Blogs
Reasons Why SiaCoin (SC) Still is a Good Bet
Every cryptocurrency that currently exists on the market owes its survival to the special benefits that it offers. Whether it is stability, a large distribution, big potential for a practical use, every crypto has its own thing that is keeping it afloat. For SiaCoin (SC), this is the security and a large practical use when it comes to its potential to store large amounts of data.
SiaCoin is a safe zone
SiaCoin (SC) is yet another cryptocurrency, but one with a large potential for data hoarders. Its price is at around $0.025 at the time of writing according to CoinMarketCap, but this coin has a very specific nature.
The coin’s real use is as a storage platform which is cloud-based. It allows its users to store large amounts of data, whether they are an organization, a business, or an individual. Every second of every day, the internet is receiving huge amounts of data, some of which can be very important, and even life-changing.
A lot of it needs storing in a safe place, which is where platforms like Google Drive, Amazon S3, iCloud, DropBox, and, of course, SiaCoin, really come in handy. There is, always have been, and always will be, a real necessity for a strong depository which will allow its user to store sensitive info. SiaCoin provides just that, and with ridiculously small fees when compared to many other platforms.
Data stored on the platform is only available to the user, and it is completely hack-proof, thanks to the fact that it is based on the blockchain technology. Additionally, SiaCoin’s entire ecosystem is encrypted, and files are reduced to small bits that do not alter the stored information in any way.
You need SC for any transaction
Another thing that makes SiaCoin different from others is that all transactions on this platform can only be done through the SC tokens. This is also the reason why the tokens are capable of keeping their value.
The tokens can be acquired through one of many exchanges that SiaCoin has partnered with. Those include HitBTC, Buttrex, or Crytopia. The only issue here is the fact that you can only buy SC with ETH or BTC. There is also always an option to mine your tokens yourself, but the necessary hardware can get a little expensive, with its cost currently being at around $2300.
However, once you get your hands on some of the SC tokens, you can use them to acquire extra storage. For only $2, you can get up to 1TB of SiaCoin’s blockchain. This is an incredible price, considering that Amazon S3 would charge you $23 for 1TB per month.
SiaCoin is an asset that is used by professionals, and it is available globally. Its popularity is constantly going up, and the coin’s value is soon to follow as well.
SiaCoin cons
Of course, despite its many advantages, not even SiaCoin is perfect, and it does have a couple of minor issues. There have been a few complaints that the transactions that were made are not reflected on the situation in the wallet. This mostly includes transactions related to exchanges or mining pools. Still, this is not a large concern, since all of the transactions are still linked to user’s seed.
The lack of transaction updates was also noticed. Usually, this means that the block has yet to attain the required height, but the system starts behaving as it already has. If this happens, the only solution is to delete Sia-UI blockchain and replace it with a new one, which should be followed by re-syncing. This is time-consuming, but it can be done.
Obviously, SiaCoin has a lot of potentials to become one of the biggest storage platforms on the internet, and definitely one with the most security. It has its flaws, but they are not a dealbreaker, and it is believed that this crypto still has a very bright future.
For the latest cryptocurrency news, join our Telegram!
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.
Image courtesy of Pexels
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
