SINOVATE confirms Mainnet Upgrade details. New Wallet released

Go-live set to block 262.000

The keenly anticipated SINOVATE (SIN) Mainnet Upgrade will go-live at block height 262.000 (approximately 7 days from 07 /10/2019), and will come equipped with wide-ranging enhancements to the SINOVATE Network protocol. Having been thoroughly tested by our Team Members, we are delighted to announce that the New SINOVATE Wallet is now available for download. Community Members must ensure that they update their current Wallets to the latest version, prior to commencement of the upgrade.

What updates does the new Wallet contain?

The SINOVATE Development Team has worked tirelessly to address potential instability and security issues within our codebase, and have therefore implemented the following solutions:

— Difficulty retargeting algorithm change from DGW2 to LWMA: With LWMA, current hashrate is estimated which in turn determines difficulty levels, according to the most recent difficulties and solvetimes. Average difficulty is divided by the Linearly Weighted Moving Average (LWMA) of the solvetimes, providing more weight to recent solvetimes in the process. This method significantly aids us in our efforts to safeguard the SIN Networkagainst timestamp manipulation as well as 51% network attacks, by providing the reassurance required to validate found blocks.

— Ravencoin Reorg 55 block Solution for 51% attack prevention: By default, Ravencoin (RVN) has a max reorg depth of 55 blocks. With blocks found every 60 seconds, comparisons can be drawn with the six 10-minute blocks approach implemented by Bitcoin. Implementing a small number of blocks simplifies the node fork process and therefore increases the possibility of blockchain reorganisation. Thus, a larger number or order of blocks (i.e 55) is required to maintain chain consistency and strength, while maintaining reasonable transaction delay times.

SINOVATE benefits from integrating this by enabling exchanges to set 60 block confirmation times (code should be slightly less than this, in order to create a small overlap in blocks). At close to an hour, this means that exchanges are provided with relative certainty that deposits made will not be reshuffled, vaporized or excluded by the SINOVATE Blockchain, decreasing the likelihood of unscrupulous trading. While double-spend attack prevention is not guaranteed, the SINOVATE Team strongly believes that the RVN Reorg Solution is among the safest and most secure options currently available.

— Removal of ShadowSend (PrivateSend) anonymity: Due to changes in international guidelines,the SINOVATE Team has taken the decision to remove its ShadowSend option. While we believe that Community Members should be permitted to entirely anonymise transactions, regulatory compliance, as and when this is enforced is essential on a global scale. The Dual-Key Stealth Address Protocol (DKSAP) is currently under consideration as a viable alternative to full scale privacy.

— Treasury Reward to increase from 1.1% to 10% for further development, marketing and funding of large exchanges. Proof-of-work (PoW) rewards to decrease from 250 SIN to 25 SIN: Further details regarding changes to the Treasury Reward as well as our reasons for decreasing PoW rewards can be found here

— Additional bug fixes for increased stability: The SINDevelopment Team constantly strives to improve and enhance our products. Bugs and instability issues prevalent within existing Wallet releases, as well as those identified during the Testnet Phase have successfully been ironed out, with this latest offering being our best yet.

— 375 node limit across all tiers: Once the node limit for Little, Mid or Big SIN Nodes is reached, the new Wallet will not allow funds to be burnt in error. Node holders will be advised when limits are full as follows: