What is SIBCoin?
SIBCoin is a decentralized digital currency and peer2peer payment platform. It was forked from the Dash blockchain but with major tweaks such as enhanced encryption. The platform was created by Russian cryptographers in 2015 to advance the gains achieved in the blockchain system.
A coin initially crafted to cater to the Siberian community
The coin was originally designed to act as an altcoin for the Siberian region. It targeted to address the needs of the Russian speaking community to reach the Eastern European region that had been left because of cultural barriers.
However, it was later adopted by the neighboring countries and finally went overseas.
The users in the SIBCoin users interact directly and form a network where transactions are recorded on a public ledger that is tamper-proof and distributed across all computers in the system.
The platform employs a reinforced hashing algorithm referred as Streebog that is ASIC resistant.
In their white paper, the development team refers to SIBCoin as the coin of the people, by the people, for the people. The network’s Coinprism protocol also supports custom-made digital assets.
The SIBCoin price performance in the market
Since inception in 2015, SIBCoin performance has been very impressive in the market. When SIBCoin entered the market in September 2015, its price was $0.0052. The price remained within the same range until April 2016 when it grew significantly with more than 1500% to reach $0.08.
After the price surge of April, the value fell back to $0.04 and remained within the range of $0.07 until October when it started rising steadily. In July 2017, the price of SibCoin broke through the 1 dollar mark.
The price continued to grow and hit the highest mark of $5.14 December 27th, 2017. This was the highest mark in the coin’s history.
Starting in early January 2018, the price took a steady decline that culminated to $0.2. Though this was a major drop in the value of about 2400%, it is more than 3900% higher compared to the opening price recorded in September 2015.
What is the problem that SIBCoin Solves?
While major successes have been achieved in the blockchain industry, the community feels that the uptake of the technology has hit a snag. SIBCoin is seeking to provide every person with the opportunity to become part of a fair economy.
With the cryptocurrencies becoming the currencies of the future, the SIBCoin development team felt they wanted to address the following key problems.
- Lack of privacy
When Bitcoin was created, many people felt that they had finally gotten a reliable method for running transactions anonymously. But, the Bitcoin network only provides users with pseudonyms that can be trailed to reveal the user’s personal and transaction details.
However, some people in the blockchain communities have been asking; “Why fork Dash which is considered one of the most secure blockchains?” In their white paper, the development team wanted to make SIBCoin the platform for the next generation cryptocurrency. Therefore, users enjoy all the features present in the Dash platform and newer ones introduced by the development team.
- Centralized mining and associated high cost of energy
When decentralized networks were discovered, the primary goal was to ensure that people could send value and run transactions without worrying about suffering from one point of failure. This was the main dream that Satoshi Nakamoto took a lot of time to make come true. However, the evolving industry resulted in the development of advanced mining equipment especially those referred to as Application-specific integrated circuit (ASIC).
The ASICs mining equipment is designed to generate very high hashing power to optimize returns. However, the ASICs very expensive and require a lot of power. The impact is that only a few very wealthy people can afford them resulting in the centralization of mining.
When only a few wealthy people can afford the mining equipment, it further implies that the coins are at risk of falling in the hands of a very few individuals. This raises the danger of the network suffering from 51%. SIBCoin wants to address these concerns by making the entire system completely decentralized.
- Poor scalability
The discovery of decentralized networks and blockchain technology was a major success in helping to take the financial sector to the next level. However, the fact that all or most of the nodes are required to arrive at a consensus before transactions can be completed has held hostage the blockchain platforms.
At Bitcoin, the network can only support seven transactions every second, and it requires an additional 60 minutes for confirmations. Even the Bitcoin Cash that is considered a major improvement of the Bitcoin Core protocol can only support 61 transactions and requires about 60 minutes for confirmation to be made.
Other networks with higher scalability include Ethereum that confirms transactions in 6 minutes and IOTA that supports 1500 transactions/ second and confirms them in every two minutes. SIBCoin targets to address this transaction speed to ensure that more people including traders can use the platform without a serious backlog.
How does SibCoin solve the problem?
When SibCoin was created in 2015, the development team had been involved with other top blockchains such as Bitcoin and Dash. Therefore, they ensured that all the gains of these earlier networks were consolidated and newer technologies adopted to address the issues. Here are some of the solutions used at SIBCoin.
The Streebog consensus algorithm
The Streebog algorithm is a successor of another algorithm referred to as GOST. GOST was a Soviet government standard symmetry key block cipher that utilized a block size of 64 bits. Now, Streebog is a cryptographic hash function designed to replace GOST.
Streebog is a family of 2 hashes, the Streebog-256 and Streebog-512. The new algorithm is very useful in the SIBCoin because it is ASIC resistant. This implies that the SIBCoin can be mined with standard GPU and the risk of the coins falling into the hands of only a few coins is eliminated.
Three advanced privacy protocols
One of the main things that SIBCoin development team took very seriously was privacy. The first protocol is RingCT that acts as privacy barriers and also hides transaction information on the network. The other protocol used to enhance privacy is ring signatures. These are used to hide the addresses of the sender and making it impossible for third parties to know your details.
