- USD market launch for siacoin (SC) on 29 October
- Scheduled fork scheduled for October 31, 2018
- Hard fork to restore power to the community
Seattle's cryptocurrency exchange, Bittrex, provided encouraging news for the siacoin community (SC) on October 25, 2018, as the exchange tweeted which will come on October 29, the encryption platform will launch a US dollar market (USD) for siacoin.
Direct trading with USD on Bittrex
The launch of an USD market will allow traders to trade directly in SC / USD pairs.
It is expected that a development of this nature (pairing with a fiat currency) will bring more liquidity and will increase the volume of trade for the SC coin. In addition, it will make it easier for newcomers in the cryptocurrency market to buy / sell directly tokens with the US dollar.
On October 29th we will launch a US dollar (USD) market for Siacoin (SC). suitable #Bittrex accounts created before October 1 are already enabled for trading in USD. New user or do you want to deposit / withdraw USD? Request here: https://t.co/KA248OA2Bz pic.twitter.com/xD9kWqzR8T
– Bittrex (@BittrexExchange) October 24, 2018
The timing of such an announcement makes the siacoin community even more interesting suffer a hard-fork October 31, which would completely destroy the Bitmain and Innosilicon ASICs from mining operations.
The decision to reset the Sia Proof-of-Work feature was made public via a blog to send from the first developer of Sia, David Vorick, on October 1, 2018. Vovrick stated that the purpose of the scheduled lump sum is to allow dissenters to divide into a separate blockchain.
"All users wishing to stay on the network Both have to upgrade before the date of the rigid fork.All major exchanges will participate in the fork".
Post hard-fork, the newly implemented code will ensure that only ASIC processors designed by Obelisk can be used to extract the network from blocking incentives.
What caused the hard fork?
The story behind the fork extends to June 2017, when the Sia project chose the ASIC miners on GPU – giving the justification that GPU-based mining could make the project an easy prey for Hack attacks.
It was also decided that the parent company of Sia Nebulous would create a subsidiary called Obelisk to produce and sell ASICs for the extraction of siacoin (SC) only.
However, things took a dramatic turn when the mining giants, including Bitmain and Innosilicon, started developing mining equipment for my siacoin without any official permission from the siacoin community.
The entry of mining giants has triggered tensions within the team, nullifying the hard work and money put in place by the faithful siacoin community.
The hard-fork aims to give back power to users and then move to a more decentralized ecosystem, as opposed to centralized mining plants like Bitmain.
At the time of printing, siacoin (SC) is ranked 32ND over it CoinMarketCap, with the price of siacoin sitting at $ 0.007 and total market capitalization. slightly above $ 279 million.