Sia a blockchain-based file storage solution that encrypts files and stores them on a peer-to-peer network. It is open source, Their goal is to bring a greater degree of privacy to cloud file storage, while also making it faster and cheaper. Cloud storage solutions that currently dominate the market, such as Dropbox and Google Drive, offer limited privacy options. These centralized storage systems control all the files. Sia, along with Storj, Filecoin, and other blockchain storage companies are trying to address these privacy concerns.

Filecoin is developing a blockchain-based cloud storage solution. Filecoin tokens are used to power a marketplace for file storage that connects users through a bidding system. This pricing model is different from other blockchain storage solutions like Storj and Sia, that have set pricing for uploading files to their networks. Filecoin was created by Protocol Labs, a company with an established reputation for developing other network based storage solutions. They raised $205 million in a token sale. Filecoin has an innovative consensus mechanism that is a type of Proof-of-Storage, and is based on Proof-of-Replication (PoRep) and Proof-of-Spacetime (PoSt). This hybrid consensus system allows users to verify that files have been allocated to their own unique space in storage memory, and are being stored for a specified period of time.