Sirwin
Sirwin
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Skynet and Siacoin: The Project to Keep Your Eyes On


Siacoin is an altcoin that is tied to a specific project: Skynet. If you’re like me, the first thing you said is: “wait, isn’t that from Terminator?” And yes, Skynet is from the Terminator movie franchise, but this project has nothing to do with cyborgs.

Skynet boasts that it is a “Decentralized Internet for a Free Future.” In practice, Skynet offers “a content an application hosting platform [that brings] decentralized storage to users, creators and app developers.” Essentially, Skynet is trying to combat notions that our online storage and applications must exist within the centralized ecosystem we are familiar with and instead offers a decentralized solution that is not only faster than current centralized internet offerings but more secure. Even for casual users, the decentralized storage capabilities of Skynet are a great way to store files and protect data - consider its basic function like Microsoft OneDrive, Google Drive, DropBox, etc.

For content creators, apps created on Skynet (called “skapps”) have some benefits associated with them. Skynet removes the need for teams to worry about server costs and also allows the user experience to be the main driver of profit, not advertising. In short, Skynet opens a lot of financial doors for anyone interested in developing within its system. 

To check out Skynet, please visit https://siasky.net/

Ok, but why should I care about Siacoin?

Within the Skynet platform, Siacoins function as a way to pay for storage and hosting solutions. They have a concrete utility in the Skynet ecosystem and therefore have a value outside of market speculation. Siacoins are not a memecoin or some sort of short-term fadcoin. Instead, Siacoins offer holders some stability, because they are built into the Skynet infrastructure. As long as Skynet exists, Siacoin will exist and have some value.

I think it’s worth mentioning here that Skynet has been up and running since 2017. I also find it reassuring that in recent weeks the dev team has hired more members and is focused on growth. What this tells me is that the project is likely not going away in the immediate future. Yes, crypto and decentralized projects do come and go, but at least the Skynet and Siacoin team have shown that they are able to make slow, but steady and sustainable growth.

In addition to the more stable nature of the dev team, Siacoin is priced right for new long-term investors. As I am typing this (6:15pm on 05/21/2021), Siacoin is tagged at $0.019 on Kraken. Yes, Siacoin’s value got hit hard when Bitcoin dropped in recent days, but I believe this dip makes it the perfect time to buy some Sia. When I bought my initial Sia, it was priced at $0.042. I have since purchased more.

From what I can tell, Siacoin has shown that it has staying power. After doing my own research, it seems that Siacoin has also grown slowly, but steadily, along with the growth of Skynet and the dev team. This recent hit affected most of the crypto market, but I anticipate that most coins will rebound - markets and exchanges fluctuate, after all.

At the end of the day, you need to do your own research before buying into any crypto coins or projects. I am not a financial advisor, and I have not been around the crypto market for years. But, for my part, I think Sia is at least worth researching on your own.

If you do have an interest in Skynet and Siacoin, please check out the link posted further up in this article. It will take you directly to the Skynet project itself. This piece of writing is just an overview of Siacoin and Skynet. I may craft some more detailed breakdowns of the project in future blogs.

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knowltox
knowltox

New to crypto. Excited to learn and research about the future of cryptocurrencies, decentralized finance, and projects that value the privacy and security of its users.


Cryptocurrencies-Decentralization-Security
Cryptocurrencies-Decentralization-Security

My posts will always center around one of three things: cryptocurrencies, decentralization, and security. I am very interested in projects surrounding decentralization of all types.

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