Project Specifications

Project Specifications

Algorithm: Blake(2b)
Total Supply: Unlimited with declining inflation + coin burn (blog post on Total Supply)
Block Reward: 300,000 declining by 1 token per block with a 10,000 floor
Block Timing: 10 minutes
API Port: 4280
RPC Port: 4281
Hosting Port: 4282

Initial Token Grant
10,551,000,000SCP premine for expenses/airdrop as follows

51m Mining pool maturity cushion: 5 mining pools
200m Project/dev expenses
300m Nebulous Inc (Sia creator) bounty
1.75b Storage Host Incentive Program
628m Exchange listing fees fund

List of positive addresses at Sia block 179,000
3.1B SCP distributed on a 1:5 basis to existing Siacoin holders of record (1SCP for every 5SC)
4.5B SCP from exchange addresses stored in a cold wallet.
Coins were not distributed to the top 35 addresses (determined to be exchange addresses), but directed into a cold wallet. If the exchanges agree to list/distribute the assets, they may be provided and added to the circulating supply. Otherwise we may implement a scheduled token burn or direct the coins to further project goals

Project Fee – 20% thru month 6, declining to 10% over 2 years
After block 105,000, the 10% project fee is sent to the collateral burn address to reduce inflation/supply for the duration of the project.

Projected total supply
The SiaPrime supply is built to closely mimic the original Sia supply. The Sia protocol includes two key provisions (storage node collateral, renter allowance) that lock up significant amounts of coins, requiring a large supply.
2018  13,147,616,280
2020  38,235,268,535
2023  55,147,158,095

10,000 SiaPrimeFunds (SPF) were created and distributed to holders of SiaFunds at Sia block 179,000. These tokens allow the owner to earn 3.9% transaction fees on hosting/renting on the SiaPrime network. The following spreadsheet includes the breakdown of ownership and transaction IDs – siaprimefunds.csv

Project Cold Wallets
The following relate to the above grants still in possession of the project as well as long term development wallets

Development 350,000,100
Host Incentive 1,750,000,000
Promissory** 250,000,000
Exchange Escrow 4,525,377,327
Total Cold Wallet Coins 6,875,377,427

Total Current Circulating Supply
% of total supply controlled by Team* 26%

* Total supply is expected to top out around 55b in a few years. Development and Host Incentive wallets are meant to pay out in support of the project over time leaving Exchange airdrop wallet as a project asset. By year 5, it will account for less than 9% of the total supply assuming the team still holds it. Disposition has not been determined, but the wallet will be used to further product development. 

** Promissory escrow is for a small initial BTC loan the project took out for the first exchange listing. Exchange Escrow is the airdrop held back from the large exchange wallets. We are investigating a time-lock for the Promissory and Exchange Escrow wallets and will update this page if/when we implement.