Siacoin is a decentralized storage platform. The company’s goal is to provide a decentralized cloud storage network, which will allow users to store and access their files from anywhere in the world at very low costs.
The siacoin price prediction 2030 is a prediction for the future. It’s based on the current market cap, circulating supply, and difficulty.
Siacoin is a storage platform based on the blockchain. They were one of the first companies to provide cloud-based blockchain storage. Users control encryption and decryption keys, and the platform is encrypted by default for privacy.
Unlike conventional cloud storage services, Sia’s data is not accessible to other parties.
For failure-resilient file storage, the platform is decentralized and distributed among many nodes across the globe. Uptime is comparable to, if not superior than, that of competing storage providers.
Their long-term ambition is to become the internet’s backbone storage layer. Everyone should have access to data, according to the Siacoin developers.
In our Siacoin rice forecast, we’ll look at every aspect of the project to help you decide if it’s a suitable investment for you.
Historical Price Analysis of Siacoin (SC)
Siacoin (SC) has been on the cryptocurrency market since 2015, and it has had its fair share of pump and dumps throughout that time.
Its all-time low was reached many months after it was first launched by Nebulous, Inc, with a price of $0.00001262 on December 28, 2015.
SC traded horizontally during the first half of 2016, until abruptly seeing a significant price increase, which may be linked to the approaching 2nd bitcoin halving event in 2016.
SC’s price has always been in direct connection with the price of BTC, like many other altcoins in the market.
Looking at past year’s data confirms this finding, since the majority of big price fluctuations of SC coincide with the few substantial price movements of bitcoin.
This was particularly evident during the crypto industry’s late 2017-2018 bull run and following and protracted downturn market.
Siacoin’s price soared as high as $0.092868 on January 6, 2018, at the peak of the bull run. Except in May 2018, shortly before it was launched on Binance, it began a steady fall to its present price as soon as it hit this price threshold.
Details on the current price, market capitalization, and supply
Future Price Predictions for Siacoin (SC)
It is impossible to forecast the values of any asset with certainty; this is made much more difficult when attempting to estimate the prices of cryptocurrencies such as Siacoin.
A simple scan on the internet reveals that numerous experts have differing views on what Siacoin values could be in various time periods.
The only thing that is certain in this situation is that no one can be certain of their forecast. In order to draw up a feasible price trajector for the project, we can only collect observations from previous pricing actions, identify price connections, and make educated assumptions.
The price movement of bitcoin, which many commentators think moves in periodic price cycles, is frequently strongly linked with the price action other cryptocurrencies.
These cycles typically occur following major changes in bitcoin, such as halving bitcoin mining rewards, changes in the regulatory environment, protocol updates, and splits.
The price of Bitcoin seems to be the single most important element in influencing the price of numerous altcoins, and Siacoin is no exception.
With the recent bitcoin halving event, we think that the ongoing development of the Siacoin infrastructure, as well as the desire to form commercial relationships with related sectors, will act as catalysts for a new bull cycle for Siacoin.
As a result, we drew a rather positive short- and long-term price prediction for this digital asset, as indicated in the following section.
Forecast for the Near Future
Price Prediction for Siacoin in 2020
We think that the recent halving of bitcoin (BTC) mining rewards heralds the start of a new bull cycle for the cryptocurrency market.
This hypothesis is backed by evidence collected from past bitcoin halving occurrences. Siacoin may see positive price movement in the near future, with its price hitting $0.01 before the end of the year.
This forecast is based on the assumption that BTC will continue to rise in value throughout this year and into next year.
2022 Siacoin Price Prediction
We estimate that at this time, Siacoin will have hit a new all-time high of $0.10, which is almost 50 times its present market value.
While this may be an excessively optimistic prediction, it isn’t out of the question. This would most certainly happen in 2021, with some profit-taking following soon after, bringing the price down to approximately $0.0916 in 2022.
This will be Siacoin’s seventh year, and we anticipate many of its core features to have been released, as well as the partnership to have grown.
