Sia (SC), a decentralized storage platform secured by blockchain technology that leverages underutilized hard drive capacity, announced this week that it will conduct a hardfork to reset its proof-of-work (PoW) function in order to block third-party ASIC miners, including those made by Innosilicon and Bitmain.
1/4 Big announcement: the Sia core team has decided to reset the Proof-of-Work algorithm to brick Bitmain and Innosilicon ASIC hardware via hardfork. Blog post here. https://t.co/7gdqVcIM8x
— Sia Tech (@SiaTechHQ) October 1, 2018
According to an announcement by David Vorick, CEO of Sia parent company Nebulous, the decision to fork comes amid a growing threat from external ASIC miners that are gaining a significant portion of Sia’s global hashrate. For instance, Innosilicon is currently mining around 37.5% of the Sia hashrate.
Therefore, the team made the decision to go forward with the fork despite a vocal minority that sees it as a path towards centralization, as Sia is simultaneously developing its own brand of ASIC miners.
In response, Vorick states that “[Sia doesn’t] view blockchains as a democracy, we view them as a source of stability,” meaning that Sia is less interested in governance models than in leveraging the underlying technology to build-out its end data storage product. Vorick also notes that the larger Sia community was suffering after its initial decision to allow the major third-party mining groups to dominate the coin’s hashrate.
However, despite Sia’s ongoing battle with external ASIC miners, the project has no plans to move to a GPU-friendly mining algorithms given that they are more susceptible to attack.
“To the best of my knowledge, no ASIC mined coin has ever been hit by a 51% attack. And yet, something like a dozen different GPU mined coins have been hit by 51% attacks, typically to steal from exchanges,” said Vorick.
Following the announcement, the price of SC has gained 5% while the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is up 0.3% over the last 24 hours.
SC currently has a $242 million market cap, making it the 37th largest altcoin in the ALT100 Index.
More: Sia Proof-of-Work Reset
Related: Crypto Unicorn Bitmain Releases Internet Router Miners for Dash and Siacoin
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
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