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 February 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 February 2022: 4500K SIN (4,5 million SIN)
Below is a breakdown of total expenditures thus far:
Total Expenditures until February 2022: 261,971,000 (million) SIN
Expenditures in February 2022: 4500K SIN (4,5 million SIN)
Total Lifetime Expenditures: 266,471,000 (million) SIN
As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 249,875 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 16,596,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.
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.
The data storage industry in Cloud solutions will grow from 50 billion USD in 2020 to more than 130 billion USD, representing a compound annual growth rate (CAGR) of 22.3% during this period, according to the ResearchAndMarkets organization. This growing market centralizing the data storage was a way for guaranteeing high quality of services because of the easy control of the data centres. This control has many drawbacks, such as the risk of privacy breaches, massive connection timeout with servers, and a central authority’s power over users’ data.
A solution is to leverage blockchain technologies to transfer, host, and manage the data and services provided by all the possible applications. The web 3.0 Cloud (Cloud 3.0) or decentralized Cloud (dCloud).
What is the web 3.0 Cloud?
Web 3.0 represents decentralized blockchain technologies in the operations of applications called dApps. For instance, the ledger of a blockchain-enabled the development of non-fungible tokens (NFT) to guarantee the authenticity of an object for video games, music, etc. However, the existing solutions limit the use of NFT and the file size because the ledger is not designed for managing the data storage. The dApps must then play with sophisticated solutions between the ledger and a centralized data storage solution which removes the interests of being decentralized.
The decentralization of data storage must respect the following aspects:
Eliminating the possibility to know where data is stored in the network,
Providing a governance lead by all the participants of the network,
Storing the data with minimal costs for the users,
Securing the data in incorruptible storage,
Scaling the data communication to massive adoption,
Ensuring a 100% data access uptime.
Multiple projects aim to provide a dCloud infrastructure such as SIA, FILECOIN, STORJ, FLUX, etc. Securing the data in these projects uses different approaches but cannot respect the fundamental aspects stated above. For instance, the SIA storage costs are incredibly high, FILECOIN cannot scale to the massive adoption because of complex data authenticity protocols. STORJ does not store data in a decentralized system, and FLUX cannot ensure 100% uptime because of the nature of data centres.
SINOVATE built the Pillars of a Real Web 3.0 Cloud Storage
SINOVATE decides to build an infrastructure with cutting-edge technologies that will respect the six stated conditions of a true dCloud.
SINOVATE introduced the Proof-of-Burn (PoB) mechanism in 2019, allowing the possibility to burn specific transactions such as fees or smart contracts. PoB enables the creation of the InfinityNode technology, a contract-based service node that runs for 12 months. To run an InfinityNode, you must transfer collateral to an unspendable address. The only way to retrieve the collateral is to collect as much as possible the rewards provided by the network that covers the collateral with additional profits. This guarantees a 100% uptime of InfinityNodes.
By randomly distributing the data to the InfinityNodes as a medium of storage and with cryptographic methods, the network secures the data storage. It eliminates the possibility of knowing the data location. SINOVATE governance is also supported by the thousands of InfinityNodes, where owners vote on the transaction fees, data storage fees, and other aspects of the project’s governance. The governance will also enable the network to always propose minimal costs to the users by adjusting the fees to the market conditions.
BETELGEUSE delivered the last fundamental keystones. By adding the Proof-of-Stake (PoS) in the blockchain consensus and migrating to 0.22 Bitcoin core, SINOVATE can process more than 1,000 data storage requests per second. This is an unprecedented advance in real dCloud infrastructure where SINOVATE is the unique solution to be scaled for massive adoption.
SINOVATE is in the Cloud Market for Decades
Until the cryptographic solution remains unbreakable, SINOVATE will continue to improve its features. The scalability will be increased by introducing the first-of-its-kind: blockchain-based File Transfer Protocol (bFTP). By exploiting the power of InfinityNodes uptime, the users won’t split and lose a massive amount of time to transfer the data. TheInfinityNode will manage direct communication lines with the user where the transfer will be equivalent or even better than centralized solutions from Amazon or Google.
This last feature will finalize the foundations of our web 3.0 Cloud Storage called SINOVATE Nephele: Incorruptible Data Storage. This ecosystem will also integrate elements such as the InfiniteChain, the private storage network (PSN), and many other features stated in the 2022–2025 roadmap.
On the 31st of March 2022, SINOVATE Network will operate a hard fork that changes the block validation mechanisms consistently. It brings more considerable scalability and security in the blockchain, which is beyond the VISA throughput. The Proof-of-Stake (PoS) works then cooperatively with the original X25X Proof-of-Work (PoW) mechanism for guaranteeing the authenticity of the SINOVATE peer-to-peer (P2P) network.
How to prove the authenticity of the SINOVATE blockchain?
The SINOVATE blockchain like Bitcoin or Ethereum requires mechanisms to validate new blocks generated by the network’s peers. As many peers propose a new block, the network must select only one to put in the blockchain. This is equivalent to the Byzantine Generals Problem. In a blockchain, the network must decide which block is good by only transmitting messages. Hence, the decision can only be possible if all the peers follow an ensemble of rules that guarantees the block is right. It is called the Nakamoto consensus.
SINOVATE uses the PoW mechanism, a cryptographic proof in a peer-to-peer network where peers provide a computational effort to validate blocks. To execute this effort and know-how to do it, it must be based on a “mining” algorithm X25X. X25X is dedicated to GPU mining and tends to be ASIC and FPGA resistant (special equipment only dedicated for mining). This resistance is guaranteed by shuffling 25 mining algorithms from different PoW projects. This approach ensures the best degree of decentralization and security. In this way, the SINOVATE blockchain performs a proof-of-authenticity of the blocks committed by the peers.
