Sia (SC) Schedules Hard Fork to See the Birth of a New Project: SiaClassic

A non-profit organization, SiaClassic Foundation, has been created by the Sia community to see through Sia’s scheduled hard fork, which is will be completed on October 31. The official launch of SiaClassic Foundation took place on October 11, with the company terming it as ‘organizational structure that will promote transparency in funding, governance and development.’

SiaClassic: Declaration Of Independence

Entitled SiaClassic: Declaration of Independence, the communiqué is signed by the chairman of the company’s board of directors, Scott Ellis. The Foundation will start its operations on October 15 soon after it adopts its new statues.

According to Ellis, the main focus of SiaClassic Foundation came from the team’s decision of forming an original project, which would reestablish the work that Sia was doing. He continued to not that Hardfork usually leaves community members at a high risk of losing huge sums of money in mining hardware.

The heads of Sia project announced to its community on October 1 that their decision to carry on with their plans for a hardfork was to block the ASIC mining equipment from Innosilicon and Bitmain, after realizing that the latter used to mine siacoin is secrecy.

A statement released by the company stated that:

“Sia’s pending fork is treating all owners of any Bitmain or Innosilicion ASIC in the same way….it is reasonable to conclude that Nebulous (Sia’s parent company) has chosen to punish the entire community for actively supporting its currency.”

Sia Community Reacts In Skepticism

Some Sia community members reacted to the news with skepticism through the Reddit social network, with some stressing the issue of centralizing mining in the Sia network. One particular member said that:

“A single server farm is mining in a group that controls a significant portion of the hash rate. What makes this dangerous is the fact that the farm in question is also a manufacturer. This single entity accounts for more than 45% of the current hash rate.”

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