Siacoin is slowly recovering in value, and there has been a positive change in its trading value. It is ranked as the 31st coin on the global coin ranking list, and this mineable coin has a lot of potential in its cloud computing platform. Roughly three weeks back, when the entire cryptocurrency market was under tremendous pressure, doubts were being expressed as to whether Siacoin would at all be able to survive or not. The cryptocurrency had suffered major setbacks as a result of the virtual market crash.
Siacoin also allows users to earn SC units by renting out unused space and even by inviting SC users to contribute to the cloud storage market. Presently, Siacoin is going up for nearly 30% against the dollar, and this has made it one of the fastest recovering coins of the week. This is a significant achievement as other virtual currencies are only gaining by 1% in value.
Siacoin has also traded up against bitcoin by 30.40%. This implies that Siacoin is even doing better than Bitcoin, undoubtedly a coin to look out for.
What is Siacoin?
Siacoin is designed and launched as an ICO that seeks to use blockchain to build up a safe and secure blockchain cloud computing network which will be of decentralized nature. This platform will operate on its own cryptocurrency called Siacoin.
Siacoin primarily concerns itself with the storage of data. It takes responsibility for storing the data that a person is not being to handle by himself/herself. Offline storage is used to store the data on the native platform of Siacoin.
The data is stored securely and in a way that hackers would not be able to gain access to it. In addition to this, meager fees are charged by the platform to store data. Furthermore, the user will have access to his/her data at any time of the day.
Siacoin rents out storage space for nominal fees and the cloud computing decentralized storage makes sure that personal data and information is stored securely. Users of the platform can rent out extra storage space to other users of the platform and earn credits.