SiaCoin (SC) is among the over 1500 cryptocurrencies traded in a couple of coin exchanges as of press date. However, this altcoin is unique from the digital assets/cryptos in that it functions as a cloud storage platform. The SiaCoin technology employs smart contracts as is the trend with most digital currencies for operations within its network. Its objectives are similar to that of platforms like Google Drive & iCloud but SiaCoin has advanced this arena by implementing the blockchain tech. So far it can be argued that as the most secure storage system of this era.
The platform solves issues related to storage space for most individuals, organizations and companies. Users need not to be worried about the security of their data since hosts are not allowed to access private information stored in the rented spaces. SiaCoin is the only official decentralized platform which handles computing storage space which gives the project a good competitive advantage. The most convenient fact about this innovation is the affordable nature of storage space as well as an opportunity to make profits off extra space.
Third parties cannot be able to access private information due to the enhanced security features in SiaCoin’s network. The rates for renting space via this blockchain network can be as low as $2 for 1 terabyte making it a very attractive avenue for both supply and demand players.
The Future of SiaCoin
SiaCoin has not been left out in the race to make protocol developments in preparation for the take-off in the crypto world. The team has focused on improving a couple of important areas within their blockchain which include; efficiency in file recovery, better file sharing features between peers. In addition to those two, SiaCoin is also eyeing to improve its UI/UX functions as well as creating a channel for partial downloading of files.
Video streaming avenues will also be integrated into the platform whose prospects point to a potential bulk of video uploads. The conduct of hosts will be reviewed according to the ratings they receive from users renting their spaces hence quality assurance. The team also plans to scale its file upload support higher to a level where it can support a 10 TB single file or transaction. Finally, folks who prefer using their mobile devices will soon be included in the development work of this project to accommodate more users in future.
SC coin price review
SiaCoin has been in the red zone for the past month dropping by 41% according to coincheckup. However, the altcoin is still among the top 50 coins in market cap with its figures well over the $500 million mark. SC coin is relatively volatile at the moment with 30% volatility in the past 30 days. The coin which trades at $0.0148 against the dollar has had an all-time high of $0.117 and its community is hopeful that the fundamental value of the platform will push back its price. These are speculations which can only be reviewed in future as market drivers and cross-correlating factors in this market are yet to be identified with clarity.