Siacoin - Where Cloud Storage meets Cryptocurrency

With Bitcoin getting ready to retest $10,000, time is running out for investors looking to invest in potentially high-yield but still currently low-cost altcoins.

DigiByte, a coin which dipped as low as $0.02 during Bitcoins recent price pull-back, has already doubled in value to $0.04. A pressing question, in this case, is what coins are left which investors could (potentially) double their money with, as prices recover further?

Siacoin - Unique, Utility-Based & Potentially Highly Profitable

If the recent cryptocurrency market pull-back has shown investors anything, it’s that the majority of altcoins will eventually correct to zero. This is due to the fact that coins like XRB, NEOG, and IPY, simply don’t serve any kind of real-world purpose. The good news, however, is that coins like Siacoin are designed to not just solve problems, but also create profit in the process.

Siacoin as the Dropbox of the Blockchain Era

Summarizing Siacoin briefly, Siacoin uses blockchain technology to provide decentralized cloud storage, capable of competing directly against commercial services like One Drive and Dropbox. The key difference between Siacoin and services like Dropbox, however, rests with the fact that Siacoin consumer data isn’t stored in centralized server locations.

Earning Siacoin by Renting Unused PC Diskspace

How Siacoin works is simple. After creating a Siacoin wallet, users with redundant hard disk space on their own computer can make this available to the Siacoin network. People in need of safe online storage, can then use this space and pay for the privilege using Siacoin tokens.

147TB of Storage Already used with a Current 4.3PB Storage Capacity

What makes Siacoin interesting from an investment perspective, is the fact that Siacoin isn’t a new blockchain idea looking for ICO support. Instead, Siacoin has over two years of on-going development history. What is more, Siacoin’s decentralized storage is already being used by thousands of Siacoin users in Europe and North America.

Siacoin Isn’t Perfect but it Doesn’t Profess to Be Either

Given that Siacoin users effectively rent out their own PC disk space, the first question people ask is, how is stored data never lost or corrupted?

In answer to this question, the Siacoin blockchain works a lot like a torrent based distributed file system. In doing so, Siacoin distributes file segments across several blockchain nodes to eliminate the threat of accidental file deletion. What is more, whenever a data segment can’t be retrieved from a specific storage space, Siacoin users hosting such space aren’t credited with payment.

Because Siacoin eliminates any single point of failure from its blockchain, Siacoin cloud storage is (theoretically) superior to services provided by the likes of Dropbox. It should be noted, however, that some Siacoin customers have reported data losses in the past. In every case, though, Siacoin developers have worked to immediately identify how losses have occurred.

Is Siacoin Worth Investing In?

As a rule, no altcoin which only serves as a digital form of currency is ever going to rise to the same level of prominence as digital currency like Bitcoin, Litecoin, Ripple, Dash, Monero, or Ethereum.

All of the aforementioned cryptocurrencies have already dominated the consumer payment market. So-called ‘utility’ coins like Siacoin, however, are still in relatively short supply. This being the case, Siacoin should be seen as a potentially promising coin to invest in over the course of 2018. What investors shouldn’t expect, though, is anywhere near the same kind of gains expected from more top market cap digital currency offerings.