Siacoin (SC) has been one of the standout coins in the past week as the token’s price shot up by 20% to trade at $0.006566 USD as at Monday, September 24, 2018 11.19 AM EAT. The steady rise of Siacoin seem to be taking no halt in the near future as daily trading volumes have seen a significant increase since the all-time highs earlier in the year and shortly after Binance listed the tokens trading pairs in mid-June 2018.
The current spike in price is affected by the overall bullish sentiment being witnessed across the cryptocurrency market along with developments and updates on the GitLab repositories that will push Siacoin blockchain to better user functionality to ease storage systems on the blockchain.
Since its move from GitHub to GitLab for repositories, Siacoin has seen rapid changes to the codes and developments on its blockchain system as it aims to offer the hosts and the data owners a network that ensures contracts are run and executed successfully.
Siacoin: A new world of decentralized storage
Cloud storage has become cheaper and cheaper over the course of time as centralized applications such as Dropbox, Google Drive and Amazon S3 finding easier ways to keep the data on their servers. However, the process of keeping the data on their servers is getting more expensive hence keeping the consumers from the service. The centralized nature of the cloud storage systems by these big companies puts your data at risk of hacking if the company’s servers are compromised.
These two problems led to the creation of a blockchain solution that offers decentralized cloud storage network. The new generation blockchain will allow users to rent storage space on other peer devices with excess storage. The peer to peer (p2p) storage system ensures the costs of storage are kept low since you only have to pay for the storage used and period of storage. The network provides all that a client would wish for if they stored data on a blockchain network; security, privacy and reliability by using a combination of smart contracts.
The transaction between the host and the data owner will be carried out on the Sia Blockchain offering a safe, immutable and cheap platform to store data.
Questions arise on the safety of your data stored on someone’s computer as issues such as manipulation and interference of the stored data, loss of the data or misuse of the data on the P2P blockchain. These are serious concerns that the development team had to work with hence the use of a cryptographically secure system on the blockchain. As reported earlier by Cryptoglobalist after listing of SC Coin on Binance cryptocurrency exchange,
“Clients in the network are guaranteed data security since all data is padded and encrypted to prevent the host from tampering or making speculations on specifics of a client’s data. High file uptime is enhanced in the network through the use of unique codes like Reed Solomon; clients also avoid the unreliability by some hosts and outages that may be frequent.”