Siacoin (SC)

Siacoin (SC) is up for a hard fork on the 31st of October. The news seems to have impacted on the price of Siacoin as it has one of the few cryptos that have been in the green for the last 24 hours. But, this hard fork is not without its controversies. Going through different online forums, there is a section of the Siacoin community that feels like this is the wrong direction for Siacoin (SC).

The dissenting voices to this hard fork argue that Siacoin (SC) is forking out the competition, which will make the project centralized.  That’s because after the hard fork, only Obelisk mining hardware will be able to mine Siacoin (SC). Since they are also the developer team for Siacoin (SC), it then followers that they have monopoly over the Siacoin network, and can take it in whatever direction they want, even though it may not be in the best interests of the project. Take a look at some of the sentiments of the Siacoin (SC) community members on the Siacoin reddit.Siacoin

However, the Siacoin developer team has come out strongly against the argument that the project is getting centralized. According to the Siacoin team, the hard fork is meant to get rid of abusive monopolies.  In a press release on this issue, the Siacoin team argues that the whole idea behind proof-of-work is to make attacking the network expensive, and hence give it credibility. According to them, the monopolies that have taken over Siacoin mining are abusive and are counterproductive to the growth of this network. Here is part of what Siacoin has said about these miners.

“The purpose of Proof-of-Work is to make attacking the network expensive. It is a service provided by miners to benefit the network. And while miners are typically handsomely rewarded for the service they provide, this reward does not exist as some inalienable right for the most successful miner. If the network’s miners are parasitic, abusive, monopolistic, or otherwise inhibiting the success of the network, the network has every reason to kick them out.”

The Siacoin team also argues that this hard fork does not in any way make the network centralized. That’s because, Siacoin is an ungoverned blockchain and no one is forced to upgrade.  All they will do is release new code and everyone will be free to upgrade, or remain with the old network, or even split. If it were a centralized blockchain, people would be forced to make the upgrade.

Going by the above, it is clear that the Siacoin team is simply looking to protect the network, and is not to centralize it.  In essence, it could be a great move for Siacoin, one that could see its value rise over time. That’s because with the mining issues behind it, Siacoin can now do what it does best, and that’s disrupting the cloud storage market. As it gains a stronger footing in this market, Siacoin (SC) could emerge as one of the most valuable blockchains in the market.

 

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