“As in all elections of great importance, tallying the official results of Hacker Noon’s annual awards took somewhat longer than expected. Thank you for your patience! 221 Winners (and 442 Runner-Ups) of The Internet can now officially be declared.”
The Noonies awards are technology industry awards conducted annually, introduced online by HackerNoon, created to acknowledge and reward the most innovative products in technology today. Introduced in 2019, HackerNoon’s first annual Noonies honored the contributions of over 500 internally and publicly nominated technologists, thinkers, makers, and leaders in tech. The second edition ran for an extended period of three months, and Hacker Noon recently announced the winners.
From unique burn capabilities to running collateralized nodes, Infinity Nodes to the upcoming I.D.S. (Incorruptible Data Storage) data protocol & storage services, SINOVATE is renowned for bringing pure innovations to the blockchain space by presenting free open source code for other projects to use.
I.D.S. will provide superior decentralized cloud (dCloud) solutions to ensure the utmost stability, security, speed, and low cost.
While we have established a strong and loyal following since our inception in September 2018, HackerNoon will elevate our marketing efforts to unprecedented levels.
With over 12,000 contributing writers and 4,000,000 + monthly readers, the HackerNoon news source will provide significant exposure to all aspects of our project on a global scale. Blockchain enthusiasts, venture capitalists, techies, and product managers everywhere will now be exposed to the SINOVATE project, potentially increasing our user base tenfold. The SINOVATE team wishes to thank our fantastic community for voting and making mass adoption of our offerings one step closer.
For more information on the upcoming D.I.N. AURORA mainnet upgrade and upcoming SINOVATE innovations, stay tuned to our website and social media channels.
SINOVATE (SIN) is delighted to announce that the Star Cradle Public Testnet, which marks the final stage before the AURORA Mainnet release is now live.
Testing will last for two weeks from September 18th, 2020 UTC 00:00 AM to October 2nd, 2020 UTC 00:00 AM, permitting Deterministic Infinity Node 1.0 (DIN) functionality to be experienced for the first time. The official AURORA Mainnet release date will be announced during testnet.
The Star Cradle Public Testnet Wallet 0.9.0 RC1 is available to download here.
Further details of the testnet are available on the SINOVATE discord server star-cradle-testnet channel.
In order to set up a testnet DIN Node using putty or any other SSH (Secure Shell) client program, this guide needs to be followed.
Click herefor instructions to set up a testnet wallet.
Additionally, please follow this guideto set up a testnet Deterministic Infinity Node 1-click using the in-wallet SINOVATE setUP function.
Details for the SINOVATE Deterministic Infinity Nodes Bug Bounty, which will reward community members for establishing unknown bugs within the DIN 1.0 codebase can be foundhere.
Testnet coins can be obtained from the SINOVATE Faucet for free here.
Please note that testnet coins willhold no value. Please do not send testnet coins to mainnet addresses and vice versa. Doing this will result in the permanent loss of your funds.
The SINOVATE testnet explorer is availablehere. This will enable participants to monitor their testnet DIN rewards.
As always, the SIN team remains on standby to address any queries via our discordandtelegramchannels. Thank you for your fantastic support.
On September 18 2020, the team will start a public testnet. All community members are invited to this event, which marks the start of the bounty program. In order to participate in the bug bounty, participants must submit a bug report, formatted as shown here. Participants must make sure the report is correctly formatted and reviewed before submission. Only valid bug reports will be paid. All reports must be submitted by October 2, 2020, UTC 0:00 AM.
As a participant, you’ll need to base all of your work off the final commit we provided. Any bugs which refer to previous commits aren’t eligible for this program. Bugs provided before September 18 won’t be accepted.
Bugs need to relate to InfinityNode functionality and Metadata or LockReward mechanisms. Anything else won’t be accepted, as it doesn’t concern the scope of this programme.
We are currently aware of a testnet quirk, which doesn’t allow using expired InfinityNode IPs for new nodes. This is not an issue and relates to testnet only, therefore is excluded from the bounty.
As a participant, you are required not to disclose any type of information until the bug bounty has not ended. Disclosing information before October 2, 2020, UTC 0:00 AM will render all your reports ineligible for a reward.
No social engineering is allowed.
The OWASP risk rating methodology has been chosen to evaluate the threat a bug poses to the system’s functionality. All bounties will be paid in SIN.
