Currencies

Sibcoin (SIB)

Feb 10, 2018 Admin Currencies

SIBcoin was launched in Siberia. It was known as Siberian Chervonets when it was created on 9th of May, 2015. There are total of 16,186,197 SIB’s that are circulating as of now and their value is approximately $3.22, bringing total market capitalization to approximately $52,042,668. The number of SIBcoins in circulation keeps on increasing every day. Eventually there would be total 24000000 SIBs that would be in circulation.

This cryptocurrency has the Streebog “hashing” algorithm. This algorithm is ASIC resistant, making SIBcoin conducive to a higher level of decentralization. Mining SIBcoin is also more profitable because of this algorithm and the “Proof of Work” or POW system. In so far as the coding is concerned, SIBcoin uses DASH blockchain, but it is a refined version of that blockchain, i.e., it is modified version.

Salient features of this cryptocurrency include:

  1. Usage of RingCT to offer better privacy. This is a way of camouflaging the signature of the sender by mixing it in a group of likely signatures. This makes the task of identifying the sender difficult. Similarly, there are stealth signatures that hide the receiver’s signature by generating other signatures to hide the identity. Transaction details are also hidden with RingCT technology.

  2. The security has been beefed up with the help of advanced encryption, and a two tier network. In two tier networking software, the interface module runs on client and relevant data modules runs on server.

  3. SIBCoin can be stored in wallets that are compatible with Android (version 16.1.1), Linux (version 16.1.2), Windows (version 16.1.2), and MAC OS (version 16.1.1).

  4. It has a decentralized communication system. This decentralized service (Perevod.io) entails using a “peer to peer” communication model. This means communication sessions can be started by either party, unlike in a “client server model”. In a “client server model”, the client waits for the request to be fulfilled by the server, which causes loss of time. In addition, users at either end can control parameters as well as other factors such as which services should be offered, how many users should be allowed to connect to the server at one go, and which services are to be avoided. In the process, considerable flexibility is built in, all of which improve the speed.

  5. It is a global platform.

  6. Has many masternodes for special functions such as sending. Unlike masternodes, nodes are used for mining.

Pros of SIBCoin

  1. It integrates advanced security and privacy features.

  2. It offers a decentralized service.

  3. It makes it easier to remit money abroad. Because of this platform, people can easily convert fiat currency into SIBcoin, and from it to other currencies. It is also listed on several cryptocurrency exchanges.

  4. It is compatible with Windows, MAC, Linux, and Android platforms.

  5. The fees charged are relatively low.

  6. Users of this coin are rewarded. Therefore, people who have this cryptocurrency are encouraged to use it, for example sell it when it is high, to earn rewards.

  7. It is convenient to use.

  8. Has several masternodes.

Cons of SIB coin

  1. Masternodes need to be set up, for which the site does not offer a tutorial.

  2. Some parts of the website need to be translated.

Conclusion:

This is one of the cheaper coins that cannot result in much loss. It is, however, easy to exchange because of its global usage. Prices have been hovering between $3 and $4, which is not a bad return at all for those who have managed to buy it at lower price when it was launched. Considering its global usage, SIBcoin seems to be here to stay for good.


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