SINOVATE Codebase Set to Update to Bitcoin Core 0.21.99
The open-source blockchain dCloud storage solution, SINOVATE, is all set for a significant technological update by adding the Bitcoin Core 0.21.99 in its blockchain. This upgrade is an integral part of the SINOVATE roadmap’s Q2 2021 milestone by the codename BETELGEUSE, which will also see the hybridization of a custom fourth-generation Proof-of-Stake (PoS) with the X25X Proof-of-Work (PoW) consensus algorithm.
SINOVATE has already made quite a name in the industry because of its solutions for individuals, developers, and enterprises. For example, it had delivered the AURORA operating network last year with the cutting-edge technology of Infinity Nodes, created and built in-house by its development team.
With Bitcoin as a critical component of the updated security, efficiencies, and technological make associated with all blockchain projects, the SINOVATE codebase is in a position to take advantage of Bitcoin’s latest update. Bitcoin Core 0.21.99 is no less than a turning point for the Bitcoin Core wallet with the introduction of two significant features and the eventual breaking of compatibility.
Why is SINOVATE updating to Bitcoin Core 0.21.99?
SINOVATE’s state-of-the-art, community-driven decentralized storage solution leverages thousands of Infinity Nodes for their Incorruptible Data Storage (IDS) feature. This calls for the blockchain codebase to be scalable, secure, and reliable for file transfers and coin transactions. Blockchain-based Infinity Nodes are, in fact, the backbone for SINOVATE dCloud’s decentralized storage servers, lending users a cost-effective, stable, and fast cloud platform.
“Updating SINOVATE to the last Bitcoin Core provides us with the possibility to enjoy the previous technological breakthrough done by the Bitcoin community… In addition, SINOVATE developers can enjoy new features to improve the quality of services and users’ experiences,” SINOVATE’s latest press release discussing the upgrade mentioned.
Updating to the latest Bitcoin Core 0.21.99 will enable developers worldwide to adapt quickly to SINOVATE’s up-to-date infrastructure for Bitcoin-related services. Besides, the upgrade comes with several guarantees concerning compatibility, support, and testing, along with a transaction request overhaul that SINOVATE can leverage.
Bitcoin Core 0.21.99: What’s New?
Bitcoin Core 0.21.99 was officially released in January 2021, the 21st major release of Bitcoin’s original software client launched by Satoshi Nakamoto about 12 years ago. This latest release took six months and hundreds of contributors to develop and boast several new features, enhanced privacy, and augmented performance.
One of the primary changes introduced is descriptor wallets, which are especially useful for application developers designing software on top of Bitcoin core. These descriptor wallets allow users to categorize their UTXOs based on the types of conditions that are required to spend them. Therefore, a particular application can involve only a specific kind of UTXO in its design, for instance, multisig UTXOs, and ignore any non-multisig UTXO.
Bitcoin 0.21.99 update will also offer smoother wallet usage with a guaranteed higher degree of security for “light client” wallet users. The full nodes of the network will create “compact client-side block” filters and send them to the “light client” wallets, which will then process any data using these filters and pick only what is relevant for the client. Other new features include fewer broadcast attempts, TOR V3 support, and improved network synchronization. Bitcoin Core 0.21.99 is also set to take a big step towards the Schnorr/Taproot protocol upgrade.
However, Schnorr/Taproot is not available on Bitcoin’s mainnet yet, but Schnorr signature is in the SINOVATE Security layer. Therefore, the upgrade will have to be activated first, requiring an activation logic so far not included in the Bitcoin Core release. This activation logic could be included in a minor release in the course of a few months hence.
As always, Thank you for your tremendous support.
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SINOVATE (SIN) is a state-of-the-art innovative community-driven cryptocurrency project that brings novel and cutting-edge technological features without an ICO, pre-mine or funding. Since 2019, SINOVATE has been releasing different Mainnet upgrades with significant improvements in terms of technological features and the expansion of the ecosystem.
In December 2020, SINOVATE changed the core desktop wallet radically for AURORA Release with novel features such as HCO and setUP tools. Since then, many improvements have been integrated for the incoming release fusing BETELGEUSE with CONSTELLATION. Let us check the details that have been integrated until now.
What are the changes and novel interfaces in Betelgeuse?
Notes: The Images come from an alpha version for the Betelgeuse Testnet phase, and the content may change in the final release. The displayed values are random and full screen.
