Cold staking without a cost
The SINOVATE HODL Coin Offering (HCO) Governance Proposal has been accepted by the SIN community and is now live. This marketing campaign was created with inexperienced users in mind and enables SIN coins to be earned without setting up an Infinity Node and purchasing a Virtual Private Server (VPS). The HCO incentive program swiftly commenced after the implementation of the network upgrade on 21st November 2020 and will remain active for 75-days. SIN coins must be locked during this period in order to qualify. Payments will be made via the Development Funds Wallet, thereby nullifying excess inflation to the SIN coin supply.
As shown below, the SINOVATE community unanimously voted in favor of this proposal via our discord channel:
In order to generate HODL Coin earnings, simply click the “EARN” tab within the SINOVATE GUI wallet (this option will also be available within our mobile wallets shortly) and choose from one of the following options. Due to this integration functioning as a time-lock feature, campaign participants are free to close their wallets after selecting their preferred earning option.
3 months (3% yearly and 0.25% monthly).
6 months (6% yearly and 0.5% monthly).
12 months (15% yearly and 1.25% monthly).
Sounds great, but how will this actually work?
In order to explain how the HODL Coin Offering will work, please see the examples below:
If you have 10,000 SIN coins that are sent to a new address and they remain there for three months (64800 blocks), you will receive 75SIN.
If you have 10,000 SIN coins that are sent to a new address and they remain there for six months (129,600 blocks), you will receive 300SIN.
If you have 10,000 SIN coins that are sent to a new address and they remain there for twelve months (262,800 blocks), you will receive 1,500 SIN.
What are the rules of this campaign?
Rules for the HODL Coin Offering marketing campaign have been set out below:
- The campaign will run for 75 days.
- Payments will be made during three, six, or twelve-month intervals, depending on your choice.
- A maximum of 75K SIN may be time-locked per address.
- There is no cancellation of locked coins.
- Participants must wait for the maturity date of their lock period to receive rewards.
- All transactions and amounts NOT in these intervals will be excluded from entry.
- The duration of this campaign is thirty-two thousand and four hundred blocks (75 days). You cannot enter before or after this window.
The SINOVATE HODL Coin Offering lowers entry points for would-be network participants, further establishing our reputation as a fair-for-all autonomous decentralized organization. Full decentralization of the SINOVATE blockchain will always be ingrained within our culture. Your vote counts. All future proposals will be community-driven continuously. Thank you for your fantastic support.
Author: Amit Kaushal