Glossary

A

Address: A string of characters represents a location on the blockchain, often for sending or receiving cryptocurrency.

Algorithm: A set of rules and instructions guiding the operation of a cryptocurrency network, including consensus algorithms like Proof of Work (PoW) and Proof of Stake (PoS).

Altcoin: Term for any cryptocurrency other than Bitcoin, standing for alternative coin.

API (Application Programming Interface): A set of rules and protocols allowing different software applications to communicate and interact.

ASIC (Application-Specific Integrated Circuit): Hardware explicitly built for cryptocurrency mining, known for efficiency and speed.

Atomic Swap: Smart contract technology that enables the exchange of one cryptocurrency for another without intermediaries.

Autonomy: A degree of independence from decision-making authority that an entity, such as an individual or an organization, possesses in carrying out its actions and operations.

B

Bandwidth: A capacity or data transfer rate of a network or communication channel for a given period.

Biometric: Using an individual's unique physical or behavioral characteristics for authentication and identification in security systems and access control.

BIP 39: A cryptocurrency standard that enables users to create and recover wallet information using a mnemonic phrase, enhancing security and usability in managing digital assets.

Blockchain: A distributed ledger recording all transactions and data on the Sia network.

Block Explorer: A tool for viewing and searching the Sia blockchain for transaction and block information.

Broadcasting: An act of publicly sharing a transaction or message on the blockchain for all network participants to see, typically for transparency and verification purposes.

Burn: The act of sending coins to an address where they cannot be retrieved, effectively removing them from circulation.

C

Circulating Supply: The amount of cryptocurrency available to the market and in the hands of the public, excluding locked or reserved tokens.

Coin: A cryptocurrency unit representing a specific value, often divisible into smaller units (e.g., Bitcoin, Ether).

Collateral: The amount of Siacoins a host is required to lock up as a guarantee when forming a file contract.

Consensus Mechanism: The method by which network participants agree on the validity of transactions.

Contract: The agreement between a renter and a host for storage services.

Cryptocurrency: A digital or virtual currency using cryptography for security and operating independently of a central authority, often utilizing blockchain technology.

Cryptography: The science of securing information through encryption and decryption techniques, a fundamental component of blockchain technology.

D

Data Privacy: Ensuring the confidentiality and security of data stored on the Sia network.

Decentralization: The distribution of network components across multiple hosts and locations.

Decentralized Storage: Sia's approach to storage, where data is distributed across many hosts instead of being stored on a central server.

Denominated: A measurement in which values, assets, or transactions are expressed in standardized and clear representation of those quantities.

De-platforming: The act of removing or restricting access to a user, organization, or content from a platform or online service, often due to policy violations or public pressure.

Domain Name System (DNS): Decentralized naming system for computers, services, or any resource connected to the internet, translating user-friendly domain names into IP addresses

E

Encryption: Encoding data to limit access to authorized parties is a fundamental aspect of cryptocurrency security.

Escrow: A service that holds cryptocurrency or other assets in trust until specific conditions in a transaction are met.

Exabyte: A unit of digital information storage capacity, equivalent to one quintillion bytes (1,024 petabytes or 1 billion gigabytes(GB))

Exchange Rate: The value at which one cryptocurrency can be exchanged for another or traditional fiat currency.

F

Fiat Currency: A government-issued, centralized currency that is not backed by a physical commodity like gold, and it derives its value from the trust and authority of the issuing government.

File Recovery: The process of retrieving data from the Sia network, typically through a file contract and associated redundancy.

File Recovery Window: When renters can recover their data if a host goes offline.

Fork (Blockchain): A change in the protocol rules of a cryptocurrency, resulting in a divergence of the blockchain into two separate chains, such as a hard or soft fork.

Fragmentation: The process of dividing data or information into smaller parts or fragments for efficient storage, transmission, or processing.

G

GPU (Graphics Processing Unit): Hardware commonly used for cryptocurrency mining due to its suitability for complex mathematical calculations.

H

Hard Fork: A significant and non-backward-compatible change to a blockchain protocol creates two chains with distinct rules.

