Sia is a cloud storage platform which exists through a decentralized network of computers. People like Sia because it is one of the fastest and most affordable cloud storage platforms in the world. It also has top-notch security so that everyone’s data is protected on the network. This network depends on people from around the world to offer their own computers’ disk storage in order to form a large enough storage platform that many people can use.
If someone wants to rent disk space on the Sia platform, they need to use Siacoins to pay for it. These Siacoins get paid to the person who is hosting the buyer’s data files on the network. The host and the buyer form a smart contract together which then gets saved in the Sia blockchain. The contract outlines how many Siacoins the host will receive after they’ve stored the buyer’s file for a certain length of time. If for some reason the host accidentally deletes or loses the buyer’s files, then they don’t get paid the coins.
Since the Sia platform is decentralized, it allows anyone with a computer and disc space to offer hosting to others in the network. This makes the cloud storage space much cheaper for people to rent. Not only that, anyone wanting to become a host will not have to go through too many barriers to become one. As a result, earning Siacoins will be easy as long as you have the disc space to offer.
Right now, the Sia platform is still in its developing period and is constantly being updated and improved all the time. If you want to rent space from a host, you need to have an active Sia Wallet with Siacoins in it. You will be restricted to uploads that are no more than 500MB in size. The more space you need, the more it will cost. The exact terms will be outlined in the smart contract that you form with the host.
The original concept of the Sia platform came in 2013 at the HackMIT event. The best programmers from across the country gathered together and wanted to come up with a way for people to share their unused storage space with others in the world who need it. More importantly, they wanted a way for data to be transferred and stored without a third-party getting in the way of it.
The result became the Sia platform which not only helps people get the storage they need, but it also allows people with extra storage on their computers to make money from renting it out.