Dominating the storage space through decentralized seems to be taking a new twist as more blockchain outfits battle for the expansive and on-demand market. Siacoin (SC) is poised to be the top contender in the niche with Filecoin (FIL) and Storj (STORJ) also keeping an eye on the pie. However, the three coins have taken different routes to the market; Siacoin appears to have the upper hand.
Institutions and tech savvy governments are exploring the possibilities of using blockchain and the competing outfits are working hard to get the nod from these high flying investors. Decentralized data depository has various advantages of convectional systems and this is why he competitors are fighting for the extra piece of market pie.
How Siacoin (SC) will Walk Past Centralized Storage Giants
Centralized data storages have been around for a long time and consumers have gotten used to them despite their shortfalls and limitations. However, decentralization has brought new benefits that are more suited to the modern demands compared to ten years back.
The entry of blockchain backed systems like Siacoin has made many organizations and institutions rethink their strategies. With Siacoin, you are guaranteed a secure and immutable environment where you can store and disseminate your date at will 24/7 in real time. The outfit comes with zero downtime and access that can only be unlocked with your consent.
The sensitivity of modern data and advancement in hacker skills puts data stored in traditional central depositories like Google or Amazon at risk. Private, healthcare and financial data cannot be entrusted with centralized systems that are controlled by IT gurus hence the need to a better system that is controlled by several computers located across the globe with no weak points possible.
How Siacoin (SC) will dominate the Storage Space
All data managed on the ecosystem is encrypted irrespective of its sensitivity. Once data is collected it is not stored in a central depository but instead spread across different locations or nodes. Using the sharding technology and using private key to guard the data against tampering. The beauty of the storage system is that storing data in multi-locations or nodes offers immutable backup and a secure environment.
Siacoin (SC) offers reduced storage cost compared to the centralized players. A single terabyte on Siacoin ecosystem will cost you approximately $2 per month while Amazon S3 bills you $25. What’s more; Siacoin is fast and no downtime. You also do not have to give out your personal details or credit cards, you use the native SC token to make payments.
Siacoin (SC) Internal Wrangles
Many successful coins in the crypto verse have not achieved their goals on a silver platter, they have passed through hard forks and other fall outs and still survived and Siacoin (SC) is not an isolated case. At the moment, the Community is divided over the Obelisk miner. The Obelisk creators were meant to create a SC specific ASIC but Bitmain delivered instead only to turn out the version was below the expected standards.
However, the Siacoin (SC) projects reigns supreme and the misunderstanding has not affected the coin performance in the market; it has instead given it more visibility and exposure. Poloniex a global crypto exchange has added SC/USDT portfolio and the SC price has been trading in the double digit zone today.
Prior to compiling this report, SC coin was trading at $ 0.007112 with impressive gains of 18.43% to the green buck and 16.45% to Bitcoin. Given the growing popularity in secure data storage, Siacoin (SC) is set to dominate the market once commercial adoption sets in.