Emancipating the future of decentralized storage and Siacoin price
How does investment work?
Basically, when cryptocurrencies are on the verge of hitting a social technological market exponentially, that is the best time to pour some money into a coin, in order to gain huge amounts of return on investment. The Crypto market is very unstable and one can experience about 100 to 200 % rise or fall in the prices of cryptocurrencies. Even the ignorant investors have become attuned to the attractive vibes of the cryptocurrencies. The day is not far when cryptocurrencies would become one of the mainstream adoptions, and Fiat currencies would be existing to support them. Bitcoin mining and trading are also popular methodologies applied by the people, apart from investments in cryptocurrencies.
What is Siacoin?
Siacoin is a cryptocurrency based project which predominantly is developed to revolutionize the way online storage world works. Services offered by Google Drive, Dropbox, Apple, etc are to be affected in an adverse manner. The Siacoin project is very similar to them, where it allows for its users to use their service, and store some kind of data on their distributed network of computers spread throughout the world. The data is secured through the principles of cryptography. Therefore, the stakeholders may not ponder about the data tampering or losses.
Features of Siacoin project
The project effectively utilizes the unused space of various storage devices of the users throughout the world. The lenders of such storage spaces receive a certain amount of Siacoins as a fee. The centralized cloud storage services like Google Drive or Dropbox entail a high amount of storage fee, due to the fact that they need to provide security to their centralized servers, where all the information is stored. On the contrary, as security is easily incorporated through decentralization and cryptographic principles, amount of fee charged by the Siacoin is keenly priced and affordable.
Further achievements of Siacoin
Captivatingly, the blockchain project was a result of a hackathon organized by the Massachusetts Institute of Technology in 2013. The official version of the project was put forth in the year 2016, by two of the masterminds, Luke Champine and David Vorid. Privacy and maintaining the secrecy of data, was one of the key challenges that Siacoin project has managed to overcome as the users are the only stakeholders have access to their data through the encryption keys.
How does Siacoin work?
The entire system works on contracts, where the device in which the data is stored in a distributed manner, must provide proof of Work as an acknowledgment, on a consistent basis to the network. Failing to which, would result in termination of fees that they avail and the information is automatically transferred back to the Blockchain.
The Siacoin price prediction
The Siacoin price is currently trading around $0.01020. The future Siacoin price, on a long-term basis, is invariably to touch the skies, as the cloud storage service offers an amazing fundamental utility to its customers. As a number of people start switching from other cloud storage services to this decentralized one, where the prices are relatively very low, the Siacoin prices would undoubtedly surge. The service is already very popular, where more than 160 terabytes of data have been vested. The peer-to-peer storage model incorporated by Siacoin community has been proven to sustain. This is self-evident from the popularity of Bittorrent.
Is Siacoin worth investing in?
Predictions in Crypto market is highly uncertain, but when it comes to the Siacoin price, on a long-term basis, the experts predict that it is a great investment option. Many business corporations have incorporated Siacoin and until now, the prices haven’t fundamentally shown bearish returns. Also, its major roadmap is to develop an inexpensive cloud storage service. The Siacoin ecosystem is the future “Airbnb of data storage”. It provides a fault tolerant kind of decentralized environment.
Precautionary measures before investing in Siacoin
Predictions are highly uncertain in this Crypto market and therefore one must cautiously invest in Siacoin. The Crypto market is susceptible to unexpected incidents like scams or hacks, which ripples an imbalance in the Cryptoverse. Therefore, extensive background check and calculated risks are the only options for the investors. This article is not, in any form, an investment advise and is solely the opinion of the writer.