SINOVATE is innovating to build the decentralized Cloud (aka dCloud or Cloud 3.0) for the future of businesses and individuals’ data storage. SINOVATE is happy to announce the official release of the BETELGEUSE has been successful after two hard forks. The first occurred on the 27th of March 2022 (900,000 blockheight), but the staking difficulty was too high for producing the Proof-of-Stake (PoS) blocks. A second hard fork on the 4th of April 2022 (905,555 blockheight) reduces the difficulty and enables SINOVATE mainchain network to have 1-minute block generation.
We remind our users it will be mandatory to upgrade their wallet to the last 22.0.2 version, where the links are provided at the end of this article.
This challenging everyday objective allowed the main blockchain to be more scalable, secure, and decentralized. The following describes what brings the Bitcoin core 0.22 to our network, a brief description of Proof-of-Stake 4, and the next steps of our network evolution offered by BETELGEUSE.
The Evolutions in The SINOVATE Blockchain
Developers can fully consider segregated witness (SegWit) technology by increasing the block size from 1MB to 32 MB and 64 MB with SegWit. This block size is significant for SINOVATE. It must guarantee that the users can transfer their data quickly and at a low cost. The transaction fees can also be easily modified to follow the SIN coin market and the dCloud infrastructure evolution.
PoS4 allows SINOVATE to reduce the block generation time from 2 minutes to 1 minute, reducing the time to wait for the first confirmation. Plus, a block full of non-SegWit transactions, standing at around 32 MB, would allow about 2,420 TPS with this new block generation time. However, if this block were full of SegWit transactions, we would be looking at almost double the number of tps, around 4,000 TPS.
The reduction of block generation time leads to changes in the reward distribution model. Indeed, keeping the reward with the same value would double the rewards per InfinityNode. The developers will reduce by half per block to keep the same network state. In this way, the InfinityNode owner keeps the same ROI as before, and it reduces by two the number of lost rewards by uptime issues. The new InfinityNode reward per block (every 1 minute) is:
- BIG: 876 SIN coins,
- MID: 419 SIN coins,
- MINI: 280 SIN coins.
Staking with PoS4 will only require you to have a H24 running Desktop wallet and activate the option. The option will automatically stake all the coins that are not locked from the coin control panel. A security guard has been set to 10 days to remove the coins from the staking which reduces considerably the risk of attacks and the dumps from whales.
Hence, the user can use SIN coins to stake and to earn rewards. The rewards use a novel approach based on the wallet’s UTXO (Unspent Transaction Outputs). Hence, when the wallet confirms a block, the coins related to a UTXO are not usable for 1 day (1,440 blocks), corresponding to the validated block’s maturity with PoS. After this period, the wallet automatically staked the coins if the option is still active.
This validation distribution allows little SIN coin holders to play fairly with bigger wallets because a large amount must be split into little amounts related to multiple UTXOs.
What is next?
The main blockchain is as scalable as the VISA system, ensuring SINOVATE as a suitable payment medium while being an ultra-secure and decentralized data storage by fusing InfinityNode LockReward, Proof-of-Work, and 4th-gen Proof-of-Stake. In addition, BETELGEUSE brings many improvements for guaranteeing a scalable, decentralized, and secure blockchain. PoS4 will consider implementing Casper and Slasher elements for a unique mechanism for further improvements.
SINOVATE will focus on numerous upgrades and innovations that will make its dCloud, the most efficient one. For example, explorer, websites, and mobile wallets will be enhanced to guarantee the best user experience. Furthermore, alongside improving the current technologies, SINOVATE will integrate the blockchain-based File Transfer Protocol (bFTP) fundamental for storing and transferring data in the InfinityNodes. Hence, it will bring the first piece of a long list for becoming a worldwide, decentralized Cloud infrastructure.
Wallet link (MANDATORY):
https://sinovate.io/sin-wallets/
Guide to upgrading the wallet:
https://docs.sinovate.io/#/wallet_upgrade
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