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 October 2021 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
Finstreet India Digital Marketing: $5900 (2.2 million SIN)
Buyucoin Indian Exchange Listing: $9420 (3.489 million SIN)
Wolftrade Indian Influencer: $1300 (481K SIN)
Expenditures in October 2021: 10670K SIN (10,67 million SIN)
Below is a breakdown of total expenditures thus far:
Total Expenditures until October 2021: 237,801,000 (million) SIN
Expenditures in October 2021: 10670K SIN (10,67 million SIN)
Total Lifetime Expenditures: 248,471,000 (million) SIN
As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 223,273,000 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 25,198,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.
The BETELGEUSE mainnet upgrade had successfully passed the testnet phase some time ago. Furthermore, it requires additional development to fix compatibility issues among our custom Proof-of-Stake, Deterministic InfinityNodes, and the Bitcoin core codebase of 0.21x.
We have been developing our upcoming mainnet for a while, but we have encountered unforeseen delays. Delays always happen for code perfection.
Members who have been with us for a long time already know that hardfork times always have delays. As a result, the community is a little quiet, and there is less activity than usual.
However, every hardfork release constantly improves everything and, of course, our code. This hardfork is especially important because we moved to a new codebase, adding proof of stake to our consensus. The proof of stake code we develop is not used before by others because it is our new code. This new codebase and the infrastructure it brings will be the foundation of everything that we will build for the future, so it must be rock solid.
We are here to build a storage platform for decentralized cloud services. That is our only goal. We want to give power of data in the hands of people, and we will achieve this sooner or later in slow but sure steps. While we are waiting for the fixes, We have already started the development of bFTP and b’Mail.
Again, we thank you all for your patience and support, and please always be sure that we will not let you down ever!
ANNOUNCEMENTS & ARTICLES
We are very close to our release of the BETELGEUSE mainnet upgrade.
The mainnet upgrade will consist of a new custom fourth-generation proof-of-stake algorithm, aka PoS4.
The new Bitcoin core codebase, 0.21.99, contains vast improvements in security, speed, and accessibility.
Mobile Wallet will include InfinityNode 1-Click node setUP in our mobile application with the never-before-seen node status features.
We prepared bridges to be used in DeFi exchanges of Binance Smart Chain and Ethereum blockchains such as Uniswap and Pancakeswap.
India market launch pre-fork
India is one of the fastest-growing markets for cryptocurrency and has grown by over 600% in the last year. Currently, 80% of the population have a mobile phone, while 20% have desktop PCs. This is a big reason why the mobile wallet is vital for the India launch.
Below is a list of some of the things we have planned:
Major India Tech magazine that has over 200K monthly visits. Sinovate will be on the cover of this magazine.
New India exchange will make buying SIN much easier for the Indian community. This will also include a marketing strategy from the exchange to build more awareness of Sinovate by using a range of paid and organic advertising.
Indian YouTuber with 100k subs and an average of 10k views per video
AMA’s planned with exchange and two other groups.
Over 50K subs, Indian Promotion company will have coverage on YouTube and create a series of videos about SIN.
General Info
Mobile wallet is in final tests from the team and will be launched when we are ready with the India market. All I can say about the wallet is wow; having the ability to set up InfinityNodes on my phone was brilliant; even my kids set up their InfinityNode.
We will not be just focusing on India as we will have another YouTube video planned from a big account (Over 400k subs) covering SIN.
The BETELGEUSE release had successfully passed the testnet phase some time ago. Furthermore, it requires additional development to fix compatibility issues among our custom Proof-of-Stake, Deterministic InfinityNodes, and the Bitcoin core codebase of 0.21x.
We have been developing our upcoming mainnet for a while, but we have encountered unforeseen delays. Delays always happen for code perfection.
Members who have been with us for a long time already know that hardfork times are always like this. The community is a little quiet, and there is less activity than usual.
However, every hardfork release constantly improves everything and, of course, our code. This hardfork is especially important due to moving to a new codebase and adding proof of stake to our consensus. The new codebase and the infrastructure it brings will be the foundation of everything that we will build for the future, so it must be rock solid.
We are here to build a storage platform for decentralized cloud services. That is our only goal. We want to give power of data in the hands of people, and we will achieve this sooner or later in slow but sure steps.
Again, we thank you all for your patience and support, and we will not let you down ever!
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 September 2021 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
Analytics Insight Magazine Cover(India): $4500 (1.67 million SIN)
Expenditures in September 2021: 6170K SIN (6,17 million SIN)
Below is a breakdown of total expenditures thus far:
Total Expenditures until September 2021: 231,631,000 (million) SIN
Expenditures in September 2021: 6170K SIN (6,17 million SIN)
Total Lifetime Expenditures: 237,801,000 (million) SIN
As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 214,275,000 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 23,526,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.
Starting this week, we will be releasing Bi-Weekly reports instead of weekly reports. This was decided to have more content on our reports.
The BETELGEUSE release had successfully passed the testnet phase some time ago. Furthermore, it requires additional development to fix compatibility issues among our custom Proof-of-Stake, Deterministic InfinityNodes, and the Bitcoin core codebase of 0.21x.
We have been developing our upcoming mainnet for a while, but we have encountered unforeseen delays. Delays always happen for code perfection.
Members who have been with us for a long time already know that hardfork times are always like this. The community is a little quiet, and there is less activity than usual.
However, every hardfork release constantly improves everything and, of course, our code. This hardfork is especially important because we moved to a new codebase, adding proof of stake to our consensus. The proof of stake code we develop is not used before by others because it is our new code. This new codebase and the infrastructure it brings will be the foundation of everything that we will build for the future, so it must be rock solid.
BETELGEUSE Mainnet Wallet
We are here to build a storage platform for decentralized cloud services. That is our only goal. We want to give power of data in the hands of people, and we will achieve this sooner or later in slow but sure steps.
Again, we thank you all for your patience and support, and we will not let you down ever!
ANNOUNCEMENTS & ARTICLES
We are very close to our release of the BETELGEUSE mainnet upgrade.
The mainnet upgrade will consist of a new custom fourth-generation proof-of-stake algorithm, aka PoS4.
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