Hash Function: A mathematical function used in Sia to convert data into a fixed-size string of characters (hash) for data integrity and security.

Host: A computer running Sia software that offers network storage space.

I

Incentive Structure: The mechanism rewards hosts for providing storage space and renters for using the network while penalizing non-compliance with agreed-upon terms.

Immutable: The property that once data is recorded, it cannot be altered or deleted, ensuring data integrity and trust.

IPFS (InterPlanetary File System): A decentralized file system that stores and shares hypermedia and other data across a peer-to-peer network.

IP Address: A unique numerical label assigned to devices in a computer network, used to identify and locate devices on the internet.

ISP (Internet Service Provider): A company that provides access to the internet and related services to individuals and businesses.

J

K

L

M

Merkle Tree: A data structure used in Sia to verify the integrity of data stored across the network.

Miner: Responsible for adding new blocks to the Sia blockchain by solving Proof-of-Work puzzles, securing the network, and processing transactions.

Mining: The process of securing the Sia network and earning rewards.

N

Nebulous: The company behind Sia, responsible for its development and maintenance.

Node: An instance or installation of Sia.

Non-custodial: A system or service where individuals retain full control and ownership of their assets, private keys and funds without relying on a third party to hold or manage them.

O

P

Petabyte: A unit of digital information storage capacity, equivalent to one quadrillion bytes (1,024 terabytes or 1 million gigabytes(GB))

Proof of Burn (PoB): A mechanism to burn coins to demonstrate commitment to the network and potentially earn the right to mine or validate transactions.

Proof of Storage (PoSt): A mechanism for hosts to prove they are storing renter data.

Proof of Work (PoW): A consensus algorithm in blockchain networks.

Q

R

Redundancy: The number of hosts storing a piece of data to ensure data availability and durability.

Renter: A user who rents storage space from hosts on the Sia network.

Revenue: Income generated by hosts and miners on the Sia network.

RPC (Remote Procedure Call): A protocol for communication between software applications or network components.

S

Sia: The decentralized cloud storage platform.

Siacoins: The native cryptocurrency used within the Sia network.

Siafund: A secondary cryptocurrency representing a stake in the Sia network.

Sia Daemon: The background process that runs Sia and manages its core functions.

Sia Protocol: A set of rules and procedures governing how data is stored, retrieved, and managed on the Sia network.

Smart Contract: Self-executing contracts with terms of the agreement directly written into code.

Seed: A set of words that can be used to recover a Sia wallet if lost or damaged.

Seed Phrase: A set of words that can be used to recover a cryptocurrency wallet if it is lost or damaged.

Software suite: A collection of software applications bundled together to provide a set of related functionalities.

Soft Fork: A backward-compatible change to a blockchain's protocol, allowing old and new nodes to coexist on the same network.

Software Wallet: A cryptocurrency wallet that exists as a software application on a computer or mobile device.

Stakeholder: An individual or entity with a vested interest in the success or performance of a cryptocurrency or blockchain network.

Storage Host: A participant offering storage space and renting it to users.

Supply Cap: The maximum amount of a cryptocurrency that can ever be created or mined.

Sybil Attack: An attack on a network where an adversary creates multiple fake identities to gain control or influence.

T

Testnet: A separate blockchain for testing and development purposes, allowing users to experiment without real cryptocurrency.

Token: A unit of value issued by a blockchain or cryptocurrency project, often used for various purposes within that ecosystem.

Transaction: An action or event recorded on the Sia blockchain.

Trustlessly: Describing a system or transaction process that doesn't require trust in a central authority or intermediary.

U

Uptime: The percentage of time that a computer or network is operational and available for use.

User Interface (UI): The graphical layout and design through which users interact with cryptocurrency wallets, Dapps, and other software.

V

W

Wallet: A software or hardware application for storing and managing Siacoins.

Wallet Encryption: Encryption protects a user's wallet and funds with a passphrase.

Web3: The vision of a decentralized internet built on blockchain technology, allows users to interact with decentralized applications (Dapps) directly.

Withdrawal: Moving cryptocurrency from a wallet or exchange to an external address.

X

Y

Z