SINOVATE has been developing its brand and the technological features of its blockchain for a better experience since the beginning. Hence, developers perform many changes in user interface designs and features to ease the users’ experience. Specifically, the BETELGEUSE Upgrade was the opportunity to settle the design as pushed by the branding code, remove old features, and integrate novel features such as Proof-of-Stake and Bitcoin Core 0.21 tools.
AURORA version uses a loading page that was dynamic but could lead to severe time drops in the wallet open. The image is now static in the novel version, and the developers added the current state of the wallet load. The goal was to reduce as much as possible the time spent on this page.
(NEW!) Multi-Theme Wallet
Until now, the wallet was developed in a unique theme but could be inconvenient for some users. For a fancy experience with the desktop wallet, developers decided to propose three custom themes:
DEFAULT: A black and blue theme related to the branding code of SINOVATE proposed in March 2021. This theme is very convenient at night or for people who want to stay in the original design concept of SINOVATE.
DARK BLUE: A darker blue version of the wallet, which is relatively convenient for people who appreciate smooth colors while efficient at night.
LIGHT BLUE: A light blue version that is very useful in a very enlightened space.
Users would choose the wallet at their convenience and enjoy the best experience of the desktop wallet. The theme is applied to the whole wallet, and SINOVATE proposes choosing your favorite one from the settings panel.
The landing page of the desktop wallet is commonly when the wallet presents the status of synchronization with the network and different bars around it. This window can be hidden in both versions and are very similar. However, the MENU bar remains inactive in the new version until the synchronization is complete or the window hidden.
(NEW!) Wallet Creation Page
The integration of Bitcoin core 0.21 leads to a change in the wallet load and display. In the new version, for the first time, you will create a new wallet according to different options as presented on the right side of the image. You can see many features, such as the descriptor wallet introduced in the last version of Bitcoin core. You will be able to give a specific name and encrypt it directly. The encryption can be a password or a passphrase like when you start the Mobile wallet. In the top bar, you will be able to load an old wallet.
The homepage keeps the amount in SIN coins, and the relative price in USD and BTC retrieved from different platform APIs. The new version presents different boxes that redirect you to specific parts of the wallet or specific external services. The home page does not contain the last transactions in the wallet because the information can be seen in the “transactions” of the left menu bar.
The Menu bars of both versions are pretty close in terms of the user interface. However, the “SEND “ and’’RECEIVE “ sections have been fused into one section called “My Wallet”. The icon changed, and the EARN has been replaced by “Staking” to welcome the Proof-of-Stake consensus integration. History is renamed as “Transactions”, where all the transactions will be traceable in this panel.
At the bottom of the Menu bar, the new version keeps the version code but adds the settings option, the debug console for performing specific command lines, and the setUP button to redirect to the 1-Click setup solution proposed by SINOVATE.
Bottom and Top Bar
In the new version, all the bottom bar links of the AURORA version have been split between the Home Page and the Menu Bar. Then, only the ongoing synchronization and the network status icon on the right have been kept in the new version.
The icons on the right have also been split between the Menu bar and the Home page. However, the “File” and “Settings” got many modifications, and’’Window “ and’’Help “ have been introduced there. “File” will contain the wallet management options with the signature of transactions, such as the partially signed Bitcoin transactions (PSBT). “Settings” will only have options for wallet encryption and display settings. “Window” gives you access to network management panels and options for sending and receiving addresses. Finally, “Help” is everything you need to use and explore the SINOVATE ecosystem.
(NEW) My Wallet page
In the philosophy of centralizing the deposit and withdrawal of SIN coins with Mobile, developers extended it to the desktop version. Hence, two buttons, “SEND” and “RECEIVE”, will open you an interface for withdrawing or depositing your SIN coins.
(NEW) Staking page
In AURORA, SINOVATE offers a specific investment plan by locking for a period a certain amount of SIN coins, Holding Coin Offering (HCO). It was the precursor of staking that is now introduced in the SINOVATE technology. You will find the amount of staked SIN coins, a button to activate the staking on the right, some information related to the staking such as the reward per block or the expected ROI, and finally, a table that lists the history of earned rewards.
Infinity Nodes page
This interface did not change from AURORA. Nevertheless, many bugs have been fixed, and displayed messages have been made more consistent.
Would the wallet have more features with the CONSTELLATION release?
The BETELGEUSE upgrade has been recently united with the CONSTELLATION one. This release will bring InfiniteChain to create an interconnected ecosystem of blockchains.
