The difference between Sia and their competitor, Storj.io, is they have been a fully functioning storage network since June 7th, 2015. With Sia, users can announce themselves as a host on the network and get paid for the storage that others use. Users can upload files to the network by paying hosts to use them, and can retrieve files from the hosts that are storing your data.
Vorick said this about the platform
The protocol is mature, but the software for hosting and renting storage is still in beta. It is slow, sometimes buggy, and does not achieve optimal redundancy due to a subset of bugs. To the best of my knowledge, Sia has never lost a file despite some of the suboptimal code. There are other clear UX issues, but the fact remains that Sia is usable, if annoying. The current price of storage on our network is about 1% the cost of Amazon’s S3 service. (30 cents per Terabyte per month)!
The Sia code is open source, and Vorick indicated that feedback has been that it has some of the “cleanest and best documented source code in the altcoin universe.”
Sia plans to release version 0.5.0 of the platform around the first week of January. The new release will feature substantially faster uploads, improved scalability, and more efficient repairing and renewing of file contracts. From a usability perspective, many of the loading times will be reduced, the UI will be friendlier and more intuitive, and several features that have been repeatedly requested by the community will have been implemented.
We have spent most of the last 18 months focusing entirely on getting the technology better. I have strong confidence that we have technological superiority in our field. Files that are more robust, uploading and downloading that is more efficient, stronger privacy, and overall better testing on our system. We have been dealing with a live network for more than 5 months now, and this has given us a lot of working knowledge that our competitors do not yet have. That’s also 5 months of iteration on our product based on real-world feedback.
Sia utilizes a proprietary cryptocurrency, available on the US-based cryptocurrency exchange Poloniex. According to CoinMarketCap.com, Siacoin has a market cap of $ 152,319 with an available supply of 7,782,181,965.