The last method used in the platform is the stealth addresses. This protocol helps to conceal the addresses of the receiver by generating multiple public addresses. Unlike in the Bitcoin network where third parties can trail transactions and pin together details to know the recipient, SIBCoin is different. The stealth addresses give the impression that the recipients are different though they ultimately point at the same public address.
SIBCoin, like Dash and Monero, is now classified as one of the completely private networks. This implies that users do not have to worry about their personal or transaction details when using the network.
The SIBCoin platform’s X-Layer
To address the problem of scalability, SIBCoin adopted the X-Layer technology that was developed by Nokia in 2014. The main focus of X-Layer is helping to transact large data in real-time without compromising other protocols. This technology is used when transferring funds from sender to receiver when purchasing goods and services.
In addition to the outlined technologies, SIBCoin also adopted most of the features used by Dash. Here are some of them.
- PrivateSend: This ensures that all transactions are made in a completely private way.
- InstantSend: This feature is used to ensure that transactions are made promptly and irreversibly between sender and receiver.
- Telegram Bot: This is a personal assistant designed to help run payment processes in a more user-friendly model.
- Exchange and payment: This is a convenient feature that allows users to pay telecom bills through Coinex. The feature allows users also to buy USD or Euro directly using SIBCoins.
What makes SIBCoin better than it’s competitors?
From its design to implementation, the SIBCoin development team targeted to make the platform better than its competitors. Here are some of the things that make it better than the competitors.
- While many cryptocurrencies have been grappling with the problem of privacy, the SIBCoin has managed to come up with a reliable solution. This implies that users sending funds or using the platform to store their funds can rest knowing that no third party can easily pull out their details.
- The platform is a completely decentralized system which implies that it does not have a single point of failure. All the transactions are taken and confirmed by nodes spread in the system before being confirmed. It does not rely on centralized organizations the way it happens with banks and credit card companies.
- The platform is ASIC resistant. This implies that users do not need advanced and expensive mining equipment such as ASICs. This has made it easy for more people to join and use the network in their daily lives.
- SIBCoin supports faster and more transactions compared to other networks such as Bitcoin and Ethereum. This has made it a more reliable option especially by traders who want to transactions to clear fast without keeping clients on the queue.
- The platform was launched in 2015 and, therefore, considered more stable compared to emerging blockchains. Many people have become wary about new platforms because some are designed to simply operate as a pump and dump scheme. However, SIBCoin has been in the market for more than three years, and its structures have been tested and proven highly reliable.
How can SIBCoin be categorized?
SIBCoin can be categorized as a truly decentralized and private network. The primary focus of the development team to advance the gains made by Dash and to take the blockchain to the next level has made more people believe that its value could grow and even surpass top coins such as Bitcoin.
At a time when the regulatory environment has become very uncertain, the SIBCoin is expected to continue growing in demand and value because people are assured that their details cannot be easily pulled out by third parties. This is part of the reason why the value in the third quarter was more than 3900% compared to when it first hit the market.
What is SIBCoin’s vision on Security?
The primary goal of SIBCoin is to ensure that users can enjoy completely decentralized and transactions. People coming to the network are assured of their details and coins security using the following strategies:
- Advanced cryptography.
- Advanced privacy features such as Ring Signatures and Stealth addresses.
- The Streebog algorithm used at the network helps to ensure that more people can mine and participate in consensus building to reduce the danger of 51% attack.
- The development team has indicated that it is progressively updating the protocol to ensure that it identifies gaps and vulnerabilities easily. Then, these gaps are closed promptly to prevent the danger of getting attacked.
Examples of SIBCoin’s use cases/ applications.
Like Dash, Bitcoin was designed with the primary goal of facilitating faster, peer2peer and cheaper payment processing. Here are the main use cases of SIBCoin.
- SIBCoin can be used to pay for transaction charges at the SIBCoin network and in the exchanges when sending value across the globe.
- The coin can be used in paying for goods and services in stores that accept them. This process has been made simpler with Moneypolo and Coinex that allows users to easily convert SIBCoin to fiat when making payments in conventional stores.
- For people who want to invest or save their funds, the SIBCoin platform has proven to be a better network. Because of its unique features and fast-growing community, the value of SIBCoin is expected to grow in the coming years. Therefore, those who buy and hold their coins can expect to reap optimally when the price of the coin finally increases.
- Use SIBCoin to send value across the globe. Unlike the standard banking systems that are centralized, SIBCoin is completely decentralized. This implies that sending value is instant, cheaper, and highly reliable.
- Trade SIBCoin in the markets. Like other coins such as Bitcoin, SIBCoin can be traded in the exchanges such as Binance and Bittrex. Note that you will be required to join such exchanges by creating trading accounts and forming trading pairs.
https://sibcoin.money/site/sibcoin_en.pdf
https://coincheckup.com/coins/sibcoin/chart