Hence, it will be possible to create your token or blockchain supported by the SINOVATE ecosystem! For example, here is what could be the interface for InfiniteChain (not full screen):
SINOVATE (SIN) is a state-of-the-art innovative cryptocurrency project which brings novel and cutting-edge technological features. In March 2021, SINOVATE announced plans to develop three different releases called BETELGEUSE, CONSTELLATION, and DOPPLER. Every release will bring significant improvements in terms of technological features and the expansion of the ecosystem.
Today, the BETELGEUSE release has successfully passed the testnet phase. Still, it requires additional development to fix some compatibility issues between our custom codebase and the Bitcoin core. In July, CONSTELLATION will bring the first technological development of InfiniteChain, the Layer-2 technology of SINOVATE, with sidechains. The recent resolution by the SINOVATE decentralized autonomous organization (DAO) is to combine BETELGEUSE with CONSTELLATION to reduce upgrade workloads and avoid repetitive updates for users and exchanges.
What is the BETELGEUSE upgrade?
BETELGEUSE release introduced different technological improvements such as:
Bitcoin Core 0.21: The SINOVATE codebase is built upon the Bitcoin Core technology because of its reliability and security. It is a tech-wise-oriented upgrade to improve the development ecosystem and the blockchain infrastructure. Regular users will notice a performance improvement during the network synchronization and smoother wallet usage. For instance, this update will guarantee a higher level of security for “light client” wallets, such as optimizing the “Bloom filters” mechanism that is originally privacy-unfriendly. This upgrade also includes descriptor wallets, TOR v3, new RPCs, and other changes. You can find more information here:
Proof-of-Stake (PoS4): Nowadays, SINOVATE guarantees Nakamoto’s block validation consensus with a Proof-of-Work (PoW) mining. The network is reinforced with different components such as LWMA, ReOrg Fork 51, and a unique feature, LockReward, to secure the Proof-of-Service (PoSe) layer. Scalability, decentralization, and security are crucial for blockchains and worldwide blockchain-based cloud infrastructures. Even though the X25X used in SINOVATE PoW mining is one of the lowest energy-consuming algorithms, PoS is the king for a greener block validation while bringing an extra layer of security and higher decentralization. Hence, SINOVATE developers introduced a new iteration of the already solid kernel-based PoS protocol pioneered by Peercoin. Compared to PoW mining based on the hardware powers, PoS is the more funds you hold up as a stake, the more rewards from produced blocks you are eligible to receive.
Of course, this release considers other features and improvements. The wallets for Desktop have been designed with three different themes and the “Staking” option! The 1-Click setUP has been improved to propose an increased experience for our users. The Mobile Wallet integrates the 1-Click setUP, enabling users to set up an Infinity Node directly from the Mobile. The SINOVATE DAO developers make all their efforts to improve the synchronization and reduce the latency with the network and applications.
The following list resumes the different implementations performed by the developers during the BETELGEUSE Development phase:
What is the CONSTELLATION Mainnet upgrade?
SINOVATE aims to develop a scalable and multi-project ecosystem of its decentralized Cloud (dCloud). The dCloud requires different features such as a high level of security in its protocol and sustainable infrastructure. This comes with the development of Infinity Nodes in the Proof-of-Service (PoSe) layer, the hybrid PoW/PoS Nakamoto consensus, and in the future with the blockchain-based file transfer protocol (bFTP).
While waiting for the development of bFTP, introducing a Layer-2 called InfiniteChain supported by the BIG Infinity Node Layer (BIL) will ensure SINOVATE is scalable for many projects that want to join the ecosystem. Globally, Layer-2 comprises many protocols to reduce the primary chain’s load by creating “off-chain”. An “off-chain” can then interact with the main chain while executing several operations and providing services.
The InfiniteChain will bring this capacity with the sidechain technology that interconnects the mainchain (SINOVATE chain) with the project’s blockchain with its consensus, protocols, and token. It requires a “two-way peg” contract between both chains to maintain a reliable connection.
For SINOVATE, InfiniteChain brings an infinitely extensive ecosystem for data storage. It will also be possible to introduce the first partnership with Alterra, a real estate company. They will issue a blockchain in the InfiniteChain Layer to maintain and monitor their estates’ contracts, shares, and inheritance.
When will the next update occur, and why a unique release?
The Giant Release, which gathers BETELGEUSE and CONSTELLATION, is initially scheduled for the 31st of July 2021, the date of the CONSTELLATION release. Combining both releases will allow making only one hard fork that offers a more sustainable and trackable development. Furthermore, two releases would lead to difficulties with exchanges and third-party to maintain an updated wallet in such a short time. In this way, SINOVATE removes the pressure on third-party services and avoids the risk of expenditure for everyone or the delay of wallet update for customers who would not be able to transfer their coins.