2025 Siacoin Price Prediction
Another bitcoin halving event will occur in five years, signaling the start of a new bullish crypto cycle once again.
2025 will be a year following the fourth halving occurrence, and it is probable that bitcoin will see a large price increase.
This is also the first decade of Siacoin’s existence, and by then, most of its infrastructure would have been published. Partnerships with related sectors would have developed, indicating to an ideal scenario in which Siacoin may see another huge price increase.
Given the anticipated Cloud market in 2025, a price of $0.5105 or more for Siacoin seems reasonable.
Is Siacoin Worth Investing In?
At this time, SC is a long-term investment. By 2025, the worldwide cloud computing market is expected to be worth $712.83 billion. Each token may be worth $0.17 – $0.34 if SC grabs 1-2 percent of the market.
These are extremely cautious base multiples, and they don’t account for a crypto bull run, which could see prices rocket much higher, surpassing all-time highs and pushing beyond $1.00.
The Sia project is steady, and if it continues to develop, it has the potential to provide significant benefits.
Where can I get Siacoin?
Interested purchasers of Siacoin will be relieved to learn that there are a variety of methods to get this digital currency. It is presently listed on several of the industry’s major cryptocurrency exchanges.
Binance, Kraken, Poloniex, Bittrex, Huobi, and OKEx are among them.
Please note that some exchanges may not allow customers to purchase Siacoins (SC) using money directly.
They must first purchase bitcoins or ethereum, then convert them to Siacoins before withdrawing their token to their chosen Siacoin wallet.
Instant Cryptocurrency Exchange, ChangeNow, is a good option for those who wish to purchase Siacoins with fiat money. Through its collaboration with Simplex, it provides a simple but powerful interface that enables users to buy Siacoins using credit or debit cards.
Wallets for Siacoin
Keep an eye on the amount of SC you leave in your hot wallets. When creating ephemeral accounts, be very careful.
Always deposit the lowest amount you are willing to lose into ephemeral accounts. Sia cold storage may be used if you know how to code.
You should always use a hardware wallet for any additional storage. We recommend Ledger or Trezor.
You can only use Ledger with Sia, and it needs command-line knowledge.
Additional Information about Siacoin
What exactly is Siacoin?
The Siacoin project is a blockchain-based storage solution that is open-source and decentralized. Dropbox, Google Drive, Microsoft Onedrive, iCloud, and Amazon Cloud are examples of cloud services.
What sets Siacoin different from its rivals is how they manage downtime via data partition, security with private keys (which Google can’t do since it interferes with their ability to advertise to you; third parties will always have access to your data), and their pricing, which is lower.
Siacoin works by enabling hosts/hard drive owners to charge renters for underutilized hard drive space. Smart contracts are used to secure SC currencies on the Siacoin network.
This guarantees that renters pay hosts on time, and hosts must likewise put up SC as security. It also guarantees uptime since the host may be penalized if the server is unavailable.
Siacoins’ mission is to liberate data for everyone, and they aim to do it by assembling the world’s biggest storage database from idle hard drives from all around the globe.
Nebulous, Inc. is the firm behind SiaCoin. The business was founded in 2014. The whitepaper was published in November of 2014.
Siacoin did not acquire money via an initial coin offering (ICO). Sia obtained money from private investors. A total of $1.25 million was raised in the first round of financing.
These money will be used to develop Sia by Nebulas Labs. Another token in the network is Siafunds.
These are tokenized securities that pay out a certain amount of Sia to holders at the end of each contract. They received $3,250,000 in their second round of financing.
Because of their tremendous accomplishments, Sia obtained a second round of funding. They had almost 4 PB of data stored at the time of financing, split over 925,000 storage smart contracts.
The Sia network now has an extra 2 PB of storage capacity available. Sia software had been downloaded over a million times at that point.
The Sia roadmap is comprehensive, with easy-to-understand goals, and it’s updated in real time.
This distinguishes them from the majority of blockchains. If you don’t enjoy reading, they offer a YouTube channel where you can watch a 1-2 minute video with all important updates.
