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With the advancements in the field of blockchain, developers are expanding the presence of the technology into various fields and are trying to tap into the vast potential that blockchain holds. Over the few years, blockchain has evolved from being a substitute to fiat currency and has created a platform of its own where applications and programs can be developed, bought, and sold. Blockchain has also invaded the field of cloud storage with the invention of the Siacoin. Unlike other cryptocurrencies that have flooded the blockchain market, Siacoin stands out for its uniqueness and the multiple capabilities that it provides to its users.Earn Free Siacoin
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Digital Gold of the Future, Siacoin is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Siacoins is a good option.
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Siacoin provides its users with decentralized cloud storage options. This means that any investor or user who owns a particular amount of SC coins will be able to access or host encrypted storage through the platform. The data that is stored within these storages such as transaction records, contracts, and storage proofs can be verified too using the blockchain’s public ledger. This ability to decentralize cloud storage by taking it out of the hands of the multi-national companies and handing it to individuals has the potential to turn the market into Siacoin’s favor. This allows people to utilize a peer to peer storage ecosystem where individuals can rent out free space on their hard disks. The services that are provided on the platform are compensated in the form of SC coins and the transactions that are made on the platform are made secure through filing contracts and storage proof.
Sia, as a concept was first come into mind of at HackMIT, an annual student-run hackathon in 2013. David Vorick is co-founder and CEO of Sia. It was determined by Nebulous development team which contains a core team of five industry people.It was officially launched in June of 2015; it is now backed by Boston-based firm Nebulous Inc., whose self-proclaimed mantra is: ‘Re-decentralizing the Internet.
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The system consists largely of clients who commission storage space from hosts, who are compensated with sc coins for their services. Since the service is largely free-market driven, most of the power lies within the hands of the provider as they can set their own prices for their services, cost of penalties, and advertise the level of security and reliability they are capable of providing to the client. Clients also have a certain degree of measures in order to ensure the retrievability and safety of their data. Clients can create copies of their data and send it to multiple providers in case there occurs an issue of file corruption.
Other safety measures that are in place are file contracts. File contracts are terms and conditions of the deal that are defined by both the host and the client. The contract ensures that both the parties live up to their end of the deal and in case of a violation of the contract, a mutually agreed-upon penalty is given to the violator. Since the contract is saved in the blockchain’s public ledger, the contract remains verifiable and immutable.
After the hard fork that the cryptocurrency experienced on the market, an alternative currency was developed named Siacoin Classic in its response. The currency was meant to be as a last haven for Innosilicon and Blake2b coin miners. After the hard fork, the Siacoin discontinued the use of third-party blake2b ASICs while leaving its offical Sia ASIC operational. This forced the cryptocommunity to come up with its own blake2a alternative coin in order to ensure that the Antminer A3 and other former algorithm users could remain operational post hard fork.
Siacoin was developed not as a viable alternative to fiat currency or as an alternate cryptocurrency to Bitcoin. The cryptocurrency was specifically designed in order to facilitate peer to peer cloud storage facilities to its users. One of the biggest benefits of investing in Siacoin is that the platform provides unmatched privacy to its users. The data cannot be accessed by anyone unless the provider is in possession of the data’s private key. This is a strong deterrent against multi-national cloud storage companies that makes its customers relinquish all their data as soon as it is stored in their servers.
Another notable benefit of investing in Siacoin is its affordability. The value of 1 Siacoin value in INR stands at 0.2335 INR, thus owning the cryptocurrency is quite easy for various investors who are testing the waters. The cost of the cryptocurrency is dictated by the market and thus the platform offers and accordingly priced service rates for its users. The blockchain network also provides its users with cloud storage options for as low as $2 USD for a month, compared to other multi-national companies that offer their services for an average of $23 USD per month.
Since the entire system of Siacoin is decentralized and encrypted, the network provides its users with unparalleled security by keeping your data safe from vulnerabilities that are rampant in most centralized cloud storage companies. The ability to split documents between multiple hosts also protects the client data from a single point of failure. Siacoin is definitely attracting the interest and investment of more and more investors as the current Siacoin market cap stands at $137,220,052 USD.
As of 2nd July 2020, Siacoin’s price in INR stands at a value of 0.2335 INR. This value is liable to rise or fall according to the cryptocurrency market and the amount of investment Siacoin generates. Since June 16, the cryptocurrency so a rise of almost 15 percent. The price of sc coin in USD stands at $0.00310 USD and has a circulating supply of 44 billion coins as of now. The cryptocurrency has a 24-hour trading volume of $3,819,767 USD.
Just like every other cryptocurrency that is in circulation, the Siacoin also relies on miners in order to supply computational power to its blockchain platform, who in turn are rewarded with Siacoin for their services and contribution to the blockchain. The process of mining ensures that the network remains secure while advancing the blockchain further. Miners enable the transactions that occur on the platform by verifying it and storing it in the blocks of the network. Transactions are considered complete only when they are verified and stored in a block. The process also ensures that the transactions remain secure as it is computationally impossible to go back and change a previous block in the blockchain. Miners are also awarded with a sum of 35,000 SC coins as of June 2020 upon the successful verification of a block in the blockchain.