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Tuesday, October 4, 2022

Siacoin Latest Updates and Review

Hello: everyone welcome back to another video on, my channel 100 coiner and today’s video is going to be about Sia coin and in this video, I’m going to do a quick review for the Sia coin we’ll see how the project has been progressing. We’Ll also check the tokenomics for Sia coin and at the very end of this video I’ll, be giving you guys my price prediction for Sia coin and where. Do I see this coin going in the next two to three years? So if you guys would like to know more about uh my price prediction, please stick to the very end of this video and if you guys are new to the channel, please hit the subscribe button. So that you can get the daily updates from my side.

You can get my research on all these altcoins and, the daily market analysis, which I do. If you guys like the video again please don’t forget to hit the like. Buttons really help the channel is growing so yeah, if you like, it smash the like button. Okay so now, without wasting any further time let’s just go to coin market cap and let’s see. How Sia coin is trading today, so currently Sia coin is ranked number 93 on coin market caps.

That is pretty good. It is under the top hundred, and it’s trading just below two cents. It is down by three percent since yesterday, so that is like three cents uh three percent down right now, and if we see the total market cap for Sia coin, that is 817 million dollars with a total supply Of 47 billion coins so because of this number, because the total circulating supply is47 billion. That is like one of the reasons why we have this price of below two cents right so that is, as a good amount of coins, a good quantity right, something I like about this coin is that. This is a proof of work coin, so that is something, I like because some amount of work needs to be done to get these coins generated.

That is like a positive I feel with the Siacoin, but let’s first of all check what exactly coin is and what kind of problem it is trying to solve for the whole crypto universe right okay. So here we are on the Siacoin website. That is Sia, tech and as the website says. Sia coin is actually decentralised storage for the post cloud, worlds like in simple language.

It’S like decentralized storage system or a storage solution, right to the whole cloud storage, which is out there, so decentralized storage, is definitely something, which has like huge demand because there are already, these huge cloud – storage, platforms like one drive google drive dropbox, who has like a huge who, who are sharing a huge market And all these entities, they are currently like centralised entities right. So you don’t have the complete security of your data, which you have on these platforms. So there is definitely a requirement for a platform or there is a space for a platform that provides decentralized, solutions to, online storage and ci is trying to solve this problem uh for the users right. So, let’s see uh where all they have their storage providers. So if you, if, if we see they, have a fair number of storage providers and, they are well spread across countries just, a bit low in Asia, I’ll say, but a lot of them are in Europe, a lot of them in united states definitely, some of them in South America, as well so Yeah, it has a fair amount of storage providers now.

Let’S see like what all benefits it is actually, providing rather than the traditional cloud storage companies, so the very first point and i believe, which is the most important uh us for this project, that is, it is completely private right with Sia you, you don’t share your information with anyone else like any Data which you have on the network, it’s completely private, it says: Sia encrypts and distributes your files across a decentralized network, you control your private encryption keys and you own your data. So this is something I believe. A lot of users are looking at it. No one wants their data to be shared. No one wants their data to be compromised right, or their data to be any way to be public though.

It is not completely public, but everyone wants a private solution, how they can share data across a network. So this is uh what Sia coin solves then uh Sia coin is definitely a lot more affordable than the traditional solutions as. They say: Sia costs about 1 to a dollar per month for 1 TB of storage, rather than like 23on amazon. So this is, I believe, a huge difference. Almost like 20 times less than what, amazon storage is charging right.

Now that is again, a unique USB for the Sia coin network is highly redundant. That means the files are stored in segments across multiple nodes in the globe right, so they have the information stored across multiple nodes so. Even if there is any single point of failure right, the network doesn’t go into downtime or, you don’t have to actually wait to get your data. There are multiple nodes, operating so they’ll be able to counter counterpart it right and uh. The fourth point that is, it is open source so.

I really like projects which are open-source right, because uh open-source projects they are. I believe I personally believe opensource projects are very less manipulated, right with uh with the whole uh private projects, it’s like a lot of at times a lot of marketing and a lot of financial, uh I’ll, say things right, they overpower the actual project, while with the opensource project, you don’t Have all these aggressive marketing going on right, so that may be one of the reasons why they are not always shining ahead, the top, but they might be having some very strong core values. So I like this about the project, that it’s an open-source project and the last one like they have a marketplace on blockchain. So it’s like the different storage providers. They need to compete between themselves too, actually uh do business with users right so.

This is very beneficial for users because they are going to get uh the best price when there is this kind of marketplace, where there is a competition between uh, the storage providers. So these are some of the very unique features uh of Sia coin which. I believe like if you are understanding Sia coin, which you need to know so. It’s like a decentralized cloud storage platform and likes to be in very easy words. I can say, like decentralised cloud storage platform, which definitely has some demand right.

It has some demand so uh, let’s go back, let’s go back to coin market cap and let’s see. First of all how this project has been doing and since when this project has been operating. So if we see on the coin market cap, this project has been there since Jan 2016, so it’s been like almost five years. This project has been operating and. If you see in the bull run of 2017it got to a high of eight cents and in this bull run, we were able to get to a high of around uh five and a half cents.