Since 2014, the Nebulous/Sia team has been working together. They’ve come up with a collective vision. A Capital, Bessemer Venture Partners, Collaborative Fund, Dragonfly Capital Partners, Fenbushi Capital, First Star Ventures, Hack VC, INBlockchain, Raptor Capital Management, and SV Angel are among their investors.
Development of a Project
Before being uploaded, Siacoin’s proprietary software divides data into distinct parts. Each of the 30 hosts will get a part of the data.
This eliminates the need for redundancy in the event of a breakdown.
Reed-Solomon erasure coding is used by Siacoin to generate these file segments. The technique is based on how CDs and DVDs were encoded to play even if they were damaged.
The renter/end-user may still access and retrieve their data if 20 of the 30 hosts fail. If one of the hosts goes down, the platform will allocate a new host to the renters’ data immediately.
Before leaving the tenants’ machine, each piece is likewise encrypted. On the Sia platform, the hosts only keep encrypted files. By default, traditional cloud storage services do not encrypt your data.
Storage that is segmented provides an extra degree of protection. It’s very difficult to interpret fragmented files. To make the files legible, they must be reassembled.
Blockchain technology is ideal for cloud services because of its decentralized approach.
Renters on the Sia platform establish file contracts, which include uptime guarantees, price, and any other criteria that the host and user want to add.
To safeguard the service from host abuse, Sia has introduced price gouging protection to the renter.
Ephemeral accounts were also developed to speed up the download process by providing hosts with access to a pre-funded account. This allows hosts to access money and downloads more quickly.
Unfortunately, hosts may take these money at any time, with no recourse for the renter. Renters should fill their ephemeral accounts with modest amounts of SC, according to Siacoin.
The file contracts work in a similar way to smart contracts in that they establish service level agreements (SLAs). When transactions are completed, these agreements are recorded on Sia’s blockchain.
The host has given sufficient uptime, and the renter has saved their data for the time period specified. No third parties are engaged in the process of enforcing smart contracts to utilize the network.
Renters use Siacoin to pay for storage, but hosts must also deposit Siacoin as collateral in every smart contract.
The tenant and the host exchange small amounts of money. This is a lengthy procedure that may take up to 2.5 seconds. This is one of the network’s scalability problems.
For the time being, ephemeral accounts address the issue, but hosts will ultimately exploit them. Hosts’ collateral serves as a financial deterrent to not being online.
Contracts must be paid in advance, SC is set aside for moving, and storage contracts usually last 90 days and are automatically renewed. All unused SC is returned to the renter if the transaction is terminated.
When the contracts expire, the host must provide evidence that they kept the renter’s records for the duration of the contract. This is what Sia refers to as “storage proof.” Within a specific length of time, this storage evidence must emerge on the Sia blockchain.
The host gets compensated if the storage evidence shows on the blockchain; if it does not, the host is punished.
Merkle trees are used by Siacoin for storage proofs. Merkle trees enable the network to verify that a tiny piece of data (hash) belongs to the larger set of data submitted.
These proofs are small and safe, and they will help to decrease blockchain bloat in the long run.
Because it may take days to connect the renter or host to the Sia blockchain, blockchain bloat is harmful to this platform. The Lite Wallet from Siacoins may be able to help, however it is currently in beta testing.
Siacoin has started its sharing and content distribution services. Skynet denotes the point at which “the technology is ready” for extensive marketing.
SiaStream and video streaming are two revolutionary blockchain services. SiaStream, which allows material to be streamed via a decentralized network, is presently in beta, but its alpha version will be released to the public shortly.
Their services can also smoothly stream 4K video material, which is amazing but not yet available on your smart TV.
The Siacoin network is moving progress thanks to a slew of contributions on the nebulous Github.
Sia continues to be at the forefront of what blockchain cloud storage might be. They are actively engaged with end-users, attempting to improve product delivery and make the product more useful.
