SiaCoin (SC) prospects are looking increasingly bullish after one of the longest sell-offs. The cryptocurrency has bottomed out and continues to climb higher as sentiments in the overall industry improve. Updates on the GitLab repositories, expected to enhance user’s functionality, has also strengthened the altcoin’s outlook.
The cryptocurrency continues to elicit demand and interest in part because of its potential use cases. In addition, it has also proved to have the edge over centralized systems as focus shifts to decentralized systems. SiaCoin is also making a name for itself when it comes to cloud storage after a recent transition to GitLab.
SiaCoin Specializes in Decentralized Cloud Storage
The altcoin has sought to differentiate itself from other blockchain projects by focusing on a niche market with tremendous prospects. Offering a secure and reliable decentralized storage services is the blockchain project primary goal.
The platform decentralizes data storage on the cloud by leveraging the power of thousands of hard drives around the world. Decentralized data storage services continue to elicit strong demand in part because of growing privacy demands.
The cloud storage market is poised to be worth more than $80B USD by 2022. While there are many companies offering cloud storage services, very few have sought to offer such services in a decentralized way. Unlike other firms that are just starting, SiaCoin has accrued a substantial amount of market share. It currently stores 224TB of data by leveraging the power of over 597 providers.
Single Point Of Failure Edge
SiaCoin has continued to surge on as crypto-enthusiasts are taking note of its business model that affirms its long-term prospects. Unlike most cryptocurrency projects, SiaCoin has justified its need in the market as it continues to take on centralized systems.
SiaCoin has sought to differentiate itself from centralized storage services by addressing the single point of failure issue. Spreading storage services across different users’ computers alleviates the possibility of a single point of failure menace.
Encryption of data as it is stored in various computers also ensures that only the owner can access it. This takes both security and privacy to another level. By making its decentralized storage services cheaper, SiaCoin has essentially gained an edge over centralized systems.
The impact SiaCoin is having in cloud storage further underlines its stellar performance in the market in recent weeks. With the overall market sentiment turning bullish, SiaCoin looks set to continue climbing high as crypto-investors take note of its promising prospects in cloud storage market.
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