Low: 100 USD
Medium: 200 USD
High: 1000 USD
Critical: 5000 USD
Please note that the entity of compensation varies based on the quality of each bug report; bug reports which contain quality comments, are example-rich and contain very detailed steps on reproduction may be paid more than the figures advertised.
On the other hand, incomplete reports, even if centered around a real issue, will not be considered.
AURORA Mainnet to follow after the two-week testing phase
The SINOVATE (SIN) Star Cradle Public Testnet, which is the final stage before releasing the AURORA Mainnet, is now live. Testing will last for two weeks from September 18th, 2020 UTC 00:00 AM to October 2nd, 2020 UTC 00:00 AM, permitting Deterministic Infinity Nodes 1.0 (DIN) functionality to be experienced for the first time. The Star Cradle Testnet Wallet will be released shortly before the public testnet.
Why are you having a Public Testnet? Will this be incentivized?
The SINOVATE team has comprehensively tested the DIN codebase, and we are confident that all major bugs have been rectified. Despite this and in order to maintain our culture as a fully decentralized autonomous organization (DAO), we wanted to provide all community members with the opportunity to be rewarded for establishing any unknown bugs. Therefore, the idea of the SINOVATE Deterministic Infinity Nodes Bug Bounty was born. Up to $5000 (to be paid in SIN) will be available in incentives. In order to qualify, participants must submit a bug report in the format shownhere.
Incorrectly formatted entries will not qualify for payment. Only valid bug reports will be paid, which must be submitted no later than October 2nd, 2020 UTC at 00:00 AM. Only InfinityNode, LockReward, and Metadata functionality related bugs are accepted. Please note that compensation amounts vary and depend on the severity of bugs and the quality of reports. Further bug bounty details will be published shortly.
What is DIN 1.0? What’s so special about it?
DIN 1.0 encompasses a multitude of advantages over the existing SINOVATE protocol. The legacy MasterNode system, which was inherited from DASH, will be removed to favor our custom in-house deterministic algorithm solution where rewards will always be equally distributed to node owners. On-chain rapid communication and blockchain synchronization will be enabled through our resource-friendly new wallet, requiring minimal CPU usage.
Furthermore, node setup will be substantially simplified to just a few short minutes, with the current config file, collateral deposit, and start alias needs no longer required. Schnorr MuSig signatures will now be used, which increases speed and scalability by magnitudes while minimizing blockchain bloat thanks to their reduced size. Removal of the 10k collateral requirement to start an infinity node will provide SIN coin holders with more funds for new nodes, trading, and holding purposes.
The SINOVATE team decided to implement MuSig signatures instead of alternatives such as BLS signatures, used by masternode projects such as Dash. Even though this method is the most common nowadays, speed and scalability are severely restricted and only permit a single signing session once in a while. Thus, it is deemed insufficient for futureIncorruptible Data Storage (I.D.S.)decentralized cloud storage (dCloud) purposes.
Sound good. What about chain-splits? What other benefits does DIN have?
Chain splits will become a thing of the past. The SINOVATE network will be substantially more stable, with downtime kept to a bare minimum due to the DIN codebase’s extremely secure nature. Once our upcoming I.D.S. dCloud storage solution is integrated, network security will reach elevated levels. This is because I.D.S. storage is dependent on the number of nodes joining and participating in the SINOVATE network, with a greater node count increasing decentralized cloud storage capabilities exponentially, creating an always rapid, exceptionally secure, scalable, and efficient platform for all.
IPv6 addresses have now been implemented, which allow extensive increases to addresses per network participant compared to IPv4. IPv4 addresses are in short supply globally, which will significantly depreciate the quality required for infinity node services, due to conflicts with replicated IP addresses. The Internet of Things (IoT) is causing a transition from IPv4 to IPv6, as the exponential multiplication of Internet-connected devices continues. This means that blockchains solely remaining on IPv4 risk being deprecated for future Internet purposes. Therefore, IPv6 adoption permits the SINOVATE network to stay ahead of the curve and adapt to changing needs as they occur.
Detailed node information will be viewable via the “My Peers DIN” tab as below:
I don’t have any masternode experience but would like to host an Infinity Node. What’s the simplest way to do this?