Siacoin may be mined. The Blake 2B hashing algorithm is used. Until Bitmain developed an ASIC miner capable of mining Blake 2B, SC was a GPU-mined currency.
The Antminer A3 from Bitmain was very lucrative, which influenced Siacoins’ decision to fork the network. This safeguarded their stake in the Obelisk and the Obelisk SC1 miner, which was half the power of the Antminer A3.
Siacoin achieved this by including a failsafe mechanism into the Obelisk SC1 in the event that Bitmain did not behave honestly and openly. Sia is pushing the narrative in this direction. Indeed, Bitmain did not behave in the Sia mining community’s best interests. Because centralization may lead to the demise of a decentralized blockchain, Sia takes measures to safeguard the network. Bitmain basically launched a cyber-attack against the Sia network and mining community. Sia behaved right in our view, but their mining project, Obelisk, is just the least of two evils and a money grab.
Fees for Siacoin
90% less expensive Monthly fees range from $1 to $2 per TB. In comparison, 100GB of Google Drive storage costs $2 per month. Sia, on the other hand, is not as user-friendly as Google Drive. Individual hard drive owners aren’t making much money either. This market will be dominated by massive data centers, which is good for consumer price but bad for decentralization.
Market Competition for Siacoin
The following are the main participants in the present cloud computing market:
Providing a variety of services:
- As a service infrastructure (IaaS)
- As a Service (SaaS) (SaaS) (PaaS)
- Software as a Service (SaaS)
Siacoin’s main challenge is competing against businesses who provide a complete stack of solutions that connect with their existing services. This makes them more appealing to companies looking for a single answer to all of their issues. Siacoin is concentrating only on data storage and has a long way to go before it can compete. If their services can’t connect with other service providers, their pricing point will only get them so far.
Onramp to Siacoin
Users may buy Siacoin using their credit or debit card thanks to the Carbon and Siacoin connection. Exchanges impose absurd delays, ranging from KYC (Know Your Customer) and maintenance periods to liquidity problems, which may compel the user to register with another exchange and repeat the KYC process all over again, or be monetarily punished for their urgent need. The Carbon Siacoin connection resolves these problems and provides a new crypto onramp for the whole crypto community’s benefit.
The Final Word
The future of data storage is cloud storage. Hacking assaults on cloud services are inevitable as mankind keeps more and more data online. How safe is your data on Amazon’s or Google’s unprotected servers? Some of the finest engineers are working on the security of major cloud service providers. In certain instances, user error is still to fault. Without the decryption key, having access to encrypted data is worthless.
Siacoin isn’t exactly a household brand when it comes to cloud storage, but that may change with the introduction of Skynet. They may launch a more aggressive marketing effort in order to establish their blockchain as the leading cloud service provider. They still have a long way to go to make this a reality, since cloud service providers provide a variety of choices and entice customers with extra services that make it difficult for them to quit.
Because each host computer must be incorporated into the new system, the extra cost of switching cloud providers may be enormous. Numerous man-hours must be dedicated, and users must be retrained on how to use the systems. Sia has a cost advantage, but it can’t compete with big cloud service providers in its present form. They can, however, provide blockchain developers and home users with solutions. The Carbon Siacoin partnership makes their service more user-friendly. Major cloud providers have had these payment mechanisms in place from the beginning, yet it took Sia a half-decade to achieve the same level of simplicity.
They are leagues ahead of the competition as a simple, low-cost backup option. Their network is in the PB range, which is no minor accomplishment, and they also provide streaming services, which opens up a new niche market for home entertainment.
Siacoin is a decentralized cloud storage platform which uses blockchain technology. The project was founded in 2014 and has been around since then. It’s price is predicted to reach $0.01 by 2020, $0.02 by 2022, and $0.03 by 2025 according to the Crpyto Coin Society. Reference: siacoin price prediction 2023.
Frequently Asked Questions
Is Siacoin a good investment 2021?
Why Siacoin is going down?
Siacoin is going down because of the recent market fluctuations.
Will Siacoin go on Coinbase?
No, Siacoin is not on Coinbase.
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