As is the case with most currencies, to truly understand a coin one must first know where it is used - and what purpose it holds.
What is Sia?
Imagine being able to store data across the cloud at an extremely low price. Now imagine being able to seamlessly store 1TB worth of files for only $2 ( approx. 150 INR) per month, without using your own computer’s space.
Using Sia, a user can store all their data on the cloud, without using any of their own resources - essentially using space others do not require.
So, what is the Siacoin?
Siacoins are native tokens of the Sia Network. Storage providers will be paid in Siacoins by those who require additional “e-storage” space. These coins can also be mined and traded!
However, the Sia Network goes one step further by realizing irrational customer fears of ‘will my files be safe?’
Unlike Amazon’s cloud storage service ‘Amazon S3’, Sia encrypts every file as they leave the user’s device (Sia is also less than 10% the price of Amazon S3). Your files are also broken up into 30 segments and stored on nodes across the globe - making it near impossible for someone without your private key to access these files.
Another major plus of the Sia Network is the amazingly low prices. On the Sia Network, a marketplace is formed where renters of space compete for user contracts, leading to the lowest possible prices.
The Sia Network currently has 538 storage providers, providing over 3800 TB of storage space.
A Bright future: Siacoin
Our demand for physical space is already overwhelming. With the rapid rise of business and enterprise, our demands for e-storage space will rise too. Siacoin is providing highly efficient and revolutionary solutions to our every storage need. This virtually tamper-proof system will enhance professionalism and enhance every private and corporate user's experience.