Right now again, it has to be traced back and it’s just below, two cents right now so yeah the project has been in this in sphere for a quite fair bit of time, so they have like uh. They have got ample amount of time to build the whole system and. This is something which, when I went, in more details to the project I found out. Andi saw what all these guys have been. Building on so I’ll show you two primary platforms which cya coin has so the very first one is Siastream right and now this is like the perfect home for your media to enjoy super cheap storage.

Your media files are completely under your control science stream use next-gen cloud storage technology to provide fast, streaming at, lowest cost. So uh video streaming has been a very hot thing. In the past few years. Right and say is tapping on that segment. With Sia streams, you can buy some uh some cloud space out, here for your streaming needs, so this is definitely one of them.

The strong uh platforms they’ve built the other one, which is there that is Kinet, okay and Skynet is, like decentralized internet for a free future, it’s more of like the storage space area where. You can drop your files and you can save your files somewhat like kind of dropbox rights. These are the two uh major platforms they’ve been building on for the streaming uh Sia stream for the streaming solution and Skynet for the cloud storage solutions. This looks pretty good to me and. It looks like things have been building on the network, so these are.

Definitely some really good signs. Okay uh: now, let’s go ahead and in fact let’s uh go to the charts. Let’S see how it has been going and what can we expect from the Sia coin in the coming future. So right now, if you see uh, this blue line is actually the 200 days moving average right and uh. After this huge dump.

Sia coin has actually found some support out here. and it’s, like bouncing back on the support line now, because uh Sia coin is an open-source project right and we do not see uh much of like this marketing thing which is going on so that is the reason uh. The price movement has been very steady right. Primal price movement is uh, steady, something I feel if we are able to get a bounce back, uh on the bitcoin charts. If bitcoin again starts moving up from the 35 000 level.

It is doing right. Now definitely Sia coin is also going to bounce back and right now, because uh if, you see in this whole bull cycle. Rightcoins like the meme coins have been exploding up. There has been an explosion to define the previous cycle right. There has been a lot of explosion in the NFT space, but still this platform, this problem which.

These coins are trying to solve like science trying to solve the cloud. Storage problem and I’ll say like Sia, is not the only one there is like file coin and then there is like a cash network, so there are like a couple of coins which are trying to solve this problem and. I feel uh that, though not right now but definitely, in the coming year right or maybe later in this year, we will also see a bounce, a complete bounce or a complete pumpin. These coins, which are actually solving this huge problem, which is related to cloud storage. There are multiple projects which are working on this problem, and I understand that only a few of them will flourish right but looks like Siacoin has got a good chance.

It has. It has been there onto space for quite a while so I’ll, be expecting positive stuff from Sia coin. For sure right, so i was also checking their road map a lot of stuff out there. Things look really good so uh yeah, so this is uh. My current view on the.

This is like the daily chart for Sia USDT, so I feel like uh right now, the price of the Sia coin will be highly dependent uh on how bitcoin moves right. One more thing which I find uh can be a very good factor in the coming months for Sia coin prices. Cya coin is right now on the top exchanges right like BinanceKraken, Huobi right but uh. I have also been like when. I was researching on Sia coin.

I have been like, I read few articles and uh, it is possible that in the coming future. Cya coin also gets listed on coinbase. So if that happens so that is really going to be a huge pump, a huge pump for Sia coins. That is something we can expect in the future. For cya coin now, uh, let’s come to the final part and let me give you my price prediction for Siacoin in the coming years.

I personally believe that cloud storage is a very huge market right. It has got very huge potential. Already like all of us. We use, google drive, we use dropbox have been using one drive, we use all this stuff in our everyday lives and. This is not going to stop anytime soon.

Like our need to sharing data online. They are just going to increase, increase and increase with the coming future. So when there is such kind of huge demand for something and then there is then there are these solutions which are trying to provide abetter solution, there is a very huge chance, that these kinds of projects they succeed, and I again emphasize on this that there will be just like a couple Of them, which will be uh, like maybe in the top 30 to 40 on coin market cap or which will really succeed, which will really come to the top right, but I particularly feel this segment has got some real buzz inside right, so it can flourish it can really flourish. Real good, what if? If we see the total circulating, supply for cya coin, that is almost around 48 billion right and I feel like if Sia coin is going to make it.

If Sia coin is going to be the solution, which people opt for whether it is for their streaming storage needs or whether it is for their cloud storage need. I believe that a total market cap of 48 billion dollars, is highly possible for such a project, which is solving such a big problem so. I expect the Sia coin to go somewhere around to hit the dollar in the coming years. Right, and as cryptos, they start getting more mainstream and. These solutions, uh they start getting implemented right and more and more people – are joining the whole decentralized space so that definitely gives Sia coin a target.

One dollar, but uh like we need to wait maybe a couple of years. For that, because uh still the blockchain whole industry is like the adoption is pretty new right. It’s like adoption is coming on but, it’s still very slow. So so we might need to wait like two to three years, but yeah it is possible. If the team delivers that we can see one dollar Sia coin in the coming future, rights guys uh.

Read More: What Went On in Crypto This Week?

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