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Siacoin: Why Investing in SC Could be Lucrative for Traders This Year

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Siacoin
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With new ICO start-ups being tokenized every day, the volume of the cryptocurrency market is constantly increasing. The digital currency market that started with only one currency, namely Bitcoin in 2009, now consists of more than eighteen hundred currencies. With the introduction of every new coin offering some unique and ingenious features, the competition for a decent market capitalization and price is getting even fiercer. Simultaneously, the overall purview of this market is also increasing rapidly as various cryptocurrencies are involving themselves in multifarious industries including entertainment, sports, medical science, virtual storage system, and many more.

Siacoin (SC) was introduced to the traders nearly three years ago in 2015. During that time, it was adumbrated by the likes of Bitcoin, Ethereum, and few other cryptocurrency big guns. But since the end of 2017, this currency has exhibited a meteoric rise in both its price and market capitalization. One of the main reasons behind this upsurge was the plummeting of Bitcoin’s price. Since BTC has not yet completely recovered from its frequent price fluctuations; this currency continues to pique the interest of several traders across the globe. Here, some of the main aspects of SC would be discussed to elucidate the reason for holding on to it.

The Purpose of Siacoin:

This cryptocurrency was developed in order to provide a secure decentralized cloud-based storage platform to the SC holders. This storage platform is hosted by Siacoin’s own blockchain ecosystem and can be accessed by paying nearly half of the price people usually pay for other familiar storage platforms like Amazon S3, Google Drive, DropBox, etc.

Using this cryptocurrency, anyone would be able to access or host encrypted storage from any part of the world. Moreover, all transactions, storage proofs, and contracts are verified by the public ledger on Siacoin’s platform to ensure an impenetrable security.

Siacoin’s Efficient Internal Architecture:

The entire blockchain ecosystem of this currency is based on a few main constituents that are responsible for its unique features. The development team of this currency took special care in creating this blockchain system to eliminate any possibility of inconvenience or technical problem. The principal entities of SC blockchain include:

  • Storage Ecosystem: This is the pièce de résistance of Siacoin’s internal design. The storage ecosystem depends on both providers or hosts and clients or users. Through this ecosystem, the clients can commission certain storage spaces from the hosts. In return for this service, the hosts are handsomely indemnified from the blockchain platform itself. One of the main features of this ecosystem is its flexibility. The hosts are given the leeway to set their own prices, advertise their reliability, and set certain standards of penalties in case some problem occurs. On the other hand, the clients also receive a set of protection to secure their own personal data on this platform. They are also given the freedom to reward the hosts after getting a satiating service.
  • File Contracts: File contracts are another very important entity of this currency. Whenever a client and a host agree upon conducting a trade, they draft their own file contracts. The information given on these file contracts are securely stored in SC’s blockchain platform. These contracts also define various terms of storage agreement and make sure that both parties conduct their trade as per their contracts. File contracts are immensely helpful in preventing any sort of unethical and fraudulent activities during trading procedures.
  • Proof of Storage: This entity is one of the main reasons behind Siacoin’s impregnable security. In this system, if the host fails to provide the proof of storage within a certain period of time, the payment to that host by his/her is sent to a missed proof address until an incontrovertible proof is submitted. This unique system is very helpful in protecting new clients from malicious hosts.

Benefits of Using Siacoin:

Because of the elegant and efficient blockchain ecosystem offered by this currency, SC holders can enjoy many benefits such as:

  • Inviolable Privacy: All data processes on the Siacoin platform are encrypted with unique codes. As a result, these data cannot be accessed by random users without using the specific private keys.
  • Security: The encryption also accounts for the security of clients along with keeping their privacy. Also, Siacoin’s inherent systems like proof of storage and file contracts protect the clients from any unethical and malicious activity excogitated by fraudulent providers.
  • Affordability: One terabyte of data storage using Siacoin costs about $2 whereas the rate becomes approximately $23 in case of Amazon. This single piece of data proves the affordability of this currency without compromising with the quality of service.

Current State of Siacoin:

As of 8th May 2018, Siacoin holds the 32nd position on Coinmarketcap with a price equivalent to nearly $0.026 and a market capitalization of approximately 897 million USD. Since its recent technical update and roadmap release, more investors are inclining towards this digital coin causing a steady upward trend for both of its price and market cap.

Conclusion:

When it comes to certain cryptocurrencies, security is not the factor that readily comes to mind. Siacoin defies this way of thinking emphatically by providing one of the most secure blockchain based decentralized storage systems. Storage systems like Google Drive, DropBox, etc. are extensively used nowadays for storing valuable data. With Siacoin’s blockchain ecosystem, people would be able to enjoy the same facilities by spending a much less amount of money. Ergo, it is quite evident that the worldwide popularity of this coin is not likely to go away anytime soon. Under the circumstances, holding onto SC might prove to be extremely lucrative for the traders around the world by the end of 2018.

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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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