What is the Sia platform, and what is Siacoin (SC)?

Sia is basically a blockchain-based exchange that facilitates transactions between lessors (network hosts providing storage space) and lessees (users looking for storage space). It uses smart contracts to secure and process these transactions. Sia offers storage solutions at both peer-to-peer (P2P) and enterprise levels. 

There are three components involved in a transaction – the host, the lessee, and contracts. When a lessee uploads a file to the network, it is processed and distributed across physical drives belonging to hosts on the network. A contract is made between the lessee and the host, and the host is paid in Siacoin once there is proof of storage. Here’s how the process works:

It is important to note that no user data or files are stored on the Sia network. All files, once processed, are distributed among host computers. Only file contracts are stored on the Sia blockchain network.

Siacoin can be acquired in three ways -- by mining, as payment for storage space offered, or through a cryptocurrency exchange platform.

Sia uses the Proof of Work (PoW) mechanism for creating blocks on the blockchain network.  In PoW, hosts on the network use resources to solve a computational equation and create blocks. In return for the resources spent, they are awarded Siacoins. This process is called mining.

Another way for hosts on the network to acquire Siacoins is by offering storage space for rent. When user files are stored on their computers, they are paid in Siacoins.

Lastly, Siacoin can be purchased from crypto exchanges that list them. The process of buying Siacoins is the same as with other cryptocurrencies

• Create an account on a crypto exchange platform
• Deposit fiat currency
• Look for Siacoin or SC
• Purchase the quantity you want 

Before you sign up on a crypto exchange to buy Siacoin or any other cryptocurrency, make sure you compare crypto exchange platforms, as each platform has different fee structures and benefits. You should also check whether the exchange is registered with AUSTRAC to confirm it complies with local laws and regulations. It’s also worth acquainting yourself with cryptocurrency basics if you’re a beginner and understand the risks involved when you buy crypto. Consider limiting the amount you invest in Siacoin (or any other crypto) to something you can afford to lose, keeping in mind the volatile pricing history of crypto assets.