Siacoin

Halal Rating :
Comfortable
Last Price $0.01 Last updated:
Rank 168
1D Change -0.85 %
Market Cap $419.93m
Circulating supply 57,266,934,413
Maximum supply None

Crypto Overview

Categories
  • Mineable
  • PoW
  • Blake2b
  • Platform
  • Distributed Computing
  • Filesharing
  • Storage
  • DragonFly Capital Portfolio
  • Fenbushi Capital Portfolio
  • Paradigm Portfolio
  • Web3
  • Near Protocol Ecosystem

Sia is a decentralized cloud storage platform similar in concept to Dropbox and other centralized storage provider where instead of renting storage space from a centralized entity, clients rent storage space from other peers. The only difference is Sia uses blockchain to facilitate transactions Nodes provide storage to clients using the Sia blockchain as contracts. Before storing the data, the data is encrypted into many pieces and uploaded to different hosts. Siacoin is created by David Vorick and Luke Champine of Nebulous Inc. As the traditional storage platforms are higher in cost, more expensive and data is not well protected. Siacoin promises to offer secured storage transactions with smart contracts which is more affordable and reliable. Moreover, it is completely open source which means many individuals have contributed to Siacoin’s software hence there will be an active community building innovative applications on top if the Sia API. In 2018, Siacoin aims to introduce file sharing and be the go-to cloud storage platform for companies. Their goal is divided into 3 time frames which are short-term, medium-term and long-term development. Short-term development focuses on file sharing between Sia users. This allows Sia users to share files in the platform without having to take it off the cloud while increasing network utilization. Medium-term development’s goal is to enhance partnerships. This means reaching out to large companies like Netflix and Dropbox to hopefully be able to be their storage and distribution framework. Lastly, long-term development aims to expand its horizon to share files with non-Sia users and support mobile wallets.

Crypto Impact

To assign a comfort level investing in Siacoin from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Siacoin.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

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Justification for our Halal Rating