Siacoin (SC) serves as the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia operates as a secure, trustless marketplace for cloud storage, enabling users to lease their unused storage space. Smart contracts enforce agreements and transactions, with Siacoin functioning as the medium of exchange for storage payments within the network. The primary objective of the project is to establish itself as the fundamental storage layer of the internet. Initially announced in May 2014 and subsequently revised and re-announced in May 2015, Sia officially launched in June 2015.