Siacoin (SC): With the altcoin slaughter that has happened in the last few weeks, it is clear that the most secure altcoins are those that have some solid fundamentals backing them up. One such altcoin is Siacoin. Unlike most projects that try to solve complicated problems that may not even exist, Siacoin is solving a real problem.
Siacoin aims to decentralize crypto storage, and make it cheaper and more accessible. With the increased data needs both at corporate and personal level, the need for cloud storage services have been on the rise. So much so, that the value of the cloud services market is now worth over $150 billion and growing. However, there are two aspects to this market that create the need for projects like Siacoin.
The first one is that centralized cloud storage services have a single point of failure. If a hacker takes control of such systems, they could wreak havoc to many institutions and individuals who store sensitive data on the cloud. The scary part is that hackers have become so sophisticated to the extent that they can even attack multinational corporations, and even government institutions, which means that any such attacks are a real threat. With a decentralized service like Siacoin (SC), this can never happen. That’s because data is stored on multiple decentralized nodes all across the world.
The other issue is that of cost. Most cloud services don’t come cheap. Amazon cloud services for instance start at over $20 per terabyte of data stored. In comparison, Siacoin charges a low fee of $2 per terabyte. This makes it extremely accessible not just to businesses, but also individuals looking to store data on the cloud.
In essence, the greatest strength to Siacoin (SC), is its decentralization, which not only makes it secure, but also cheap to use. And from the look of things the Siacoin team looks determined to maintain this asset. That’s because they have decided to fork the network and make it ASIC resistant. By doing this, Siacoin will never be under the control of a few large mining firms such as Bitmain as is the case with coins that are mined with ASICs. This move is a major boost for Siacoin that could see more businesses start using the Siacoin platform for cloud storage.
From an investment perspective, the adoption of the Siacoin platform is also great for the value of Siacoin (SC). That’s because payments on the Siacoin platform are made in Siacoin (SC). This means that as the number of users increases, the value of Siacoin (SC) will increase too. This makes it one of the highest potential altcoins in the market. It has value beyond the normal speculation that is characteristic of the crypto market. It’s one of the altcoins that stands the best chance to get back to its all-time highs once bitcoin recovers, and pulls the market with it, as it has done in the past.