Always wanted to invest in a decentralized cloud storage service designed to compete with the likes of Google, DropBox, Apple, and Microsoft? Trading lower than 1 cent, Siacoin is considered a great investment tool that can bring hundreds of Xs to your portfolio.
Read the Siacoin price prediction and create your investment plan based on this!
What Is Siacoin and How Does It Work?
As mentioned above, SiaCoin is a decentralized platform that allows any user to place files in encrypted storage, or conversely, let other users do it. At the same time, the system works on the basis of a public blockchain, with the help of which transactions, contracts, and proofs of content safety are verified.
The native token of the platform — Siacoin (SC) cryptocurrency — is required to pay for any services within the network. That is, any user who has SC in their account can rent a place from the host. This is done through smart contracts.
The Siacoin network consists of two elements — hosts and users, or, more simply, service providers and customers who want to use the storage. The former provides space for files on their device, for which they are paid in the form of SC.
The Siacoin ecosystem takes into account the interests of both parties. Hosts set their own prices, advertise themselves, and set compensation in case data is lost. They may also refuse to host files if they are in doubt about their nature. In general, there can be any reason for refusal.
Also, clients, concluding a deal, can prescribe the amount of the fine in relation to the host in case of data loss. The user can also make copies of their content and place them between different hosts. This provides additional reliability. Note that customers have the right to stimulate hosts by paying them extra for reliability.
How Is Siacoin Performing?
Siacoins are issued on each of the mined blocks (as a mining reward). The size of the first reward in the block was set at 300,000 SC, after which it was reduced by 1 Siacoin for each subsequent block (299,999 SC, then 299,998 SC, etc.) to the set minimum value — 30,000 Siacoins. When this limit is reached, the amount of the reward will remain at this level. The block starts every ten minutes. At present, it is unknown for sure how many SIACOIN were minted in total, but one thing is certain — their number was close to 27 billion coins.
The emission of Siacoin — 41,315,510,910 SC. Now, this electronic currency has no restrictions on emission, which means that new coins may well be created constantly. Such unlimited emission can be considered a serious disadvantage of SC. But it is worth noting that the Proof-of-Burn (PoB) mechanism is partly fighting this shortcoming because the host “burns” about 4 percent of the income received each time.
This digital currency is backed by a large customer base. As the popularity of the decentralized platform Sia grows, so does the number of its users. All this leads to an increase in the cost of SC. All transactions in the Sia ecosystem are backed by smart contracts as well as proof of storage.
The coin is relatively young, and its ATH was just $0.11. It has dropped by 86% since the recent high of $0.3, which is a fairly good indicator compared to other top 200 tokens.
SC Price in the Future
Setting the desired fixation price for SC may be of great importance these days. This coin is known for its unpredictable chart movements. Thus, it is a must to know when Siacoin reaches the wanted point so as to enter Godex and sell some tokens.
According to WalletInvestor, SC is a bad long-term investment. The price of Siacoin may fall to $0.000225. As per the available data, the coin and possibly its market environment have been in a bearish cycle for the last year.
The price of SC in 2023 will be about $0.0251. According to the forecast and algorithmic analysis, the price of 1 SC in 2025 will be around $0.0568.
The price of Siacoin will rise — the asset is profitable in terms of investment. The price of 1 SC can rise to $0.008 in a year — almost twice the current price. Six years later, the price of SC is estimated at $0.01.
Is It Time to Invest in Siacoin?
Undoubtedly, Siacoin is a promising technology. An example of such an initiative is a prototype application created to replace BitTorrent. All innovations, of course, will also affect the rate of the token, which, if the plans are successful, will begin to grow.
Ethan Moore, crypto and stock trader since 2012. Co-founder of Blockwatch experts team.