Sia is a decentralized cloud storage platform that intends to compete with existing storage solutions, at both the P2P and enterprise level. Instead of renting storage from a centralized provider, peers on Sia rent storage from each other. Sia itself stores only the storage contracts formed between parties, defining the terms of their arrangement.
Sia, a platform for decentralized storage. Sia enables the formation of storage contracts between peers. Contracts are agreements between a storage provider and their client, defining what data will be stored and at what price. They require the storage provider to prove, at regular intervals, that they are still storing their client’s data. Contracts are stored in a blockchain, making them publicly auditable. In this respect, Sia can be viewed as a Bitcoin derivative that includes support for such contracts. Sia will initially be implemented as an altcoin, and later financially connected to Bitcoin via a two-way peg.