Launched in June 2015, Sia is the subdivision of Nebulous that is the first decentralized storage infrastructure. Sia is a cloud platform for storing data in a collaborative manner. The users can store and retrieve a large amount of information on this quick and secure storage medium. In contrast to traditional cloud storing, it leverages new method in which it allows others hosts to rent out their hard drive for the users.

These hosts cannot look inside the data stored on the platform due to the blockchain-based technology. Moreover, the reliable platform consumes less money as compared to other cloud storage servers.

 

Redundancy and cryptography are the core techniques regarding the data integrity of the platform. CEO and co-founder of the firm, David Vorick shares that Sia entails a logical cloud storage host that collects untrusted and unknown machines and provides faster cheaper and reliable service.

Product

It has released its 1.0 API in June 2016. In this one year, the team worked on the enhancement of tech, scalability, and the third party API creation. This way, Sia became the first decentralized marketplace.

Procyon partner Drew Volpe says that Sia seems to have the potential of changing the traditional sizes of datasets into more usable form for various industries. The meaningful route will help Artificial Intelligent, medical, industrial, and other sectors regarding secure information storage and accessibility. Sia explores a new approach for data capture, storage, and distribution.

Sia’s parent firm, Nebulous consists four team members who seek to deliver a reliable decentralized platform for the users. Sia is their primary project for now.

Investors

Recently, Sia has raised an amount of $750,000 in the funding. The list of investors includes Raptor Group, Procyon Ventures, Fenbushi Capital along with Xiaolai Li as the angel investor. With this investment, the total raised funding sums as $1.25 million by Nebulous.

Future Objectives

The firm is planning towards the growth of the developer community along with enterprise market expansion. The team will use the new funds in the fast process regarding product development. Moreover, Sia platform will receive integration from Minebox NAS, a storage device maker, for providing rent space and storing users’ data on the network. Its long-term goal aims to become the backbone storage platform of the Internet.