How much can Siacoin price rise during the peak of this Altcoin cycle? In this article, we’re going over some interesting tech behind Siacoin (SC).
We’re going to be looking at the chart and setting a price target and we’ll be discussing the fundamentals. So Siacoin (SC) is currently sitting at 0.010553 USDT.
Just under a week ago it blasted through the resistance level at the 0.0255 USDT level and it seems that it’s undergoing a slight retrace from its new all-time High and soon it will be rising higher we’re going to be going over the price target a bit later on guys but first let’s head to the fundamentals.
Siacoin has a Market Cap of 496 million a 24-hour trading volume of 23 million it has a circulating supply of 47 Billion and a maximum supply which is infinite Siacoin (SC) has some really interesting tech behind it.
It’s a decentralized cloud storage platform similar to other cloud storage platforms we know of online but instead of renting storage space from a centralized entity people would be renting storage from other peers on the network.So, It is the world’s first decentralized storage platform that combines peer-to-peer network technology with blockchain technology.
Vision Of Siacoin?
So the vision of Siacoin (SC) is to connect users who need to file storage with hosts on a worldwide scale. Who is offering their underutilized hard drive capacity and in return the hosts will be earning Siacoin as a reward.Apart from that blockchain technology secures the data being stored and enables improved economics for users and hosts the principle behind the Sia Network is that no one person or organization should be able to censor or deny access to data and the long-term goal of the cia team is to become the backbone storage layer of the internet.
We see here that currently, the Sia Network has 2.3PB petabytes of storage capacity there are 356 storage providers 545 Terabytes of use storage and 1.2 million downloads.
What’s interesting about the Sia Network is that it divides files into 30 segments before uploading them and then each one of these 30 segments is given to a different host and the point of this is to ensure that no single host is a point of failure.
And they use this cool piece of technology called read Solomon erasure coding which means that any 10 of these 30 segments of data can be used to fully recover a user’s files meaning that if 20 out of 30 hosts go offline the Siacoin, the user is still able to download their files and apart from this each file segment is encrypted.
Before being transferred to the data storage provider and this is a key distinction from traditional cloud storage providers who do not encrypt data.
Siacoin Pricing & Cost?
So storage on the Siacoin Decentralized network is much cheaper than storage on a centralized network storing One Terabyte of data on this unit will cost about $1 to $2 per month.
Whereas for other competitors it would cost upwards of $20 and What’s great about this is that I can only see the cost of storage on the Siacoin network going down as more people get interested in blockchain technology.
There will be more suppliers of data storage and so a marketplace of data storage providers who will be competing for business will be created.
So you’d have a large ecosystem of people and organizations competing with each other to provide decentralized cloud storage.
So the Siacoin is used by both renters and hosts of data storage hosts need to deposit Siacoin into each smart contract running the network and they need to do this as collateral in case they shut down their data storage hosting. and renters you Siacoin (SC) to buy storage from the data storage hosts.
Sia Smart Contracts?
So on the network renters form file contracts with data storage hosts and these file contracts set pricing and uptime commitments.And these file contracts are a type of smart contract that is automatically enforced by the Sia network so that Siacoin does not need intermediaries or third parties.
We see here that a lot of hedge funds have already invested in Siacoin (SC) and have seen the potential for its growth.
Siacoin Price Prediction?
Heading back to the chart I believe that Siacoin (SC) has a lot of room for growth I strongly believe in the decentralized cloud storage market and given a current market cap of 496 Million.
I believe that a total market cap of 10 Billion is achievable during the peak of this altcoin cycle and that would be 25x in price which would give Siacoin (SC) price of $0.21.
And over here in the news, we see a very interesting article where a Visa is working with anchorage to allow customers at traditional banks to buy and sell digital assets this is a very exciting time for us early adopters in the Blockchain space.
Where we see large institutions willing to adopt cryptocurrencies okay guys I hope you learned something new in this article if you did drop a comment below if you hold the Sia coin in your portfolio or if you’re going to buy some.
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