SINOVATE (SIN) is delighted to announce the Public Testnet for the BETELGEUSE Mainnet Upgrade, which marks the final stage before it goes live.
Testing will last for one week from May 25, 2021, UTC 00:00 AM to June 1, 2021, UTC 00:00 AM, permitting hybrid consensus and proof-of-stake functionality with the latest, most cutting edge Bitcoin core 0.21 codebase experience for the first time. Get ready for the best looks and features.
The official BETELGEUSE Mainnet release date will be announced during testnet.
The Public Testnet Wallet 0.21.0rc2 is available to download here.
Further details of the testnet are available on the SINOVATE discord server testnet-testingchannel.
You have probably tried in discussions with your parents or seniors to compare the price of your recently purchased house with theirs. Quickly, parties conclude that if seniors had the same amount of money, their life would have been easier. However, it reflects a particular effect of our modern economy called inflation.
Money inflation is the consequence of political and economic decisions to sustain the growth of our nations. As central banks and authorities can print money, it results in more money in circulation. As there is more money in circulation, people can theoretically buy more while the extracted resources do not increase proportionally. Hence, the demand is higher than the offer, and the price increases where 1 USD is not worth 1 USD later.
The emergence of Bitcoin…
Bitcoin is a pioneer in tackling inflation and proposes an alternative economy that recently made a surge beyond 60k USD. Its economic model is straightforward: Bitcoin is a blockchain where blocks require to be validated by the so-called miners.
The network accepts the new block consensually from miners, and the miners receive rewards for their efforts. The reward comes from the mined block. It is how the money is generated with Bitcoin.
The reward is distributed in BTC coins every 10 minutes and respects a specific model of distribution. In Bitcoin, the first block started with a 50 BTC reward in 2008, and every four years, a halving is applied to the block reward. In 2021, the block reward is around 6.5 BTC and will structurally tend to 0. This means the final circulating supply of BTC coins is 21 million, and it is why Bitcoin is considered a refuge investment.
This economic model ensures that 1 BTC will always be 1 BTC. The USD value of the BTC coin cannot change because of its emission but because of its adoption for different use cases such as payments. However, this emission is set at the genesis block and cannot be changed without corrupting the fundamentals of the generated Bitcoin blockchain. Some projects decide not to set a specific complex market capitalization or a big one, but these projects suffer from heavy coin supply inflation.
Break the wheel of circulating supply inflation
The world of cryptography applied to currency applications allows processes that do not apply to traditional currencies. Coins are digitally registered and traceable. It is possible to publicly delete units using a simple mechanism to reduce the circulating supply that burns coins which is equivalent to sending coins to an unspendable address (no one has the private key of this address). This mechanism is called Proof-of-Burn (PoB).
The Prophecy project sets monetary policies to regulate the circulating supply according to various data sources, such as the staking rate, open market interest, available liquidity, and volume of its network. Another project called BOMB decided to systematically burn the transaction fees while there is no coin generation from the block reward. The initial supply is the hand of the creators, which is a governance problem of the solution.
However, the circulating supply is guaranteed to reduce over time until there is no supply left. Whereas BOMB is funny but not reliable for a massively adopted and sustainable ecosystem, Prophecy tried to offer a self-regulated monetary policy.
SINOVATE, in June 2019, decided to introduce the PoB mechanism based on the offers and demands for its ultra self-regulated circulating supply. Contrary to Prophecy, the offers/demands balance is not based on market rules but is applied only to the network protocols such as the transaction, data transfer, and governance vote fees, and the creation of the so-called Infinity Nodes.
The regulation process ensures to indefinitely have less than 800M SIN circulating supply since the introduction of Infinity nodes is illustrated in the graph below, reflecting the evolution of the SIN supply since the genesis block.
Why does SINOVATE use a Proof-of-Burn (PoB) mechanism?
SINOVATE is a peer-to-peer network with a decentralized ledger where it is possible to perform transactions of assets and interconnect blockchain with the InfiniteChain system. SINOVATE aims to build a multi-chain decentralized Cloud (dCloud) ecosystem and is required to use the PoB mechanism for many reasons.
The PoB mechanism is first applied to the transaction fees. Whereas these fees are used to have privileged access to the next validated block, it forces the centralization of the mining power into the hands of few validators who want to grab these fees. SINOVATE does not want the fees to be beneficial to anyone by burning them, and then, only the block reward is the income of validators.
