SINOVATE Financial Statement: April 2022

SINOVATE (SIN) provides transparency across business and development related activities to its community. One of the transparency efforts includes financial updates, where all monthly expenditures incurred are provided. We will publish the financial reports continuously forever.

Please see the distribution details for April 2022 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Backend Developers, Insight, Nodejs, Mobile Developers, Telegram Community Managers, Discord Community Managers, Twitter , Reddit , Bitcointalk , Writers, Campaign Manager, Regional Managers, Content Creators, Art Director.

Team: 3500K (3,5 million) SIN

Marketing Team and additionally Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):

Marketing: 1000K (1 million) SIN

Expenditures in April 2022: 4500K SIN (4,5 million SIN)

Below is a breakdown of total expenditures thus far:

Total Expenditures until April 2022: 270,971,000 (million) SIN

Expenditures in April 2022: 4500K SIN (4,5 million SIN)

Total Lifetime Expenditures: 275,471,000 (million) SIN

Development Funds Wallet: 143,875 million SIN until 21/11/2020

New Treasury Wallet: 118,125 million SIN

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 262,000,000 (million) SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, an old wallet.dat that leads to technical issues associated with the private key.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed 13,971,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

Join us and stay tuned for all forthcoming updates via our website and social media platforms:

Website Discord . Telegram . Bitcointalk . Twitter . Facebook .Linkedin. Team.YouTube.Reddit.Instagram.

SINOVATE

SINOVATE Cloud 3.0: A Guaranteed Decentralization for an Optimal Data Storage.

SINOVATE anticipates that the Cloud decentralization process will bring fairness and freedom in the data governance based on cost-effective and evolutive blockchain infrastructures. Data governance has become critical between some giant companies and countries because of the data market growth. People are increasingly aware of the risks associated with the data monopoly of massive companies, the lack of data anonymity, or the risk of data breaches with the storage centralization. Therefore, the next decade will show an increasing interest in novel solutions which will handle the quoted issues.

Cloud 3.0, also known as decentralized Cloud (dCloud), is a novel paradigm that leverages data storage with blockchain technologies. The goal is to achieve a secure, scalable, decentralized, end-to-end platform for industries, governments, and daily users. Nowadays, several dCloud projects enable data storage with drawbacks such as the lack of blockchain-based processes, high fees, mining power centralization, or low data throughput. Thus, SINOVATE decides in its early-stage development to guarantee decentralization and full exploitation of its blockchain technology without pre-mine, venture capital, or coin offering.

Decentralizing the Cloud to avoid the monopoly

The expansion of the Big Data paradigm leads to an exponential growth of the data storage markets, and many Cloud providers offer solutions for daily users or companies. The data market in 2025 will be worth close to 1 Trillion USD. Data storage services are the keystones of Artificial Intelligence, Data Analytics, smart grids, or smart home. However, the data market is globally controlled by giant technological companies who know the data owners, determine the costs, and control the data accessibility. This monopoly can be subject to issues with governments and people.

The challenge is to tackle these drawbacks for the common good in the blockchain world. However, the projects first must decide on the vital technological features to find the right balance between scalability, security, and decentralization. The last aspect is essential if the project wants to guarantee good governance in its infrastructure. In other words, Cloud 3.0 must limit the monopoly risks of a company or a group of individuals over the validation of data transfer and storage and technological evolution.

A panoply of decentralization approaches

The decentralization in Bitcoin is mainly guaranteed by the Proof-of-Work (PoW) algorithm in the Nakamoto consensus for validating blocks. The Bitcoin mining power is increasingly centralized by big corporations, allowing colossal purchasing amounts of hardware called ASICs. This slightly reduces the decentralization aspects of the network. Still, it does not impact blockchain governance because many mining companies are enormous. Projects using Proof-of-Stake (PoS), such as Ethereum 2.0, remain relatively decentralized depending on the wealth distribution. PoW and PoS approaches are way more decentralized than delegated PoS or other recent Byzantine Fault Tolerance (BFT) systems.

A decentralized Cloud requires a peer-to-peer (P2P) network where every peer allocates storage space for the network’s users. Adding blockchain enables a system based on data authenticity rewards or data storage contracts payments. SIA, STORJ, AKASH, and many others use a blockchain for payments and the authenticity of data storage contracts that interact with an external P2P network. The Cloud in this approach depends on the degree of decentralization selected by the P2P network. Furthermore, it is often supported by a company or an entity that can decide to disconnect or not a peer. This centralizes data governance. A solution like Filecoin decides to have blockchain mining as peers of the P2P Cloud network. This approach is close to PoW mining but leads to a mining centralization with an entity governing the network.

