Sia is a decentralized cloud storage platform, similar to other centralized platforms like Google Drive and Amazon Cloud.
Instead of creating a storage contracts with a single entity (i.e. Google,
Amazon) , on the Sia platform contracts are created between peers, allowing users to store their data on a wide network of participants. All these contracts are stored on the blockchain, making them immutable and impossible to tamper with.
Siacoin is the currency used on the Sia network. Anyone is able to rent out unused space on their computer and receive Siacoin as payment, and anyone that wants to purchase storage space will need to pay in Siacoin. This created a shared economy based on storage space that is available to everyone.
Sia is one of the most promising blockchain based projects to come out. While Google and Amazon offer a tried and true method for cloud data storage, they are very expensive and often suffer from hacks and security breaches. Sia offers the same service at a fraction of the price, and allows transparency of the storage contracts, meaning you can check in realtime that your data is where it should be.
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