As ICO’s launch and new crypto tokens are developed, solving humanity’s problems should be core to the coin’s development team. Siacoin (SC) is one of the few coins that offers its users a platform that solves the current issues in the cloud storage industry. This solves a huge problem given the high cost of renting space on a central server such as Amazon S3, Dropbox and Google.
The Sia Storage Platform, was first developed in 2014, with the developers having in mind a decentralized and secure storage system that is cheap to everyone with an internet connection. The coin has seen massive developments in the platforms speed, stability and scalability upgrades. However, the coin experiences a lack of exchanges which could stifle adoption of the coin. The coin is currently traded on seven exchanges with more than 90% of the trades happening on Bittrex and Upbit. This newly-rebranded coin, currently trades at an average price of $0.023393 on Upbit and Bitrrex.
Sia is a decentralized blockchain network that provides its users with storage space at a fee to be paid using SiaCoin (SC). The altcoin’s working product has taken the space of cloud storage to a new era; this new crypto technology attempts to link interested players by applying the concept of supply demand. The network provides all that a client would wish for if they stored data on a blockchain network; security, privacy and reliability by using a combination of smart contracts.
The Sia blockchain network provides a platform where users with excess hard disk storage can put the storage up for rent within the network. The proof-of-storage cryptography is used within the network to ensure contracts are run and excecuted successfully. The hosts also have to fully comply with the duration of the contract in order to receive payment. Clients in the network are guaranteed data security since all data is padded and encrypted to prevent the host from tampering or making speculations on specifics of a client’s data. High file uptime is enhanced in the network through the use of unique codes like Reed Solomon; clients also avoid the unreliability by some hosts and outages that may be frequent.
The Exchange effect
In the current world of cryptocurrencies, exchanges play one of the major roles in ensuring ease of liquidity and obtaining new coins. The impact of exchanges on the token’s price cannot be taken lightly as we have seen before. The recent addition of Ripple (XRP) to Coinbase, an exchange with over 10 million users, saw the price of XRP soar to an all-time high of $3. It is a well-known trend for cyprto’s price to increase once it is added to a ‘big’ exchange, usually those with over 5 million subscribers. So why does Siacoin need to be listed on Binance?
First, the addition of the coin on the exchange may be rewarding to the Siacoin investors who may witness the coin’s price soar due to listing on one of the largest crypto exchanges. This offers more people an opportunity to learn about the coin’s functions of peer-to-peer storage renting service increasing demand of the coin. In addition, the developers of the coin need the coin to be listed in the right place which would increase the attention paid to the project. Simple as that.
At only 4.85%, Siacoin (SC) closed the second day of “The Sixth Session of Community Coin of the Month” hoping for positive action from their community members. The voting period ends this coming Sunday, 25th February 2018 and with only 690 votes by the end of Thursday, the coin will need all the support it needs as it tries to eclipse Elastos (ELA), Dent (DENT) and WePower (WPR) which currently hold the top 3 positions. This voting period will see one of twelve coins vying, get a spot on Binance cryptocurrency exchange platform, pending confirmation.
The addition of Siacoin to Binance, an exchange with over 6 million users opens a new opportunity for the team to increase its customer base exponentially. Siacoin (SC) Storage team needs you and its community members now!