Sibcoin was mined in 2015 with the need to send remittances between the inhabitants of Russia and Ukraine. The cryptomonad uses the Dash source code, incorporating a series of additional algorithms with encryption technology specially designed by Russian cryptographers
The creators of Sibcoin claim that it has characteristics very similar to the rest of the digital currencies in circulation, except the fact that their development is directed by people residing in Russia, who in theory know better the needs of the citizens of the country, The use of the cryptomonads is completely private and decentralized, allowing international transfers in real time at low cost, guaranteeing the security and integrity of the operations loaded in SibCoin Blockchain. The digital currency already has programs and applications designed for the storage of assets, among which the most outstanding is the purse called “Siberian Chervonets”. Another point in favor of Sibcoin is that its application in Google Play has a valuation of 4.7 points. Although it has only 1000 downloads, its valuation is very high.
One way to get Sibcoin is through mining, which can be done with a desktop computer through a specialized software company. Through this method, the miners make available to the network processing power for transactions (HASH), while generating new Sibcoin units. Sibcoin has a market capitalization of just over 17 million dollars, ranking 150 in the world ranking. At the time of writing this post is around the US $ 1.15, after having brushed the two dollars a few days ago. SibСoin, a Dash fork originating from the vast frost-bound realms of Siberia, continues to expand beyond the cold land. Having conquered Siberia in a blitz, the coin known in Russia as the “Siberian Сhervonets” is now entering the adjacent domain of China. The project’s official website, sibcoin.org now has a Chinese language version, which opens the gate for China’s crypto-enthusiasts and professional traders alike.
SibСoin’s story begins with Dash, a popular anonymity-focused cryptocurrency that has undergone several brand changes and a block size increase. Dash’s creator, Evan Duffield, noted on multiple occasions that Dash, as opposed to Bitcoin, lacks tons of technological drama due to an entirely different governance architecture. Quite recently, the cryptocurrency has broken through its earlier price to create a new record. SibСoin was created in 2015 as a ‘people’s patriotic project’ initially focused on the Russian-speaking cryptocurrency community. The project managed to garner massive support amongst both expert traders and crypto-rookies not least since it proved to be the gateway altcoin for those feeling cautious about Bitcoin. SibCoin employs encryption algorithms developed by Russian cryptographers on top of those of Dash, and is continuously evolving to become “closer to people.”
SibCoin is available for trade on Livecoin and YoBit exchanges. And it has recently been added to Bittrex – one of the world’s oldest and most reputable cryptocurrency exchanges as well. The SibCoin Project leader, Ivan Rublev while mentioning the increasing value of the cryptocurrency said, “SibСoin might as well follow the steps of its mother coin, Dash. Those who had bought it back when it was Xcoin and was not expensive at all now may enjoy all the benefits and pleasures of yet another record-breaking price. We expect SibСoin to follow that inspiring example.”
Earlier he stated that the team is currently concentrating their efforts on two main areas; traditional services like exchanges and payout/payment collection services, and master node-based services to be unveiled in a short while. The SibCoin community is going to see a lot of feature additions to the platform during the year 2017.
SibCoin is a Dash fork, employing additional encryption algorithms devised by Russian cryptographers. The coin’s adoption has been growing rapidly ever since the first block was mined in May 2015. SibCoin is striving to become the driving force behind the consolidation of Russian blockchain community. Frequent community meet-ups are held in every large Siberian city and scores of cities in western Russia and neighboring countries.