this is my layman explanation of Siacoin I hope I can enlighten some people with an easy explanation.
What is Siacoin?
Siacoin started as an idea in 2013. Siacoin is a decentralised private data storage cloud platform for everyday consumers or large businesses. Very similar to Dropbox and cloud technology except there is no one central storage database. It is all decentralized.
How ?
Siacoin invites everyday people to offer space on their hard drive to be used by the siacoin network to storage its clients data and Siacoin will pay you for the harddrive space that they will occupy
According to the website (sia.tech)
- Uses smart contract technology on the blockchain
- Siacoin will rent out your harddrive and pay you
- Data integrity is protected using redundancy and cryptography
- There is no possibility for a third party to interfere in any way
A look at the charts: SCBTC (tradingview.com)
- The price action has not broken the ascending channel started back in May
- Price action bro up to an all-time high on the 20th of June and is retracing to the .786 Fib level
- Price action is making its way down to the .786 fib level and would also touch the ascending channel.
- I expect a bounce because of the current bull market is in.
- If there is a significant break of the ascending channel perhaps the price would continue further down
How does it compare?
Siacoin is ranked 13th on www.coinmarketcap.com the market cap is currently $538,460,954 and there are 27,146,736.797 Sia tokens in circulation. The market capitalisation is growing strong.
Final thoughts?
Personally Siacoin has such a practical application that I believe that this will be a game changer for the whole cloud storage game. The notion that people are being paid to hold data on their laptops or even external hard drive is revolutionary. I like the idea, however the idea that you are connected to a larger network has given me an irrational notion that a “terminator Skynet” application could happen. However they say there is no way for a third party to take over. That being said I believe Siacoin and similar tokens have a great future.
I am holding Siacoin and expect it to do really well in the medium to long term. One to watch out for.
Share your comments, correct me and share your opinions upvote if you honestly found this helpful and follow me beacause I will going through all the major Alt coins and Major Cryptos.