Hosting an infinity node has become a whole lot easier through our in-wallet, one-clickSINOVATE setUPcold hosting service. Setting up a node can prove to be a daunting prospect, especially with no previous experience of masternodes or the Linux operating system. With this in mind, the SINOVATE development team has designed a seamless and user-friendly VPS hosting service, which at only $3.99 per month (annual plan cost paid in SIN coins), provides cost-effective advantages over existing providers instantly.
How does SINOVATE setUP work? Is it really as simple as it sounds?
Please follow the below guide in order to set up a testnet Deterministic Infinity Node using the in-wallet SINOVATE setUP:
1.Upon opening your SINOVATE wallet, click the “setUP icon on upper right side”.
2. Enter your Email address and Password for the SINOVATE setUP cold hosting service. Click the “Create/Login” button to create your login credentials.
3. Select the “MINI Node” (100,000 SIN), “MID Node” (500,000 SIN), or “BIG Node” (1,000,000 SIN) circle, according to your desired level of investment. Participants can ensure that they have sufficient funds to set up a node by clicking “Check.”
4. Once determined, select your preferred payment plan from the drop-down menu.
5. Click “Place Order”and Confirm your Invoice Payment by clicking “Yes.” Please ensure that you have the required additional SIN coins within your wallet balance to process the VPS (Virtual Private Server) rental fee. Please note that this will vary depending on the payment plan selected.
SINOVATE setUP is now complete. Depending on block confirmation speed, invoice payment, and the SIN coin burning process will automatically take between 3 and 10 minutes.
It really is that simple. In just a few short clicks, would-be network participants will earn considerable passive income for up to a year. For community members who have previously set up an infinity node, SINOVATE setUP provides the perfect opportunity to reassess your VPS needs at a fraction of the cost.
In-wallet one-click infinity node cold hosting will be available as soon as the network upgrade initiates. As always, the SIN team remains on standby to address any queries.
The Star Cradle Public Testnet marks the final step towards the AURORA Mainnet launch. During the two-week testing phase, the SINOVATE community will be afforded the opportunity to be rewarded for submitting undetected bugs found within the Deterministic Infinity Node codebase. DIN 1.0 is the first of its kind and will enable 100% fair distribution of deterministic infinity node rewards forever. DIN 1.0 offers substantial advantages over the existing SINOVATE protocol, including Dash legacy masternode code removal, instant synchronization, very low CPU utilization, on-chain rapid communication, and vastly improved stability and security.
The testnet phase is an imperative measure being taken to ensure that the DIN 1.0 codebase functions flawlessly prior to the official release. SINOVATE aims to redefine the blockchain space, and DIN 1.0 supports us in our journey to achieve this. Stay tuned for further developments as and when they happen via ourdiscordandtelegramchannels. Thank you for your brilliant support.
It’s been over a year now since the release of SINOVATE Infinity Nodes, and the results are undeniable. In this article we are going to take a look at the coin economics for SIN, and examine how to time your investment to maximize ROI.
When the SINOVATE Infinity Nodes (SIN) started, there was an initial supply of 650,000,000 coins. Despite posting an ROI of over 100%, the coin supply nearly 15 months later is only 646,792,962! This is a remarkable achievement for any coin, yet alone in the Masternode sector, and confirms the economic theory behind SINOVATE. Such results are only made possible by burning and minting coins at an equal rate.
Coin “burning” is a colloquial term used in the crypto industry that refers to the permanent removal of coins from circulation. From the start, SINOVATE has been committed to finding new and inventive ways of burning their coins in an effort to control inflation and maintain coin value. In fact, the majority of SIN coins that have existed have been burned.
According to the SINOVATE explorer, a total of 928,835,609 coins have been burned, in contrast with the 646,792,962 that are in circulation at the time this article was written — representing over 65 % of all coins. These coins were burned primarily through transaction fees and collateral burning.
Burning and Earning
SINOVATE’s strategic economic model incentivizes investors to burn their coins and receive a return on investment on their burnings. In a clever twist on the traditional model which requires coins to be “locked” as collateral, Infinity Node collateral must be burned. Investors are able to burn 100k, 500k or 1M SIN coins in what are called MINI, MID, and BIG Infinity Nodes, respectively. Upon burning the required collateral, the investor will receive back their burned collateral with interest over a twelve month period. After twelve months the Infinity Node expires, and the investor has the option to burn more coins and renew their node.