How does SINOVATE guarantee decentralization?

Decentralization in Cloud 3.0 is based on blockchain governance for transaction validation and the data governance of the storage infrastructure. Therefore, SINOVATE integrates multiple breakthrough technological features to ensure these two key points.

SINOVATE incorporated the InfinityNodes, a Proof-of-Services (PoSe) layer composed of three Tiers with different Proof-of-Burn (PoB) 12-month contract commitments. InfinityNodes will operate in NEPHELE: the Incorruptible Data Storage as peers of data storage. In addition, they will support other services related to the blockchain, such as instant payments or sidechain nodes. InfinityNode will also be able to vote on the development strategy of the blockchain because SINOVATE is a decentralized autonomous organization (DAO). This last feature is paramount for the future SINOVATE data governance called the Revolving Sovereignty Votes (RSV). This principle is built on the PoB contracts of InfinityNodes, which means an InfinityNode owner has a peer active only for 12 months. In this way, the data governance is renewed yearly with new actors, and existing actors must renew the contract every year. This avoids eternal voters where a data storage peer cannot enter “winter” mode. Hence, data governance is always guaranteed by very active contributors. Its decentralization grows with the increasing number of InfinityNodes per Tier or additional Tiers.

The SINOVATE blockchain is based on hybrid mining proofs that enable a proper decentralized transaction validation. The first proof is a novel solution called LockReward. It ensures that an InfinityNode can receive a reward based on the aggregated Schnorr signature of 20 randomly picked InfinityNodes. The block validation is naturally distributed among the InfinityNodes with an unlimited-growing network. The second proof is a PoW mining called X25X that has been designed for GPUs by hardening the mining from FPGAs and ASICs with limited power consumption. GPUs are present at home and many other locations on personal computers that spread the mining power in many hands. Finally, the last proof is PoS which provides a validation power across the owner of SIN coins that grows with the network usage. These approaches guarantee a true decentralization of the blockchain governance of SINOVATE.

What is the future evolution of SINOVATE?

SINOVATE focuses on building its ecosystem by providing all the most advanced features of the blockchain world. The first step is to offer the blockchain-based File Transfer Protocol (bFTP), the first concept toward NEPHELE, and allow financial, insurance, educational, or inheritance entities to manage their data. SINOVATE will reinforce its data governance with the RSV improvements to ensure its ecosystem’s timeless and continuous evolution. Finally, the InfiniteChain release will provide the technological components to create a blockchain connected with the dCloud. A sidechain project can decide not to activate data storage and delegate this to the SINOVATE mainchain decentralized manner.

SINOVATE to Bridge its Mainchain with Ethereum and Binance Smart Chain

SINOVATE to Bridge its Mainchain with Ethereum and Binance Smart Chain

One of the most innovative blockchain dCloud storage providers, SINOVATE, is set to enter the DeFi paradigm with its latest update, Betelgeuse. The highly awaited release seeks to bridge its mainchain with Ethereum (ETH) and Binance Smart Chain (BSC). Fundamentally, a Smart Contract, this bridging will enable transactions to operate smoothly from one blockchain to another.

SINOVATE is a pioneer in the decentralized cloud space, implementing cutting-edge technology in blockchain and data management. Starting from the InfinityNodes technology to provide a reliable infrastructure for blockchain-based data storage, SINOVATE is also eyeing a hybrid consensus protocol with an up-gradation of its codebase to Bitcoin Core 0.22 for block validation enhanced security, efficiency, and scalability. The next milestone offering on-chain data storage for expanding SINOVATE-empowered solutions is ready to provide users with efficient decentralized Cloud infrastructure.

Why is SINOVATE entering the DeFi paradigm?

The pathbreaking technological innovations that SINOVATE is developing in-house require a new audience that can invest in and use novel infrastructural solutions. DeFi, short for Decentralized Finance, focuses on the recreation of traditional financial instruments in a decentralized architecture and offers the perfect prospect for the next-generation cryptocurrency expansion that SINOVATE is eyeing.

What is DeFi?

