo.host/faq/how-does-holo-fuels-dynamic-supply-work/) to be dynamic and incorporate a credit system, allowing users to have negative balances. The supply will be [controlled](https://medium.com/h-o-l-o/holo-fuel-economics-101-c9631d63014a) algorithmically, contracting and expanding in response to demand and as the relationships between users with negative and positive balances change. Holo intends for this to cause the price of its tokens to remain relatively stable from moment to moment, rather than be subject to wild, speculative price swings.

What Makes Holo Unique?

According to its "green paper," Holo is [designed](https://files.holo.host/2018/03/Holo-Green-Paper.pdf) to act as a bridge between Holochain, which represents the world of crypto technology, and everyday users. The project highlights several innovations that it says will "enable a large shift in the landscape of crypto applications and currencies," including the ability to host P2P apps on the internet for mainstream users. The Holo network relies on a series of hosts that provide [storage](https://coinmarketcap.com/alexandria/glossary/storage-decentralized) and processing power for DApps built using Holochain. Hosts either install software on their computer that runs in the background and automatically allocates extra processing power to Holochain-based DApps, or they operate a dedicated machine such as a [HoloPort](https://holo.host/faq/what-is-a-holoport/). In exchange, hosts are paid in HoloFuel, a token that is specifically designed for microtransactions. The design of HoloFuel is [expected](https://medium.com/h-o-l-o/holo-the-evolution-of-cloud-computing-57a0a281b88b) to allow the Holo network to process billions of simultaneous transactions. The project's business plan centers on building a P2P ecosystem of hosts and applications, comparing its intended effect on app hosting to that of Uber and Airbnb on the taxi and hotel industries, respectively. Holo [charges](https://holo.host/faq/is-there-a-transaction-fee/) a fee on HoloFuel transactions, so its revenue model is directly tied to growing the number of applications and hosts on the network.

Who Are the Founders of Holo?

Holo was [founded](https://bitcointalk.org/index.php?topic=2963267.0) by Arthur Brock and Eric Harris-Braun, both of whom are experienced contract coders. The two first [started](https://medium.com/holochain/holochain-wins-missteps-and-next-steps-600812bc9ecc) working on the project in December 2016 as a part of the MetaCurrency Project, a developer of tools and technology designed to power a future P2P economy. Holo was partially modeled after Ceptr, a cooperative P2P framework for DApps that the two had previously worked on. Brock has prior experience coding alternative currency systems as the founder of Geek Gene, a company that developed community-building tools, including more than 100 alternative currency solutions. He also co-founded social-enterprise incubator Emerging Leader Labs and founded open-source education "starter kit" Agile Learning Centers. In March 2019, Brock was [named](https://stories.ehf.org/ehf-fellow-arthur-brock-4c800185a8e6) a fellow of the New Zealand-based Edmond Hillary Fellowship. Harris-Braun started programming full time in 1988 and is the founder of Glass Bead Software, a developer of peer-to-peer communication software, as well as co-founder of Emerging Leader Labs alongside Brock. In 2003, he co-founded Harris-Braun Enterprises, a freelance software development and consulting firm. He has also [served](https://centerforneweconomics.org/people/eric-harris-braun/) on the advisory board of the Schumacher Center For New Economics.

What Is Holo (HOT)?

Holo is a [peer-to-peer](https://coinmarketcap.com/alexandria/glossary/peer-to-peer-p2p) distributed platform for hosting decentralized applications built using Holochain, a framework for developing [DApps](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) that does not require the use of [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain) technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants. The Holo network will be facilitated using a token called HoloFuel, which is actively being [tested](https://blog.holochain.org/holofuel-enters-community-testing-phase/) and will [act](https://holo.host/faq/what-is-holo-fuel/) as an accounting system to pay hosts for their services. In 2018, the project minted an [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) token, HOT — also known as HoloToken — as an "IOU" that will be [redeemable](https://holo.host/faq/what-is-hot-when-can-i-swap-it-for-holo-fuel/) for HoloFuel upon launch. Holo is still in [development](https://medium.com/h-o-l-o/the-path-from-rsm-to-beta-1fdca3f581a) and is [expected](https://holo.host/roadmap/) to launch for open alpha and beta testing by 2021.

Where Can You Buy Trust Wallet Token (TWT)?

Trust Wallet Token is available to purchase and trade on a variety of platforms — including both centralized and decentralized exchanges. [MXC](https://coinmarketcap.com/currencies/mxc/) and [Binance DEX](https://coinmarketcap.com/exchanges/binance-dex/) are among the most liquid exchanges for TWT. The token is currently tradable against a range of other cryptocurrencies, including [Tether (USDT)](https://coinmarketcap.com/currencies/tether/), Bitcoin (BTC) and Binance Coin (BNB). Looking to buy cryptocurrencies like Trust Wallet Token with fiat? [Find out how here](https://coinmarketcap.com/how-to-buy-bitcoin/).