Proof-of-Stake will make SINOVATE a reliable Cloud
Whereas the X25X PoW solution ensures proof of authenticity, this approach requires a lot of time to validate the consensus between peers. This limits the scalability considerably, which means the number of transactions per second that the blockchain can operate.
Another solution is to use consensus that requires less computational efforts from the network, such as Proof-of-Stake (PoS). PoS is a cryptographic proof in a P2P network where peers provide their stake instead of computational effort to create valid blocks. A stake is based on the number of coins held, yet fair participation for all is enforced through heavy maturity requirements on stake transactions.
This allows any user with SIN coins to participate in the network by validating transaction blocks, increasing the network’s scalability, and making profits with the distribution of rewards. SINOVATE uses this approach alongside the PoW mechanism, which guarantees a high degree of decentralization (millions of validators), scalability (+2,000 TPS), and security (InfinityNode LockReward and Proof-of-Burn).
The features of SINOVATE Proof-of-Stake
To be eligible for staking, PoS of SINOVATE (called PoS4) integrates a novel feature called LockStake, where a transaction also must not be spent for a considerable time. This safety guard ensures a lower attack surface of an already complex vector. Hence, the stacker must wait for around 14,440 blocks (10 days approximately one block per minute) to become a stacking validator. SINOVATE forces the confirmation of a block to 1,440 blocks. Conclusion This long waiting time and the long period of confirmations allow reducing the attacker’s success rate.
Additionally, PoS4 is considering implementing Casper and Slasher elements for a unique mechanism. The idea is to penalize the stackers who commit an invalid block (like an attacker or an invalid operator). Casper and Slasher are still in progress in Ethereum development. We will track this closely to take advantage of these novel features associated with our technologies, such as the Proof-of-Burn (PoB) mechanism.
SINOVATE aims to provide a decentralized Cloud (dCloud) infrastructure to download and upload data in a secure, fast, and low-cost way. It is then necessary to build a blockchain technology that may respect Buterin’s trilemma as much as possible. Decentralization, security, and scalability is a keystone of blockchain technologies. The release of BETELGEUSE tends to respect this trilemma by guaranteeing a lower carbon footprint in its consensus.
How can a blockchain be green?
In 2008, Bitcoin, a peer-to-peer (P2P) network, generated its first block with the first Nakamoto consensus called Proof-of-Work (PoW). This mechanism puts in competition the power of multiple machines that concur to be the first to submit a valid block to the P2P network. Whereas this solution is highly decentralized and secure, its scalability and high network carbon footprint became genuine concerns for the massive adoption. Statista reveals that one Bitcoin transaction requires 10 more kilowatts per hour than 100,000 VISA transactions. However, BTC and ETH represent only 0.11% of all the CO2 emissions.
For these reasons, the blockchain ecosystem saw emerging manifold consensus solutions such as Proof-of-Stake (PoS) and practical Byzantine fault tolerance (BFT) solutions that are secure and highly scalable. PoS solutions remain decentralized compared to delegated-PoS or BFT-solving solutions where the number of validators is known and very limited.
This effective centralization of the P2P network allows these solutions to compete with worldwide massive-adopted solutions such as VISA (more than 2,000 transactions per second (TPS)). These weakly decentralized methods bring the possibility to have a very-low network carbon footprint that can be lower than the VISA system. However, could we say these technologies are still cryptocurrency decentralized solutions?
Save the Decentralization and makes the Blockchain Greener
This loss of decentralization will surely be a question that will come back to the choice of technologies in the next few years as a fundamental of humankind governance. SINOVATE cannot accept centralizing so much of the governance in the hands of a few validators. We developed in multiple steps different Nakamoto solutions by leveraging the best of the recent implementations in Bitcoin Core.
The first step is developing the X25X GPU PoW mining solution, which is designed to limit dedicated equipment while using low-power consumption for competing with other computers. A second step was to implement the Proof-of-Burn (PoB) mechanism for transaction fees and other use of the blockchain, limiting attackers’ gain. The third step was to create the InfinityNode technology, an upper-layer that provides additional security with the novel mechanism called LockReward, and complimentary services such as data storage or unique payment gateways.
InfinityNode uses the PoB mechanism to commit a 12-month service contract, a high-security vector. The InfinityNode will transfer and store data. This contract commitment in the blockchain improves the energy efficiency of a dCloud ecosystem. This is mainly due to the guaranteed uptime of InfinityNode that must recover the contract commitment with the network rewards. Hence, data proof-of-integrity does not require complex algorithms such as the proof-of-space time or IPFS. The last step is BETELGEUSE (31st of March 2022).
SINOVATE evolved its layer-1 solution to implement the first step of the fourth generation of Proof-of-Stake (PoS4) with Bitcoin Core 0.22. This makes SINOVATE a highly-decentralized triple-layered secure blockchain alongside the LockReward and X25X.
SINOVATE wanted to not use the consensus as a vector of scalability. Hence, the latest updates of the Bitcoin core allows the blockchain to increase the block size to 32 MB and 64 MB in SegWit mode with a block generation of 1 minute. This allows more than 2k TPS to compete with BFT-solving solutions. The technical solution guarantees SNOVATE a Layer-1 solution with the greenest trilemma-solving consensus.
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