DeFi can be visualized as a massive open network of adaptive blockchain-based components such as protocols, digital assets, dApps, and Smart Contracts. Developed in 2018, with the expansion of the Ethereum ecosystem, this new digital finance technology omits the need for any central authorities, exchanges, or systems. The only components of a successful DeFi system are a blockchain and a dApp to connect participants using smart contracts for network interaction.

Today, DeFi has grown into an inevitable mainstream financial model for several existing and new crypto projects. It has evolved from a few simple transfers to highly complex economic use cases that which investors and traders can carry out conventional operations such as banking, trading, and insurance.

How SINOVATE Plans on Bridging with ETH and BSC

SINOVATE bridging with ETH and BSC is essentially a smart contract enabling transactions to operate from one blockchain to another. On the other hand, DeFi operates “mainly” with a Smart Contract hosted by a blockchain for creating a wrapped token by the Smart Contract of ETH or BSC.

A wrapped token is pegged to the value of its original cryptocurrency, currently equivalent to 1 original coin/token and mainly minted by the smart contract. The proposed bridge connects SINOVATE with ETH and BSC ecosystems, where ETH and BSC have their own wrapped tokens. However, a wrapped SIN will not be available for use as a SIN coin directly on the SINOVATE blockchain for building your InfinityNode, storing your data, or staking. Similarly, SIN coins cannot be used as an ERC-20 or BEP-2/BEP-20 token on those platforms.

Nonetheless, SINOVATE believes that this bridge can be exploited for multi-chain solutions using dApps, which will facilitate SIN coins and wrapped tokens in ETH and BSC environments in the future.

Exploring the Benefits of SINOVATE’s dCloud Ecosystem

With DeFi set to become a significant component of SINOVATE’s ecosystem, users and contributors would have easier access to its decentralized cloud, services, and applications. “Bridging SINOVATE with ETH and BSC will allow users of these ecosystems to enjoy SIN coins and their usage,” SINOVATE stated in their press release.

SINOVATE DAO wants to offer a sustainable and user-friendly environment by integrating the SIN coins in the decentralized exchange (DEX) platforms using automated market makers (AMM).” At the same time, the connection between SINOVATE’s mainchain and ETH-BSC platforms will open the former’s disruptive technologies to a broader audience pool. This will inevitably lead to more partnerships and unprecedented financial and data-storage-based dApps backed by SINOVATE’s innovations.

SINOVATE enters the DeFi paradigm: Bridging with Ethereum (ETH) and Binance Smart Chain (BSC)

SINOVATE revolutionizes the decentralized Cloud space by implementing cutting-edge blockchain and data management technologies. The journey starts with deterministic Infinity Nodes (DIN) for ensuring a reliable infrastructure to welcome blockchain-based data storage. Then, SINOVATE decided to implement a hybrid consensus protocol with Bitcoin Core update for block validation to reinforce its security, efficiency, and scalability. Finally, the last milestone is to offer InfiniteChain for expanding its ecosystem and solutions powered by the SINOVATE blockchain. These components set a fundamental basis for developing and achieving a novel, user-friendly, and efficient dCloud environment for storing the data all around the data.

These improvements and technological achievements require a new audience who must invest in and use the infrastructure. Decentralized Finance (Defi) impacts cryptocurrency and global finance by allowing a more flexible, universal, and decentralized contribution to cryptocurrency projects. In this direction, SINOVATE decided to bridge its mainchain with Ethereum (ETH) and Binance Smart Chain (BSC).

What is decentralized finance (DeFi)?

Decentralized Finance (Defi) emerged in 2018 with the expansion of the Ethereum ecosystem. By exploiting the smart contract technology, this blockchain-based finance is an investment intermediary for users which does not rely on central authorities, exchanges, or systems. A smart contract connects participants with the support of decentralized applications (dApps) such as Metamask or Trust wallet. These dApps will allow the participants to interact with the blockchain, which hosts the smart contract and perform transactions. A blockchain and a dApp are the only components of a successful Defi system.

DeFi becomes a revolutionary and mainstream subject in 2020 by the multiplication of lending platforms known as yield farming. Today, DeFi is an unavoidable financial alternative for many users and newly created crypto projects. It becomes a vital component of the next decade’s cryptocurrency expansion.

How does SINOVATE bridge with ETH and BSC?

