Siacoin has decided to hard fork to block Bitmain’s ASIC miners. Now only devices built by the Siacoin team will be able to mine the cryptocurrency. This announcement was made on October 1, by David Vorick, the Siacoin cofounder, where he stated that Sia is forking to reprimand the current ASIC monopoly for the damage it has done to the Sia community, to make whole the supporters of Sia’s community ASIC project, so that it would send a message to all future Sia ASIC manufacturers. This news has seen Siacoin record significant gains after experiencing over 85 percent decline in value from its peak price of $0.09.
Siacoin has great plans ahead for 2020, where it would approach Siacoin's network speed to Amazon S3 wherein the file transfer would become easy and 300% faster and the team is anyway working on increasing the speed of service and switching it to warm storage. Any kind of connection with big names like Amazon, Dropbox and Netflix would enable Siacoin to grow at a faster pace than its peers.
Currently, as per Siacoin news, SC is trading at $0.003078 USD with a market capitalization of 128,732,260 USD and a circulating supply of 41,817,047,634 SC.
Sia is a decentralized cloud storage platform which intends to compete with existing storage solutions, at both the enterprise and P2P level. Instead of renting storage from a centralized provider, peers of Sia rent storage from each other. Sia stores only the storage contracts formed amongst the parties, defining the terms of their arrangement. A blockchain, similar to Bitcoin is used for this purpose.
Sia also extends transactions to enable the enforcement and creation of storage contracts. By forming a contract, a storage provider- also known as a host, agrees to store a client’s data and periodically submit proof of their continued storage unless the contract expires. Then, the host is compensated for every proof they submit and penalized for missing proof.
Since these proofs are publicly verifiable and available in the blockchain, network consensus can be used to automatically enforce storage contracts. This means that clients don't need to personally verify storage proofs; they can instead upload their files and let the network do the remaining.
Siacoin stands out in the crypto space because of its solid use case. As it is gaining popularity, more people have started talking about it. Let's check what are the market experts or crypto editorials saying as per the Siacoin long term forecast 2020:
A crypto forecast website called trading beasts predicted that by the end of 2020, SC might reach around $0.02, which can even exceed as much as $0.03.
Here comes a conservative prediction of cryptoground, where they say that by 2020 end, SC might reach $0.0027, and in five years siacoin might reach $0.0476.
CoinFan is a website that offers price forecasts for almost every cryptocurrency imaginable. By their own “custom forecast algorithm”, they predict that Siacoin might reach $0.19 by 2020 end.
Wallet Investor is known for their pragmatic cryptocurrency prediction. They believe that SC might reach $0.000046, which comes across as a super pessimistic prediction.
There are few difficulties and problems associated with the prediction of any cryptocurrency like technological or regulatory issues or competition with the companies trying to deliver the same issue. After all, no one really knows for sure how a project will perform in the long-term. Siacoin long-term forecast says that Siacoin will take a higher plunge starting from the beginning of 2020 itself. They are planning to reach out to more and more projects like Blockstack and RNDRwhich might help solve the scalability problem. Siacoin is expected to achieve great milestones in the years to come. This sudden and fast plunge will happen as major organizations like Netflix will soon tie-up with Sia, as has been announced by David Vorick- co-founder of Siacoin. By 2020, SC might reach around $0.035.
2020 holds more collaborations and tie-ups for Sia, hence it will start on a positive note- it will reach $0.038 by the end of first quarter and maintain not a high profile till the first half, after which it surges upward. Although Sia’s roadmap says that it aims to compete with internet giant, Amazon S3, which is a big target. The usage rates and storage capacity will increase drastically. This is because the current storage capacity of the network is much larger than used. The current capacity is almost as massive as 4.5 petabytes. As awareness grows about Siacoin, this will likely increase too. A petabyte is 1,000 terabytes. Now you can imagine the storage capacity. This shows the potential, which will not let it go through downfall. It will be having an upper hand than other altcoins because of its unique functionality on content creation and sharing. By the end of 2020, SC will reach $0.035, with a conservative analysis.
The span of 5 years will come up with a lot of surprising developments, which undoubtedly will increase Sia’s valuation to a high level. Sia price prediction 2025 might even include it being a competitor to Amazon S3, as it has been aiming. By 2025, Sia might reach around $1. You can convert SC to BTC from CoinSwitch at the best rates.
Siacoin Price Speculation can’t be appropriate as the market is volatile and subject to changes. Experts believe that Siacoin can radically change an industry, hence its worthy to follow the market and the price trends.
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