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Can Siacoin (SC) Rise UpAfter OKEx Listing?

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Siacoin
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In the current situation of cryptocurrency markets, almost all investors are desperately looking for promising altcoins to invest in. There are thousands of altcoins available to choose from and that is why it becomes tough to keep track of all such altcoins and choose some of them which has untapped potential, unique yet significant purpose behind it and performs well while keeping its price stable-ish. Such an altcoin is Siacoin (SC) which has all of the above-mentioned features. It is actually a distributed cloud storage platform that’s decentralized and liberates unused storage space. In this article, we shall find out more about Siacoin and its features and what it has been up to for the past few days.

All aboutSiacoin

The idea of Siacoin has been first conceived 5 years ago during HackMIT event that was hosted at the Massachusetts Institute of Technology. Siacoin was developed in order to allow anyone to rent out their storage space and get rewarded in return for their contribution. All network services are paid in Siacoin while all transactions are secured by filling contracts and storage proofs. The Siacoin team is working hard to build completely decentralized Datacentres which will collectively create the fastest, cheapest and secure cloud storage platform that this world has ever seen. Although Siacoin has direct competitors who offer the same idea (MaidSafe and Storj), no other decentralized cloud storage platform can maintain the decentralized ecosystem as effectively as Siacoin.

Reasons to Prefer Siacoin (SC)

There are many reasons to choose Siacoin’s unique approach than traditional cloud storage services. some of the major reasons for preference are as follows;

Security Factor:

All data present in Siacoin ecosystem is completely safe because its encrypted and is processed via a decentralized network and protecting it from any vulnerabilities of the centralized system. it also allows users to do redundant storage. Siacoin also protects user’s data while splitting uploaded documents between multiple providers.

Cost-effectiveness:

In terms of cost, Siacoin beats all pre-existent traditional means of cloud storage. They boast a flexible, market-driven and unrivaled pricing options for their users to choose from. Since the entire concept is decentralized, its no surprise to see that it costs way less than its centralized contemporaries.

Privacy:

The blockchain-based project is best known for their less expensiveness and enhanced privacy features. It’s the same in case of Siacoin as well. all data processed over Siacoin network is encrypted and a provider cannot open any of the stored files you’ve uploaded on Siacoin unless you provide the private key. The centralized cloud storage fails to provide this sort of ownership of data to their customers and hence prove to be less reliable.

How is it Different from MaidSafe and Storj?

As described earlier, Siacoin is not the only blockchain project wanting to implement decentralized cloud storage ecosystem. Its competitors MaidSafe and Storj each have their own strengths and weaknesses so to speak.

MaidSafe:

Most crypto enthusiasts recognize MaidSafe as an active blockchain project that has a noticeable online presence. Their team is trying not just to provide decentralized storage but also improving it. all of their plans sound good but there has been no actual progress made by their team. Users can use MaidSafe in alpha version only and looks like it’ll be a long time for it to become fully functional.

Storj:

Storj is another platform that has come up with the same idea as Siacoin and MaidSafe. For reasons unknown, storj is the only crypto among the three who has gained more spotlight and media attention as of late. Although the Storj concept is similar to Siacoin it offers some additional features such as pay-as-you-go model which means that hosts won’t get paid once the user disappears. Although storj is currently running on the beta version, they’ve suspended new registrations which makes things difficult for some users and benefit storj’s competitors.

OKEx Listing and its Effect

Yesterday OKEx which is one of the largest cryptocurrency exchange declared that it’ll be listing Siacoin soon enough. The official statement consisted of the schedule for deposits, spot trading, and withdrawals. They’ve also published in their basic information column about how influential Siacoin has become these days. With their core software downloaded for over 1 million times, one can imagine its popularity. This listing might open the door for a volume spike in Siacoin and leave a positive impression on a user’s mind. Listing on a big crypto exchange is quite a big deal and it seems to be only a warm-up for Siacoin markets.

Market Position

According to the data on CoinMarketCap, Siacoin is ranked as the 35th biggest crypto which has a total market capitalization of $566 million. Siacoin seems to be experiencing a spike in its individual price which is currently at $0.016. Around $28 million worth of Siacoin has exchanged hands within the past 24 hours. The Siacoin team has recently announced to be working on multiple enhancement and upgrades. Therefore, these figures are expected to rise in the days to come only if the crypto giants remain green-zoned.

Conclusion

It is evident that a decentralized cloud storage service is today’s need and people are looking at Siacoin to make a breakthrough soon with the technology it possesses. Crypto enthusiasts also expect to see Siacoin team more active and sealing useful partnerships that would ultimately boost their platform. Hopefully, Siacoin will prove to be more profitable in the near future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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