As previously said, DeFi operates “mainly” with a smart contract hosted by a blockchain. On the other hand, bridging SINOVATE with ETH and BSC is fundamentally a smart contract that enables a transaction operation from one blockchain to another. This is possible by creating a wrapped token by the smart contract of ETH or BSC.

A wrapped token is pegged to the value of its original cryptocurrency. One wrapped token is currently equivalent to 1 original coin or token and is mainly minted by the smart contract. User A must send the original token/coin to the smart contract, which mints the wrapped token on ETH or BSC and distributes it to user A. To reverse the process, user A needs to make a burning request of the wrapped token to the smart contract and receive back its original token/coin.

You can find more information here:

https://academy.binance.com/en/articles/what-are-wrapped-tokens

How can a wrapped token be used?

The bridge connects SINOVATE with ETH and BSC ecosystems, where ETH and BSC have their own wrapped token. However, a wrapped token is limited to the transactions and usage on the ETH and BSC network and dApps. This means you cannot use a wrapped SIN as a SIN coin directly on the SINOVATE blockchain for staking, building your Infinity Node, or storing your data. Inversely, the SIN coin is not an ERC-20 or BEP-2/BEP-20 token; therefore, SIN coins cannot be used on these blockchains.

Hence, SIN coins are dedicated to the SINOVATE ecosystem, and the wrapped SIN on ETH and BSC can be used in these ecosystems. Nevertheless, SINOVATE believes dApps will exploit this bridge to create multi-chain-based solutions. Future SINOVATE-oriented dApps will use either the SIN coin or the wrapped token to satisfy data storage or uses in ETH and BSC environments. This will enable the improvement of the scalability, efficiency, and security of the SINOVATE dCloud ecosystem. This bright future vision shows the wrapped token could have the same usage as the SIN coin with transparent and user-friendly dApps.

What are the benefits of SINOVATE?

DeFi has become a significant component of the cryptocurrency ecosystem. SINOVATE believes users and contributors must have easy access to its dCloud ecosystem, services, and applications. Its usage is highly dependent on the possibility of future contributors and users getting SIN coins in their portfolio and using it. Bridging SINOVATE with ETH and BSC will allow users of these ecosystems to enjoy SIN coins and their usage.

SINOVATE DAO wants to offer a sustainable and user-friendly environment by integrating the SIN coins in the decentralized exchange (DEX) platforms using automated market makers (AMM). To do this, DAO SINOVATE explores the elaboration of liquidity pools on the DEXes of ETH and BSC to ensure SIN pairs’ straightforward trading and sustainable revenue for SINOVATE ecosystem development. The list of possible DEXes is here:

https://defiprime.com/exchanges

More information about liquidity pool and providers are also here:

https://academy.binance.com/en/articles/what-are-liquidity-pools-in-defi

The last benefit is the connection of the SINOVATE mainchain with ETH and BSC provides a broader audience that will discover all the benefits of SINOVATE technologies. This will open the gate to further partnerships and the development of financial and data storage dApps backed by SINOVATE technologies.

SINOVATE Financial Statement: March 2022

SINOVATE (SIN) provides transparency across business and development related activities to its community. One of the transparency efforts includes financial updates, where all monthly expenditures incurred are provided. We will publish the financial reports continuously forever.

Please see the distribution details for March 2022 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Backend Developers, Insight, Nodejs, Mobile Developers, Telegram Community Managers, Discord Community Managers, Twitter , Reddit , Bitcointalk , Writers, Campaign Manager, Regional Managers, Content Creators, Art Director.

Team: 3500K (3,5 million) SIN

Marketing Team and additionally Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):

Marketing: 1000K (1 million) SIN

Expenditures in March 2022: 4500K SIN (4,5 million SIN)

Below is a breakdown of total expenditures thus far:

Total Expenditures until March 2022: 266,471,000 (million) SIN

Expenditures in March 2022: 4500K SIN (4,5 million SIN)

Total Lifetime Expenditures: 270,971,000 (million) SIN

Development Funds Wallet: 143,875 million SIN until 21/11/2020

New Treasury Wallet: 112,125 million SIN

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 256,000,000 (million) SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, an old wallet.dat that leads to technical issues associated with the private key.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed 14,971,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

Join us and stay tuned for all forthcoming updates via our website and social media platforms:

Website Discord . Telegram . Bitcointalk . Twitter . Facebook .Linkedin. Team.YouTube.Reddit.Instagram.

SINOVATE