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Siacoin (SC): A Coin That Survived the Latest Price Meltdown

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Siacoin

If you are following up with the latest news from the world of cryptocurrencies, then you have undoubtedly read a lot about the most recent massive meltdown that occurred during only a couple of days ago. All coins, large or small, have gone through this maleficent change in price that made many investors and coin holders wondering whether they have made a good choice when deciding to invest in cryptocurrencies. However, a small portion of coins stayed immune on that famous day.

Siacoin and the Team of Untouchables

Siacoin, along with two different coins, were the only coins on the market that didn’t go through an adverse change.

Before getting further into details, we would like to say something about Siacoin for all of those yet unfamiliar with this fast-growing small coin. Siacoin was designed and launched with a purpose of creating decentralized cloud storage, similar to Ethereum and Storj that also operate with cloud storage as Siacoin does.

Sia platform with its coin Siacoin (SC) is working on separating your files that are stored on their cloud storage and encrypting those files so that only you can access those files. The files being stored are spread across the decentralized platform and are not stored on your account but are separated in smaller pieces that are then distributed across the decentralized network.

You get the keys to your files in the form of a password, so only you can view, access and modify your files. That way Siacoin is one of the platforms working based on blockchain technology that is promoting far less expansive and far more functional method of storing data across the decentralized platform for a lot less money than the original cloud storage platforms controlled by third parties.

The other two cryptocurrencies that managed to avoid the big meltdown besides Siacoin are Tether and SmartCash. Tether is one of the most criticized digital coins on the market because its value is strictly tied to the dollar and its tokens backed up by the shares their company has. With a bit over a dollar per one unit, this token was despite all the downfalls it has within its program of operation immune to the latest massive meltdown.

SmartCash, the alternative project of Zcoin, also remained immune to the massive decrease in the price of all coins, rising for 30% in the past 24 hours.

Where is Sia at Right Now?

First to try and answer the question: how come Siacoin didn’t go down? Well, there probably isn’t a good solid answer to that question, so we are left with guessing. One of the things that might have kept Siacoin safe is the stability of this value that lies in the fact that Sia represents a functional decentralized platform with the possibility of owning/renting cloud storage.

The storage is being rented at the price that you are willing to pay for the amount of cloud storage you are planning to use, unlike many other centralized and decentralized platforms that offer a certain amount of cloud storage space with the price that is pre-determined, leaving you with not many options. Maybe this humble coin has managed to keep its stability due to its functionality and maybe it was only a matter of luck.

We have already mentioned and you must have heard it already elsewhere, that investing in digital coins is a lot like testing your luck when gambling – you can never predict with 100% certainty that one coin will fall or go up. The recent meltdown was only a reminder of the fact that you can never know where you are at with digital coin market. So, it might be the case that Sia holders and investors were nothing but lucky for having the great meltdown pass by them leaving these three coins unaffected by the massive change in prices.

Siacoin, in oppose to many other coins, has had an increase of 34.23% which led to the price of 0.05$ per one Sia token. Although Siacoin is still small when it comes to its price translated into dollars, it has a flattering market cap of 1.7 billion dollars, with over 31.3 billion tokens in use and circulation. The current place Siacoin is holding on the global coin ranking list in 23rd place, which tells a lot about this coin – you don’t get a spot so fine for anything.

In case Siacoin was to continue with amazingly low prices for renting cloud storage and having a functional decentralized ecosystem that supports the coin and its use in different purposes, this coin might soon get a far higher price per one coin. All in all, regardless of the great meltdown, it seems that Siacoin is doing just fine.

We will be updating our subscribers as soon as we know more. For the latest on SC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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