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Can Siacoin (SC) Rise UpAfter OKEx Listing?

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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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