Sia is a storage platform in which users can share their storage space to create a decentralized network. Siacoins are the tokens used to rent said storage space and anyone with token access could do it. Smart Contacts are used which can be stored on the Sia blockchain. The tokens can also can be mined and traded. The processes are simplified – a host only gets paid after they have kept the file the user has uploaded for a certain amount of time; if the file has been damaged or lost, the host doesn’t receive any payment for the service. The nature of the network is distributed, and this allows for optimizations in reliability and security. By enabling anyone with storage to get paid, the entry barrier is lowered, and the overall price of cloud storage is reduced. All uploaded files are secured by encryptions, and every user has a private key to access their files. Therefore no third party is involved. Because it is entirely open-source, Sia is being developed every day by professionals around the globe.

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