Siacoin (SC) team’s stubbornness gave birth to 4 new project while leaving a sour taste in community’s mouth
Siacoin has performed fairly ok as of late. We saw the currency peak on October 4th with the value of $0.008056 and behind some strong trade volume of $37 million. The peak was short lived as SC fell down to a monthly low of $0.006022 on October 12th. A steady rise ensued, one which saw the currency reach $0.007597 on $13.7 million worth of volume. From here onwards Siacoin has been in a bit of a slump.
At the moment of writing, Siacoin can be purchased for $0.006715 USD (-5.26% drop in the last 24 hours)/0.00000106 BTC (-3.13% drop in the last 24 hours). This is a drop of 93.30% from the currency’s all time high of $0.102490. Daily trade volume is sitting at $7,506,328, with most of the volume coming from Binance (50%) and Upbit (10%). With a market cap of $258,236,410, Siacoin is currently the world’s 34th most valuable cryptocurrency.
Trader Crypto_Terminal_Chris thinks that Siacoin is “a buy” right now:
“Siacoin has returned back into the demand zone after briefly hitting highs of 118. It also bounced off of the trendline support as it returned into this block so as long as we remain inside and not below this zone, we are still bullish SC 0.51% .
The EMAs are a little concerning as they seem to be turning over and price returned below the fast-moving EMA after solidly trending above so a few days. We do have the pink EMA as another support level so we still don’t have a reason to exit the trade but keep an eye on BTC -2.25% . If BTC -2.25% breaks below $6100, it could drag everything down with it especially altcoins who have had a nice run of late.”
Check out the complete analysis here.
As you already know, Siacoin is expected to perform a hard fork on October 31st in order to reject all ASICs on the network except the Obelisk miners. In order to help the community through what will likely be a rather trialing event, the project’s support page released an official “Navigating the Sia hardfork” instruction manual detailing what every member of the Sia ecosystem needs to do.
Check out our guide on Cobinhood platform.
The guide opens up with information about why exactly the fork is happening before going deeper into how exactly the fork will go down. To be able to take part in the upcoming fork (which will happen on the block 179,000), users will need to download Sia v1.3.7 update of the project’s official wallet. Once the fork goes live, the updated 1.3.7 version of Sia will instantly give you access to the new chain, and all of your Siacoins will be available to you. The team further expanded:
“1.3.7 is necessary to spend coins, receive coins, or rent storage after the fork. But if you’re the type of person who is holding long term, you’re able to update later when you actually want to use them.”
The v1.3.7 update was released to fix a difficulty adjustment issue with the upcoming hard fork and it replaces the previous v1.3.6. The mentioned instruction manual contains information about supporting exchanges, coin converters, miners, and instructions for people who host/store their data on the Sia network; check the entire manual in full here.
As usual, Sia project released a development update for the week of October 21st of 2018. They started the update off by communicating that 2 Nebulous repo were updated. Additionally, 8 issues were created, 10 were closed and 11 MRs were merged. GitLab users xurious, Shatnerz, MSevey, ChrisSchinnerl, lukechampine and DavidVorick had code contributions merged into Sia. Work has been done on the scalability issues with the developer Chris starting to transition the .sia file format from JSON to binary blob. Lukechampine updated the API documentation to reflect the new API password requirement that developers need to implement in order to perform certain API calls to the Sia client here.
From external contributors: Shatnerz adapted the Sia-Ant-Farm repository (a sort of local testnet for developers) to comply with the new API password requirement here and also corrected the path of its dependencies. Xurious corrected a vulnerability in the block headers validation here.
The project recently gained a boost to its coin’s liquidity as Bittrex confirmed its adding new USD market for Siacoin (SC). This top 40 exchange (according to Coinmarketcap) has a daily trade volume of around $30 million which should increase both the demand and the trading volume of the coin.
Overall, Siacoin’s fork time is coming up and it can be felt. Tension, hope, stubborn clutching to the old chain and new beginnings on new chains are about to be seen in this community. At the moment, 4 projects will confirmedly come alive as a direct result of the fork: Sia, Hyperspace, Sia Classic and Sia Prime. How will all of this unwind and which one of the projects will ultimately survive the split with the least issues, it remains to be seen.
