It's been a rough week for the cryptocurrency market. Some writers are calling it the 'Sea of Red' with sharp price declines, a good night's sleep, and slow fingers had potential to run investors out of short term profits (especially those who bought late into Ether). According to CoinDesk, the top 10 cryptocurrencies by market capitalization were in steep periods of decline with eight top coins seeing losses of more than 10%. Though we're not out of the woods yet, it appears the crypto community is still highly speculative on a correction proceeding, and the potential of a Bitcoin fork in the network could lead to further deaths ... I mean declines.
In other news, another coin is making headlines today both on Inc magazine and Bloomberg Businessweek. Sia.Tech, originally conceived at the HackMIT in 2013 was created to access unusable computer storage space around the world, and bring it into a worldwide free market of data. The approach would leverage the capacity of blockchain technology which would allow distributed networks to reach a consensus in a trustless and secure environment. In other words, instead of holding a large amount of data on central servers it would decentralize the storage and make it open source. Users who rent out a percentage of their storage space are rewarded an amount of Siacoin depending on the size of contribution to the network.
As a cryptocurrency, Siacoin also looks quite promising. It currently makes the top 16 of cryptocurrencies in terms of total value (market cap) and is up 2,406 percent in value over the past year. The price per coin is 1.5 cents as of the time of this post, and there are 26.8 billion in circulation. - Inc Magazine
Going head to head with competitors such as Dropbox, GoogleDrive, and Amazon S3 is no walk in the park, but as time progresses, a better solution to the cloud storage space is imminent. It's the primary factor of using blockchain technology to maintain security and growth systemically. Not only that, the price of using Sia would be extensively lower ($2 per TB) compared to its competitors that are charging ($23 per TB). I personally see Sia beating these guys at their own game as computers get more sophisticated it would be way more costly for a company to buy new servers.
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