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Can anyone tell me what is Tired Storage. How this can be useful for home based linux users? Do we need to install any other applications for this purpose?

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It is a way for data to be Stored in different storage devices in order to reduce the cost of data storing in real time scenario. This way helps us to store data across various storage devices like SSD, flash drives. There are various categories for this but it will depend on the way we require the data to be store. Like if we need performance then the category will be different. It depends on how frequent we use the data, how fast it will be used in normal scenarios. There are various tools available to create a tired storage in Linux.

Veritas Storage Foundation is a tool which works for RedHat Linux.