Node limit removal voting enabled
SINOVATE (SIN) is delighted to announce that our R.S.V. E-Governance Core Wallet is now available to download.
SIN Community Members are familiar with our 375 Infinity Node limit across three tiers, as well as recent reward generation issues. Old SINOVATE core wallets (these have been removed from GitHub) have been used to burn SIN coins and create new nodes, which exceed permitted levels. This has resulted in instances of network and node instability, with excessive nodes also at risk. Node issues are likely to continue, which needs to be addressed as soon as possible. With this in mind, the SINOVATE Team wishes to bring two solutions to vote, both of which require a hard fork (mandatory upgrade and start alias of nodes):
Solution One: When you vote No
The node limit will be increased, which carries the risk of network and node instability issues reoccurring. An additional hard fork would also be required, which is an extremely time and resource-consuming process.
Solution Two: When you vote Yes
Node limits will be removed, solving all instability issues for good. Minimum guaranteed interest will reduce. However, the SINOVATE network will contain more nodes, causing a decreased circulating supply of SIN coins with fewer emissions. Since a new cycle is created every 12 months, the beginning and end of these will provide a high return on investment for node owners.
The new core wallet was speedily developed by our Lead Developer Xuantan Nguyen during the holiday season, in order to implement community governance. Big thanks to Xuantan for his determination and hard work.
New Wallet notes
Prior to installing the new wallet, the infinitynode.dat file must be deleted. Upon deleting, the SINOVATE blockchain will rescan and extract all historical information to date: on-chain infinitynode list, votes. Please note that this step only needs to be followed once.
Votes will be “counted” after 55 confirmations.
Votes cannot be altered, even during a 51% attack.
The voting address has changed to sinburnaddressgovernancevote. All votes are sent to this address, making them easy to identify ( old algo = sinburnaddress + fee ==> vote ).
This will help us with our next feature, which is to create a proposal with a custom fee ==>. All votes for a proposal must have the fee indicated. If not, the vote will be rejected.
While it is possible to vote multiple times under a single node, only the last of these will count.
For node removal voting, please follow the below instructions:
Go to Help/Debug window/Console in the core wallet and unlock the wallet by typing:
walletpassphrase <yourpassword> 100
(100 is how many seconds the wallet will not have a password).
infinitynodevote <yournodeaddress> 10000000 (yes or no)
Please ensure that at least 100 SIN (cost per vote) is available in your node address. Also, no more than 100, 000 SIN should be stored within this address (for security purposes, more than 1000 voting instances are not permitted). Non-node owners are also able to vote.
All votes are sent to the immutable voting burn address: SinBurnAddressGovernanceVoteba5vkQ
To check the current voting status, please type:
infinitynode show-proposal 10000000 all
Normal address: 1 vote/value=1
LIL address: 1 vote/value=2
MID address: 1 vote/value=10
BIG address: 1 vote/value=20
Sooner or later, all current node owners will experience the expiration of their nodes. This vote is crucial for the continued stability of the SINOVATE network, and directly impacts how consistently Infinity Node rewards will be received over time. The hard fork wallet will be released shortly after January 5th, 2020, when voting will close. Vote now, and help shape the long term future and prosperity of our project.
Join us and stay tuned for all forthcoming updates via our website and social media platforms. The SINOVATE Team wishes our community a very Happy New Year. We hope you all thoroughly enjoy the festivities!: