Cryptocurrency enthusiasts may have noticed the Siacoin price has exploded over the past few weeks. For most traders, this comes as a complete surprise. However, there has been some interesting new for the Sia ecosystem, all of which attributed to the price rise in one way or another. The addition to Bittrex, as well as the blog post regarding the Sia ethos, should not be overlooked by any means.
Things Are Coming Together for Siacoin
As most cryptocurrency users will be well aware of, the Sia ecosystem focuses on providing decentralized data storage solutions to the world. It is not the only project of its kind to do so, but the team has taken a slightly different approach. In fact, the team of developers is adamant when it comes to removing any form of centralization regarding this software.
To be more specific, the project’s source code has no dependencies on any of the Sia servers. This is a very conscious decision, as the team wanted to launch a fully decentralized peer-to-peer blockchain from day one. This approach has gotten the team a lot of praise, as it is the only correct approach to embracing decentralization the way it was originally envisioned. Even if the Sia team would support for some unknown reason, the network would simply continue to exist without a hitch.
At the same time, properly embracing decentralization doesn’t make things easier from a developer point of view. It takes a lot more than adding a few lines of code before new features can be introduced. In fact, one could argue the Sia network consist of some of the hardest working developers, as they have a very difficult job to maintain everything. At the same time, it is a price they will gladly pay in exchange for true decentralization. Moreover, it also shows the developers have no power over the network, which is quite interesting.
Although the software is harder to set up and get used to – especially for novice cryptocurrency users – the reward for successfully doing so is all the greater. Sia is a decentralized application and provides decentralization in any way possible. Combined with a fix inflation curve and no hard fork on the calendar, it is safe to say Sia will continue to evolve as it was originally designed to.
It is this ethos which got Sia a lot of praise from day one. The team reaffirmed their commitment to decentralization in a recent blog post, which undoubtedly got a lot of attention. It is part of the reason why Sia has gained a lot of value over the past few days. The recent addition to Bittrex will certainly help as well. It is quite odd to see an alternative currency traded on Poloniex before Bittrex, but that is the world of cryptocurrency we live in today.
So far, Sia has seen over 500 BTC in trading volume already, despite only being added in the past 48 hours. Moreover, the currency is doing quite well on Poloniex and Yunbi as well. Having a direct trading market against the Chinese Yuan has proven to be quite fruitful for Siacoin as well. It seems to be only a matter of time until one SC is worth US$0.01.
A disclaimer: this is not investment advice, but my opinion. The only investment advice that I am willing to give is: do not invest more than you are able/willing to lose. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.