Siacoin first appeared back in 2015, as one of the pioneers in the area of blockchain-based projects that are focused on the cloud storage market and cloud storage sharing. What makes Siacoin “special” in the domain of cloud storage projects is the fact that the platform alongside its native coin is trying to introduce the sharing economy to the blockchain community and beyond.
The sharing economy would provide Siacoin with an increased momentum, as the project would be able to hold a wide range of cloud computing and blockchain-based services, that would include cheap and cost-effective transfers of goods and services, as well as prompt peer-to-peer and even business-to-business exchanging of monetary transactions via Siacoin.
Siacoin also announced that the platform will be going under some substantial changes so that the mining monopoly would be taken over from ASIC miners and “returned” to Obelisk, one of the Nebulous subsidiaries.
Siacoin and the Future of the Sharing Economy
To describe the sharing economy, one can say that this type of economy allows for a wide range of goods and services to be included in the open-source ecosystem that enables exchanges between two parties without the need of third-party involvement.
That means that the nature of the sharing economy that Siacoin is trying to achieve is leading to an increased democratization and decentralization of the cloud storage market within the ecosystem of SC.
The main objective of Siacoin, in the meantime, as the team is trying to establish the sharing economy is to provide a lot cheaper and more affordable, while also more reliable cloud storage space for Siacoin users when compared to traditional cloud sharing service providers.
What makes Siacoin cloud storage market different from its blockchain based and traditional competitors is the fact that the exclusive owner of data and data storage is with no exception only the user that owns a specific private key.
That means that only you can control your data and data storage within a market that allows you to be both, the provider of goods and services and the consumer of those same services without having a central company or an individual controlling your private keys or taking advantage of your exclusive ownership.
Siacoin also offers quite affordable rates for renting data storage and keeping your files safe and encrypted through Siacoin blockchain, meaning that you can easily store 1 terabyte of any type of data for only a couple of dollars on monthly basis, which is said to be around 90% cheaper than the average cost of storing your data with Siacoin competitors.
Thanks to the blockchain technology, SC platform is also able to diminish any sign of failure, that way keeping the network extremely functional and up to date.
Although Siacoin is doing well when it comes to attracting investors and consumers of their goods and services, also allowing users with redundant storage to rent their storage to the network consumers in need, Siacoin dev team announced a hard fork in one of the most recent announcements to the community.
Siacoin to Go Through a Hard Fork to Repel ASIC Mining Monopoly
As the future of Siacoin is focused on creating a fully reliable and completely safe and scalable environment that would make the sharing economy on Siacoin platform, the dev team announced that the blockchain is preparing for implementation of a code that would remove Bitmain’s ASIC-based miners from the equation.
Siacoin dev team is making this move in order to remove competition out of the way of Nebulous’ subsidiary Obelisk that ought to be one of few available that will collect the mining rewards on Siacoin blockchain.
However, the CEO of Nebulous, David Vorick, stated that the code that should be implemented to stop the ASIC competition and diminish the mining monopoly is strictly optional.
That means that the “dissatisfied” part of the network will be able to continue their operations as to this date in case they don’t accept the hard fork code that ought to stop the mining monopoly. After all, blockchain technology should be about increased democratization and general decentralization.
The hard fork coding was previously discussed for months and even though the decision has reached a general consensus, the date when the code implementation will take place is still undefined.