What is Siacoin

Sia is a platform for decentralized cloud storage. By allowing the formation of storage contracts with peers, Sia permits its users to store data across a wide network of participants in a secure, private, reliable and fault-tolerant manner. Contracts define the conditions under which a storage provider keeps user data, and require the provider to periodically submit proof of storage to reassure the client that their data is in safe hands. These contracts are stored on the blockchain such that they are publicly auditable.

Sia’s Objective

Sia aims to break into the cloud storage market. The team believe this multi-billion dollar endeavour can be facilitated through blockchain technology. Offering a cheap, reliable and highly redundant cloud storage solution may prove itself worthy of competing with extortionate storage providers at both the individual and enterprise level.

Sia’s primary objective is to introduce storage into the sharing economy. As the old adage goes, ‘unused memory is wasted memory;’ the team believes it is possible to liberate the unused storage of the world and unite it into a free market. Under this configuration, data is distributed across a vast network in a highly redundant manner.

This new paradigm for the cloud, where a decentralized network of ad-hoc data centers comprise a global storage solution, is extremely promising. Data remains secure through strong cryptography, storage is far more affordable, and any single point of failure is eliminated through a network of redundant nodes, ensuring the highest possible uptimes. Sia’s affordability and innovation engages competition with even the most venerable service providers.

Source: https://btcmanager.com/what-is-siacoin-is-it-a-good-investment/