on the crypto
The decentralized cloud storage network thinks that the creation of a Sia Foundation could bring more attention to the network. But getting there involves a hard fork.
Decentralized storage
A little over three years ago, Sia co-founder David Vorick turned to Medium to work out an ethics for decentralized cloud storage network. During discussions about it, he called into question the Ethereum Foundation for putting excessive centralized control into what was supposed to be a decentralized blockchain.
Today, however, to counteract the low growth, Sia has proposed to create its own foundation. The basic idea of Sia, launched by Nebulous Inc. in 2015, is that most people don't need all the space they have on their hard drive.
Just as anyone can rent an extra room in the house, they could sell the extra hard drive space on Sia in exchange for Siacoin. Boom: decentralized storage. But despite several networks already revolving around this concept, including Storj and Filecoin, decentralized storage hasn't found much support in the blockchain world.
Siacoin is currently trading for under a cent according to CoinMarketCap, and its 24-hour trading volume is in the low end of 3 million. That said, it still ranks among the top 75 cryptocurrencies in terms of market capitalization, with $ 142 million, which means the proposition has some value.
Against the Ethereum Foundation
In the past, Vorick attacked the Ethereum Foundation - find out quotation of ETH in real time - saying that it "... has taken full control of future [sic] protocols, including the rights to make radical changes to things like the consensus algorithm, coin supply and even chain rollbacks"
Most developers in the altcoin ecosystem maintain the same amount of control, which means that users of this “decentralized” ecosystem typically end up placing absolute trust in the development team.
"This is not what we want for Sia." Recently, Sia's other co-founder, Luke Champine, posted a proposal on reddit calling for the Sia Foundation to be created, with himself as president. Although published by Champine, the proposal is written in the plural, suggesting it comes from the entire Sia and / or Nebulous team.
Both hard forks
The foundation would theoretically play an important role in advancing the Sia blockchain, but to finance it Champine proposes a hard fork of the protocol. Each block reward would be doubled from the current rate of 30.000 Siacoin (about $ 94) so that another 30.000 would go to a Foundation Fund.
There would also be a one-time transfer of 1,57 billion Siacoins ($ 4,94 million) after the hard fork. Additionally, the foundation would be tasked with maintaining and improving core software, controlling a legal defense fund, rolling out security updates to defend against attacks, promoting coin adoption, and obtaining more trading lists.
25% of the funds would go to things like "grants, bonuses, hackathons and other community-led proposals". All funds, Champine wrote, will be managed by a multisig.
