Home / Others / The stubbornness of the Siacoin (SC) team has given birth to 4 new projects leaving a sour taste in the mouth of the community

The stubbornness of the Siacoin (SC) team has given birth to 4 new projects leaving a sour taste in the mouth of the community

Siacoin has played pretty well late. We saw the currency peak on October 4thth with a value of $ 0.008056 and behind a strong trading volume of $ 37 million. The peak was short-lived while SC dropped to the monthly minimum of $ 0.006022 on October 12thth. This followed a steady increase, which saw the currency reach $ 0.007597 on a volume of $ 13.7 million. From here on, Siacoin has been in a state of crisis.

At the time 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 decline of 93.30% from the all-time high of $ 0.102490. The daily trading volume is $ 7,506,328, with most of the volume coming from Binance (50%) and Upbit (10%). With a market capitalization of $ 258,236.410, Siacoin is currently the world's 34thth most precious cryptocurrency.

dealer Crypto_Terminal_Chris thinks that Siacoin is "a purchase" at the moment:

"Siacoin is back in the area of ​​demand after briefly hit the highs of 118. He also rebounded on the trendline's support by returning to this block until we stayed inside and not below this area, we are still bullish SC 0.51%.

EMAs are a bit troubling because they seem to be spinning and the price is back under the fast moving EMA after solidly surpassing some days. We have the pink EMA as another level of support, so we do not yet have a reason to exit the market, but we keep BTC eye -2.25%. If the BTC -2.25% breaks below $ 6100, it could drag everything down with it, especially the altcoins that have had a nice lap of delay. "

Check the complete analysis here.

As you already know, Siacoin should do a hard fork on October 31stst in order to reject all ASICs on the network except for Obelisk miners. To help the community through what is likely to be a test event, the project's support page has released an official statement "Navigate in Sia hardfork"Instruction manual describing what each member of the ecosystem Sia should do.

Take a look at our guide on the Cobinhood platform.

The guide opens up with information on why exactly the fork is going to happen before going deeper into how exactly the fork will go down. In order to take part in the next fork (which will take place in block 179.000), users will have to download the update. Both v1.3.7 of the official project portfolio. Once the fork is active, the updated version 1.3.7 of Sia will allow you to immediately access the new chain and all of your Siacoins will be available to you. The team has further expanded:

"1.3.7 is necessary for spending coins, receiving coins or renting a deposit after the fork, but if you're the type of person who has a long-term contract, you can update it later when you actually want to use it."

The v1.3.7 update was released to solve a difficulty adjustment problem with the next hard fork and replaces the previous v1.3.6. The instruction manual mentioned contains information on support for exchanges, coin converters, miners and instructions for persons hosting / storing their data on the Sia network; check the whole manual in full here.

As usual, the Sia project released a development update for the week of October 21stst 2018. They started the update by announcing that 2 Nebulous repositories have been updated. Furthermore, 8 problems were created, 10 were closed and 11 MR were merged. Users of GitLab xurious, Shatnerz, MSevey, ChrisSchinnerl, lukechampine and DavidVorick have combined the contributions to the code in Sia. Work has been done on scalability issues with developer Chris who has started to transfer the .sia file format from JSON to binary blob. Lukechampine has updated the documentation of the API to reflect the new password requirement of the API that developers need to implement to make certain API calls to the client.

From external collaborators: Shatnerz has adapted the Sia-Ant-Farm repository (a sort of local developer testnet) to comply with the new API password requirement and has also corrected the path of its dependencies. Xurious corrected a vulnerability in validating block headers here.

The project has recently strengthened the liquidity of its currencies, as Bittrex has confirmed the addition of a new USD market for Siacoin (SC). This exchange of the first 40 (according to Coinmarketcap) has a daily trading volume of about $ 30 million which should increase both the demand and the volume of currency exchanges.

Overall, Siacoin's fork time is growing and can be felt. Tension, hope, obstinacy clinging to the old chain and new beginnings on new chains are going to be seen in this community. At the moment, 4 projects will be confirmed as a direct result of the fork: Sia, Hyperspace, Sia Classic and Sia Prime. How all this will take place and which of the projects will eventually survive the split with the slightest problems remains to be seen.

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The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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