The Hyperspace team is forking the Sia codebase and will be generating ~3.5B Space Cash to be freely distributed to all Siacoin holders in order to encourage people to learn about and experiment with the Hyperspace network upon public launch.
These Space Cash will be distributed in a ratio of 10 Siacoin (SC) to 1 Space Cash (SPACE). The Space Cash distribution will be based upon a snapshot of the Sia blockchain taken at block 161358, corresponding to approximately the beginning of July 1st, Greenwich Mean Time.
SC balances for the snapshot will be truncated at the 1 SC threshold and thus address balances below 1 SC will not be credited with the airdrop. This is done for simplicity and to prevent the blockchain from being initially cluttered by many tiny transactions.
We do not know which exchanges will support the airdrop, so if you would like to participate the best solution is to make sure you have your Siacoin in your personal wallet with your own private seed during the snapshot time. Your wallet does not need to be synced at snapshot time, but the wallet does need to have ownership of the SC at snapshot time.
One exchange, QBTC, has indicated that they will support the airdrop: https://www.qbtc.com/news/article_c956fd1a099a4fdd830fb470b26e6eb1
For timely updates regarding the fork, please join us on our Discord server.
Once the snapshot date has passed, you can transfer away the SC as you'd like. It is not strictly necessary, but we would suggest you transfer the SC to an address generated by a different seed and never re-use the old seed on the Sia network. When the Hyperspace network goes live in early to mid-July, the Hyperspace wallet will be available for download. At that point, you will be able to retrieve your airdropped SPACE by importing your old Sia seed - the one which controlled your SC at snapshot time - into the Hyperspace wallet. The Hyperspace wallet will be open-source. You should never expose your seed to closed source software or third party servers.
Thank you for your interest in the Hyperspace project! 