A Dash fork Sibcoin has hit the headlines a while ago with bold promises of finally bringing cryptocurrencies closer to average people. Initially developed back in 2015 by a group of Russian residents, it sought to appeal to the local cryptocurrency community.
However, as the time went by, the cryptocurrency’s popularity has expanded beyond the snowy domain of Siberia where it was conceived, and gained some traction in the Chinese market.
The project’s team claims that they managed to retain all advantages found in Dash while seriously improving its technological underbelly by developing a few unique cryptographic algorithms specifically for the purpose.
Dash is an honorable member of Coinmarketcap’s Top 10 of cryptocurrencies. Initially created under the name of Darkcoin, the project has also made some attempts to become closer to wider audiences; it changed its name to Dash to avoid associations with the darknet, and invested a great effort in becoming a truly anonymous cryptocurrency.
The architecture of Dash makes use of masternodes, which can be operated by anyone who holds 1,000 Dash, and that make the entire network operate much faster than that of Bitcoin. Masternode operators are those who can vote for questions regarding the project’s further evolution. However, this solution is widely criticized now due to significant growth of Dash’s price; while in the beginning Dash was worth a speck of a dollar, its current price of just under $200 makes having a 1,000 Dash a thing that most people cannot afford.
Finally, Dash was widely promoted as the only major cryptocurrency that cannot be effectively mined with ASICs. However, devices designed specifically for Dash mining were released, and this advantage faded away.
Sibcoin, on the other hand, uses Stribog algorithm to make the entire system ASIC-resistant while making use Dash’s X11 algorithm as well. For that reason, Sibcoin mining is currently possible only with GPU. This ensures higher degree of decentralization.
The price of Sibcoin, however, might follow in Dash’s wake. Though its chart spent most of 2016 as a flatline, in 2017 the situation has changed dramatically; in just a few months, the price managed to grow to $1.00 from nearly non-existent levels, and the currency’s market cap has reached $15 million over the same period of time.
This owes to the fact that the project’s team dedicated a lot of effort to building a dedicated community around Sibcoin.
The project does a lot to literally make cryptocurrencies closer to people. In recent months, Sibcoin has announced several services that could appeal to those who have only superficial knowledge of cryptocurrencies, or, in some cases, have none whatsoever.
One of such services is Perevod.io, which, through the use of a cellphone and a few partner exchange services, allows one to send Sibcoin to any place in the world. Most notably, the recipient may have no idea of any cryptocurrency involvement in the transaction as all they would get is their local currency.
Another recent development in Sibcoin is about the coin’s integration in Moneypolo, an international payments processor that works both with traditional and cryptocurrency-related companies.
It all makes Sibcoin one of only a few cryptocurrencies that have been grounded to the real-life use cases, and can be exchanged for fiat directly, not through bitcoin. With Perevod.io, users can bypass all traditional money remittance services while avoiding all complexities inherent in dealing with cryptocurrency; with Moneypolo integration, Sibcoin may actually be sent to a plastic card and then used for regular shopping.
The team has also announced it is working on a service that could enable users to send money directly to numerous plastic cards issued under any jurisdiction at once.
With its price steadily growing and new services being rolled out on almost regular basis, Sibcoin might eventually become one of the world’s most noticeable cryptocurrencies.
And, as the community around Sibcoin is growing, and the cryptocurrency itself is expanding to global markets, it may eventually play a big role in the future’s blockchain revolution.