Since only 2775 Sinovate coins are minted every two minutes, the number of new SIN coming into circulation on a daily basis is limited. This works out to about 1,998,000 SIN per day — or about 729,270,000 per year. These coins are divided as rewards amongst the Proof of Work miners, as well as the Infinity Nodes. A 10% portion is also delegated to the team as a development fee.
This means that the return on investment is a direct function of the number of Infinity Nodes that are active. Remember that since the collateral must be burned, the ROI must be at least 100% for investors to avoid taking a loss. However, keep in mind that as nodes expire, the ROI will increase (since the pot will be split into less pieces). Even if the ROI is less than 100% at the time collateral is burned and a node is started, it is likely to still become profitable throughout the year as more nodes expire.
On the SINOVATE explorer dashboard, a chart is available that shows the upcoming expiration of nodes on the network. See the image below:
According to the chart, 7 nodes are set to expire tomorrow, followed by an additional 69 in the next week. In the next month alone 210 more Infinity Nodes are set to expire, which will certainly result in a reasonable increase in return on investment. By timing the start of a node to be right before a surge of expirations, an investor can maximize their possible returns over the life of their Infinity Node.
Since the SINOVATE supply has stayed relatively flat since the release of Infinity Nodes, by burning your collateral and receiving rewards, an investor actually increases their percent of ownership of all coins in circulation. This is in stark contrast with most Masternode and Proof of Stake coins, which only reward their investors by inflating the coin supply. For example, if someone burns 1,000,000 coins to start a BIG sin node, they are burning about 0.1515% of the total coin supply. Assuming an average yearly ROI of 130% and a flat coin supply, that investor will own about 0.1969% of the total coin supply at the expiration of their node.
As SINOVATE continues to develop its Incorruptible Data Storage function, the fees and increased transaction volume on the network could actually turn the inflation rate negative — meaning that the total supply of coins would actually decrease over a yearly time frame. This would only compound the positive benefits to investors further, as the coin value would be almost certain to increase in such a scenario.
Exciting things are ahead for SINOVATE. Stay tuned for more updates!
For more information and to learn how to get involved, please use the following links.
SINOVATE (ticker: SIN) is a hybrid cryptocurrency that seeks to combine blockchain technologies into a new and powerful protocol. By fusing the best aspects of proof-of-work, proof-of-stake, and Masternode layers, SINOVATE has created a robust and scalable new framework for data storage as well as other applications. Hybrid consensus will be activated at the end of 2020.
The team behind SIN (SINOVATE Infinity Nodes) is a group of talented professionals spread across the globe in the form of a DAO (Decentralized Autonomous Organization). However, behind the team is an even better technology, finely tuned to provide investors with the most favorable economic conditions and outcomes: Infinity Nodes.
According to the SINOVATE block explorer, there are 1200 of these nodes, spread around the globe to provide a resilient, secure, and high-speed decentralized network. This powerful technology allows developers to create new and exciting applications on top of the blockchain, producing an ecosystem of utility for SINOVATE and the public in general.
Infinity Nodes are used to process transactions and do so at an incredibly fast speed. As a hybrid blockchain, these nodes operate as a “second-layer” network, so transactions are far more scalable and require much less time for confirmation (they are near-instant). Currently, the SIN network can support 533 TPS (transactions per second), which is far faster than Bitcoin, which ranges from 3 to 7 TPS.
Infinity Nodes differ from traditional Masternodes and are seen by many as the “next generation” of this second layer technology. Each node runs a complete copy of the SIN blockchain and serves the network by confirming transactions. Doing this ensures network stability and integrity since one corrupted node could not override the entire network and rewrite the chain history.
Anyone invested in the Masternode sector of the crypto industry must be aware that a certain amount of coin collateral must be held in the wallet for an investor to run a blockchain node. This idea was first pioneered by DASH, whose specific collateral is 1000 DASH coins. While the coins are locked in the wallet, the owner receives an ROI in the form of coin rewards.
In the case of SINOVATE, there are three collateral options:
MINI SIN: 100k collateral
Mid SIN: 500k collateral
Big SIN: 1000k collateral
Each tier receives a dedicated portion of the block reward.
However, unlike traditional Masternodes, which can be turned off and the collateral liquidated at any time, SINOVATE’s approach has a twist. Nodes of all three tiers require users to “burn” their collateral. The term “burn” is commonly used in the crypto world and refers to the permanent destruction of the coins.