How Is the Trust Wallet Token Network Secured?

Based on Binance Smart Chain, the Trust Wallet Token is backed by a rigorously tested [proof-of-stake (POS)](https://coinmarketcap.com/alexandria/glossary/proof-of-stake-pos) consensus mechanism. This is used to protect the network against a range of potential threats, including [51%](https://coinmarketcap.com/alexandria/glossary/51-attack) and Sybil attacks. It’s also protected by a generous bug bounty program operated by Binance, which pays up to $10,000 in BNB to anybody that discovers a vulnerability on Binance Chain and its core smart contracts. Beyond this, as a BEP-20 asset, TWT is secured by the security of the wallet software used to manage it. For Trust Wallet, this includes a passcode security lock and a 12-word recovery phrase.

How Many Trust Wallet Token (TWT) Coins Are There in Circulation?

As part of the transition to Binance Smart Chain, 99% of the original TWT token supply was burned and the new maximum supply was set at 1 billion TWT — of this, just over a quarter is currently in circulation. The circulating supply of TWT will gradually grow as TWT tokens are earned by Trust Wallet users for completing various tasks, such as by participating in referral campaigns, taking quizzes and completing tasks within the app — like cryptocurrency [staking](https://coinmarketcap.com/alexandria/glossary/staking) and trading. As per the [official source](https://community.trustwallet.com/t/trust-wallet-token-twt-listed-on-binance-dex/62145), 40% of the TWT token supply will be targeted towards user acquisition, 15% will be distributed to the Trust Wallet community, 30% will be held in reserve and 15% is allocated to developers. As of October 2020, Trust Wallet has not yet published the full tokenomics or emission schedule for the Trust Wallet Token.

What Makes Trust Wallet Token Unique?

Trust Wallet Token is a utility token designed to provide additional value to users of the Trust Wallet mobile app — it doesn’t have any utility outside of the Trust Wallet ecosystem. Despite this, as a BEP-20 asset, Trust Wallet Tokens can be transferred to any wallet that supports Binance Smart Chain assets, where it may be exchanged against other assets or used as payment for services. Since it also confers voting rights and governance over the development of Trust Wallet and can be used for discounted DEX trades and in-app purchases, TWT has gone on to develop value of its own as a speculative instrument. TWT was also one of the first tokens to launch on Binance Smart Chain (BSC) — a high-performance [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain) designed for smart contracts and decentralized applications ([DApps](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps)). As a result, TWT can be transferred with extremely low fees and near-instant transaction confirmation times.

What Is Trust Wallet Token (TWT)?

Trust Wallet Token, or TWT, is a simple BEP-20 utility token that provides a range of benefits and incentives to Trust Wallet users. Trust Wallet itself is a mobile cryptocurrency wallet that supports dozens of popular native assets, in addition to popular tokens on the Ethereum, Binance and [TRON](https://coinmarketcap.com/currencies/tron/) blockchains. Holders of TWT tokens unlock a variety of benefits when using Trust Wallet, including discounts on in-app cryptocurrency purchases and on the use of decentralized exchange ([DEX](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex)) services. TWT holders can also participate in the governance of Trust Wallet and can vote on Trust Wallet update proposals, helping to shape the development of the app. Trust Wallet Token was initially launched as a BEP-2 asset on Binance Chain, but was relaunched as a BEP-20 token on Binance Smart Chain in October 2020.

Where Can You Buy Siacoin (SC)?

Siacoin can be purchased on cryptocurrency exchanges such as [Binance](https://coinmarketcap.com/exchanges/binance/), [OKEx](https://coinmarketcap.com/exchanges/okex/), [Huobi Global](https://coinmarketcap.com/exchanges/huobi-global/) and [Upbit](https://coinmarketcap.com/exchanges/upbit/), among others. It can be traded on spot markets against fiat currencies such as the U.S. dollar and the South Korean won, cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin) (BTC) and [Ether](https://coinmarketcap.com/currencies/ethereum) (ETH), and the [stablecoin](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) [Tether](https://coinmarketcap.com/currencies/tether/) (USDT). Are you interested in buying Siacoin or other cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin)? CoinMarketCap has a simple, [step-by-step guide](https://coinmarketcap.com/how-to-buy-bitcoin/) to teach you all about crypto and how to buy your first coins.

How Is the Siacoin Network Secured?

