What is a Siacoin?
Siacoins are used for utility on the Sia network; renters buy storage space with Siacoins and hosts are paid in Siacoins for selling their storage space. Hosts also post collateral in Siacoins and miners mine Siacoins via Proof-of-Work.
Essentially, Siacoins are tokens that power the Sia network – they are the network currency.
Siacoins were never used for fundraising, and the Sia core team holds less than 0.1% of the total Siacoins supply.
Siacoins are mined via Proof-of-Work, and the Sia core team pre-mined less than 0.1% of the total Siacoin supply at launch.