The second application of the PoB mechanism is for data storage nodes. Today, masternodes such as Dash suffer from the hyperinflation of their economic model. Furthermore, a masternode collateral can be sold off at any time.
This can severely damage the investors that can decide to abandon the network. Another drawback of this is the stability of the masternode for data storage that can decide to leave at any time and then leave with the data. Other projects prefer to have on-blockchain-related nodes to store the data with the same problems and require complex algorithms to ensure the nodes securely store the data.
This leads to network performance drops such as low data transfer speed and lack of decentralization. SINOVATE invents the Infinity Nodes where the collateral is burnt, which signs a 12-month contract commitment with the network. The Infinity Node must then fulfill its contract to retrieve back the burnt collateral from block rewards of their Proof-of-Services. The services are instant payments and data storage and the possibility to participate in the blockchain governance where the vote fees are also burnt.
Finally, the data transfer fees are also burnt in the network. As the Infinity Node receives rewards from the PoSe layer and data storage payments, the data transfer fees can be burnt without disturbing the quality of services.
SINOVATE Crytonomics and Self-Regulated Circulating Supply
SINOVATE has innovatively designed, tested, and implemented various products and services in its decentralized network protocol. In addition to helping streamline processes for other third-party entities, the SINOVATE project works to become one of the most reliable, adaptable, secure, transparent, efficient, and effective decentralized networks in the Blockchain technology space.
The project also has a solid and constantly evolving business model to differentiate SINOVATE from other Blockchain-based projects in the market.
Hence, all transaction costs are irreversibly burned, including governance voting, decentralized cloud storage, and Infinity Nodes collateral. The PoB mechanism is compensated by the rewards from the block validation consensus algorithms. The cryptonomics can be resumed with the following figure.
The PoB mechanism increases the deflationary aspect of the SIN coin ecosystem. The more users join the network, the fewer SIN coins will be available, which will lead to inevitable scarcity. In other words, there is deflation of the circulating supply if the network usage is high enough, which means high market demands, burned coins flow can be identified as the network wealth, by being in some way his income from services.
However, if the rewards of blocks are higher than burnt coins which mean high market offers, the inflation of the circulating supply is actual. The following figure resumes the situation:
Established in 2019, the PoB mechanism allows the project to have a modular and market-based circulating supply that impacts its value and usage. SINOVATE already had seasons, as presented in the figure above.
SINOVATE truly believes its self-regulated circulating supply will create a highly stimulating market that deserves its visibility and scalability as a dCloud multi-chain network.
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SINOVATE (SIN) is delighted to confirm that the MINI Infinity Node Tier Hardfork was successful. A Mandatory Wallet Upgradewas released,wherePC and infinity node wallets had to be updated prior to block height 617,000 in order to continue receiving rewards, following the recent MINI Node reward generation issue. This article will discuss the nature of this problem and how it was resolved.
The problem: What happened?
The SINOVATE team was made aware of a reward generation issue specific to the MINI Infinity Node Tier at block height 583,500, where nodes created after the 1000th were not receiving rewards consistently. 71 Mini Nodes were affected in all. The impacted network participants were users that created a MINI Node between 09.01.2021 and 24.02.21. Anyone that made a MINI Node before this period was not affected.
How was this issue resolved?
Prior to block 617,000, the maximum amount of nodes per tier was limited to 1,000. Our custom-created Deterministic Infinity Node (DIN) codebase has now been modified to ensure that rewards are continuously received throughout the 12-month node life cycle. Additionally, limits across all infinity node tiers have been removed. This presents current and would-be network participants with enhanced opportunities to benefit from the SINOVATE network, as it continues to grow in strength, security, and value. Fixes from the previous wallet are as follows:
— [consensus] Added a height-based DIN delta forking mechanism.
— [DIN] New delta values added, set a fork for block 617,000.
All impacted nodes will be reimbursed during the week commencing 07.03.2021. Payments will be based on the current ROI (return on investment) of the MINI Node Tier, which stands at 560 SIN per block. Eligible nodes will be paid from block 583,500 to 617,000. Please note that rewards will only be received during this timeframe.
SINOVATE successfully implemented a hard fork at block height 617,000, in order to resolve associated issues for MINI Infinity Node rewards from block 583,500 to 617,000. PC and infinity node wallets had to be upgraded beforehand to continue receiving rewards. Our custom-created DIN codebase has now been further enhanced, preventing reoccurrences of similar issues and ensuring superior performance is always maintained. All impacted nodes will be fully reimbursed during the week commencing 29.02.2021, with no long-term losses incurred. Thank you for your fantastic support.
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