The Sia blockchain is secured using a proof-of-work [consensus](https://coinmarketcap.com/alexandria/glossary/consensus) algorithm, meaning that miners compete among each other to add new blocks to the blockchain and a majority must confirm a record for it to be posted. Sia co-founder Vorick [argued](https://blog.sia.tech/choosing-asics-for-sia-b318505b5b51) in June 2017 that proof-of-work is the best way to secure the network because it tethers a malicious actor's ability to attack the network to massive energy requirements and hardware expenses. According to Sia's development team, the fact that hosts have to put up collateral in order to participate in the network's operations [decreases](https://blog.sia.tech/addressing-thoughtful-concerns-about-sias-security-viability-103ccfff5e92) any incentive for bad actors. In addition, it has pointed to the fact that it splits uploaded data into 30 segments, which are then distributed across the globe, as reassurance that its network cannot be taken down except in the event of a massive natural disaster or geopolitical event. And as long as 10 out of 30 hosts survive an attack on its network, files can still be retrieved.

How Many Siacoin (SC) Coins Are There in Circulation?

Siacoin has no maximum supply. Because it is a utility token designed to be used to power transactions via smart contracts, the project has [stated](https://support.sia.tech/article/TziYOGhl38-siacoins-total-supply) that there must be a limitless supply in order to match the effectively limitless amount of data that can be created and stored. New Siacoins are introduced as mining rewards through the Sia blockchain's [proof-of-work](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake) mining algorithm. The mining reward started at 300,000 SC and decreased at a rate of 1 SC with each block mined until it [reached](https://siastats.info/block_reward) 30,000 SC in July 2020. The block reward will now forever remain 30,000 SC. With the launch of The Sia Foundation, the block reward was doubled, with the additional 30,000 SC per block going to the Foundation on a monthly basis. Siacoin is removed from the ecosystem when hosts lose tokens or their collateral is left unrefunded due to bad actions. In the future, the development team [intends](https://trello.com/c/xynwRelr/56-add-proof-of-burn-mechanic-to-hosts) to introduce a proof-of-burn mechanism by which hosts will be required to burn a small percentage of their revenue to prove that they are real and have good intentions. The Sia development team [mined](https://siawiki.tech/wallet/siacoin) approximately 100 blocks (around 30 million SC) before publicly releasing the mining algorithm. The platform's team and investors reportedly hold less than 0.1% of the total Siacoin supply.

What Makes Siacoin Unique?

According to its [whitepaper](https://coinmarketcap.com/alexandria/glossary/whitepaper), the long-term [goal](https://sia.tech/sia.pdf) of Sia is to compete with existing storage solutions. It [sees](https://blog.sia.tech/meet-sia-the-most-viable-non-financial-application-of-blockchain-technology-afe6e7412a25) itself as being in direct competition with major cloud storage providers such as Amazon, Google and Microsoft. Because of its decentralized nature, Sia is able to [offer](https://blog.sia.tech/cloud-storage-for-2-tb-mo-8a34043e93bb) competitive storage rates. Files [stored](https://sia.tech/technology) on the Sia network are divided into 30 encrypted segments, with each segment uploaded to a unique host for redundancy. The agreements between uploaders and hosts are recorded on Sia's blockchain and enforced using smart contracts. Siacoin acts as the method of payment on the network, with renters paying hosts using SC, and hosts locking SC in smart contracts as collateral.

Who Are the Founders of Siacoin?

Sia was first [conceived](https://siawiki.tech/about/history_of_sia) in mid-2013 by David Vorick while studying computer science at Rensselaer Polytechnic Institute. He discussed the idea over email with Luke Champine, a college friend, who joined the project's development shortly after Vorick presented the concept at a HackMIT hackathon in September 2013. The project was officially named Sia in early 2014, a reference to the Egyptian god of perception. They formed the company Nebulous, Inc., which were the primary developers of Sia until the founding of The Sia Foundation in 2021. The [Sia Foundation](https://sia.tech/about-sia-foundation), a registered 501(c)(3) non-profit organization based in the US, is now the steward of the Sia project. The goals and responsibilities of the Foundation are numerous: to maintain core Sia protocols and consensus code; to support developers building on top of Sia and its protocols; to promote Sia and facilitate partnerships in other spheres and communities; to ensure that users can easily acquire and safely store siacoins; to develop network scalability solutions; to implement hardforks and lead the community through them; and much more. The Sia Foundation is funded via a block-subsidy, and has a lively grants program started in October of 2022. The goal of the [Grants Program](https://sia.tech/grants) is to fund new projects that utilize Sia in some way to benefit the network and ecosystem.

What Is Siacoin (SC)?

Siacoin (SC) is the native utility token of Sia, a [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain)-based distributed, decentralized cloud [storage](https://coinmarketcap.com/alexandria/glossary/storage-decentralized) platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract), and Siacoin is the medium of exchange for paying for storage on the network. The main [goal](https://sia.tech/about) of the project is to become the "backbone storage layer of the internet." Sia was originally [announced](https://bitcointalk.org/index.php?topic=591283.0) in May 2014 before being revised and [re-announced](https://bitcointalk.org/index.php?topic=1060294.0) a year later in May 2015. It officially [launched](https://twitter.com/NebulousLabs/status/607639984489811969) in June 2015.