Siacoin (SC) is the utility token for the Sia protocol which is a decentralised cloud storage platform. The Sia protocol seeks to create a platform for users to lease their unused storage space to others using blockchain technology. The security and fairness of the transactions within this protocol are maintained through smart contracts. The Sia protocol aims to compete with the likes of Amazon, Google and Microsoft by offering more competitive rates through their peer to peer data storage system. The Sia protocol utilises a proof of work consensus mechanism which rewards miners with SC for powering transactions and maintaining the network.