Sia$SC

What is this network?

Sia is a decentralized cloud storage platform that leverages blockchain technology. It creates a data storage marketplace by utilizing underutilized hard drive capacity around the world. This makes it more reliable and cost-effective than traditional cloud storage providers. Sia's design ensures that no third party can modify storage contracts or erase your data. All agreements are controlled between the renter, the host(s), the decentralized autonomous network, and the blockchain. The Sia network is made up of renters and hosts that can be located anywhere in the world. Renters pay to rent storage, and hosts offer excess storage space for rent on the Sia network. You can be a renter, a host, or both at the same time on the Sia network.

How can I mine tokens?

Mining on the Sia network involves contributing computing power to help process and verify transactions. This includes not just Siacoin transactions, but also the smart file contracts between renters and hosts. Miners are rewarded with Siacoins for their service. When a block is successfully verified, or solved, an amount of Siacoins is paid out to those who mined the block. The Sia blockchain runs on a Proof of Work system. Until January of 2018, the Sia blockchain was mined almost exclusively with GPUs. Shortly after, the first ASICs were introduced into the Sia ecosystem. An ASIC, short for Application-Specific Integrated Circuit, is a computer whose sole purpose is to mine cryptocurrency.

Any geographical restrictions?

Sia is a peer-to-peer system, comprising Hosts and Renters that may be located anywhere in the world. This means that the laws, rules, or regulations applicable to a Host or Renter in one location may not apply to a Host or Renter in another location. The Sia Foundation does not control Hosts or Renters and, in fact, has no means of identifying them other than the information publicly available to all parties, such as the IP addresses that Hosts publish to the Sia blockchain.

How can I optimize my mining rewards?

To optimize your mining rewards, you can join a mining pool. When you cooperate with other miners, you get more payments. Some mining pools include F2Pool, SiaMining, Luxor, and Antpool. The most beneficial way to mine Siacoin is with Amtminer A3. It gives a hash rate of 815 GH/s while using 1300 W of power. It requires a price of USD 475 and also depends on the mining pool the miner is associated with.

How can I use the network?

You can use the Sia network as a renter, a host, or both. As a renter, you pay to rent storage. As a host, you offer excess storage space for rent on the Sia network. The Sia client serves several functions: a wallet for Siacoins, and an interface for renters and hosts to buy and sell data and upload or download files to Sia or Skynet. The Sia client allows renters and hosts to interact with each other by creating storage contracts. Renters can specify how much money, in Siacoins, they wish to spend on storage; hosts can specify storage prices and a number of other values that affect their probability of being selected for a contract.

Who governs this network?

The Sia network is governed by the Sia Foundation, a non-profit entity that maintains the Sia software. However, the Sia Foundation does not control the Sia storage network itself. Hosts, Renters, and others running Sia nodes make up the Sia network. The Foundation does not control Hosts or Renters and has no means of identifying them other than the information publicly available to all parties, such as the IP addresses that Hosts publish to the Sia blockchain. The Sia Foundation is not a party to the smart contracts between hosts and renters, as hosts and renters engage directly with each other as peers.