You may find yourself asking: “Why would someone want to burn their coins?” Good question! By burning the collateral for any of these tiers, the investor is estimated to receive an ROI on his/her coins over the 12-month life of the node. For example, if you burn 100,000 coins and create a “MINI SIN” node, you will have at least 110,000 coins by the expiration of the node.
First round of early infinity nodes received around 50% to 60% on top of their investments.
Now you may be asking, “why would SINOVATE want their coins destroyed?” The answer: coin scarcity. Technically speaking, SINOVATE will always be minting new coins. Nevertheless, even with constant coin creation, if enough users are burning coins through node creation, SINOVATE can create a deflationary model. There will never be more than 800,000,000 SIN coins in effect, even with infinite coin creation. Maintaining a low circulating supply means that the demand for coins will keep the price of the coin high — and investors happy.
This twist is not the only difference between SINOVATE and traditional masternodes, such as DASH. Traditional Masternode investors can purchase their collateral once and run their nodes for years on end. Instead of this model, SINOVATE’s nodes have an expiration date. After burning the collateral for a node, the node will run for one year before the investor will burn additional collateral. During the life of the node, the investor will receive the burnt collateral back, plus interest.
This model of recurring burns creates an ongoing demand for SINOVATE coins. The new arrangement creates an economic incentive that reduces investment risk. Since Node ROI is a function of how many infinity nodes are on the network if investors chose not to renew their burn collateral and instead opt to sell their coins — the node count goes down, and the ROI goes up. If enough people were to do this, the incentive to purchase coins and burn them as collateral increases. This ensures that there will always be buyers — because if nodes are going offline, there is more incentive for nodes to go online. We can draw a parallel between this and Bitcoin proof of work miners. If mining becomes unprofitable and workers are taken offline, the hash rate goes down, and mining becomes more profitable for those who remain online.
For most projects, the traditional model of Masternodes is little more than a ploy to lure investors. With some exceptions, these nodes do not offer any real services to the network. However, for SINOVATE, this is not the case! Infinity Nodes offer significant benefits to the SINOVATE blockchain. It provides the backbone for the Decentralized Cloud 3.0 platform that will be built on the network. This cloud platform will offer decentralized data storage, branded under SINOVATE as I.D.S. (Incorruptible Data Storage). Since the application will be blockchain-based, high speeds and continual uptime offer a significant advantage over centralized competitors because of the minimum 12 months return on investment requirement of Infinity Nodes.
SINOVATE has other strategies to maintain coin scarcity other than burning collateral. A small amount of coins is taken and burnt as a fee whenever a transaction is sent over the SINOVATE network. For PoW blockchains such as BTC and LTC, these fees are distributed to miners as a reward. However, since SINOVATE already pays Infinity Nodes with block rewards, these transaction fees are collected and burned. On top of transaction fees, all voting fees for DAO (Decentralized Autonomous Organization) governance are burned, as well as the fees collected on the decentralized cloud storage application.
Economically, the result of these coin burns is massive. The SINOVATE Explorer keeps live stats of coin supply. At the time of writing, nearly 8.5M coins have been burned from fee collection, and another 757M coin burned for node collateral. The total burnt amount is nearly 770M, while the total supply is only 698M. Astoundingly, more coins have been burned than currently are in supply. This has to be the case since the supply will never exceed 800M. That means that unlike government-issued FIAT currencies, SIN is already a deflationary cryptocurrency. Instead of your money’s value eroding with time (inflation) — your SIN coins will actually be more valuable with time because they will be more scarce.
The first Infinity Nodes are set to expire in June of 2020 after being active for 12 months. These include 198 LIL SIN nodes, 148 MID SIN nodes, and 152 BIG SIN nodes. Then in July, an additional 48, 41, and 54 LIL, MID, and BIG nodes will expire, respectively. When this occurs, the return earned by the remaining nodes will increase — thereby incentivizing investors to burn more collateral and further decrease the supply.
To conclude, Infinity Nodes are an adaptation of Masternode technology. Combining the economic benefits of Masternodes with the technology of Infinity Nodes, SINOVATE has both a robust, custom-built blockchain and a sustainable economic system. As it currently stands, Infinity Nodes are a hybrid of Masternodes and unique technology.
However, when the Infinity Node 1.0 platform launches, this will transition purely to the custom-built Infinity Node codebase and legacy Dash masternode code will be removed.
To learn more about SINOVATE, please use the following links: