SINOVATE successfully implements Hard Fork

MINI Infinity Node rewards issue resolved

SINOVATE (SIN) is delighted to confirm that the MINI Infinity Node Tier Hardfork was successful. A Mandatory Wallet Upgrade was released, where PC 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.
  • — [misc] Many memory leak patches.

Wallet upgrade instructions are available here.

When will impacted nodes be reimbursed?

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.

Conclusion

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.

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.

Author: Amit Kaushal

blank

SINOVATE Community Governance Proposal

The SINOVATE AURORA mainnet upgrade officially commenced at block height 550, 000, marking the successful transition from masternode enhanced Infinity Nodes to pure Deterministic Infinity Nodes 1.0 (DIN). DIN was built from the ground up and entirely removes the Dash legacy codebase from the network. Now that this integration is complete and functioning flawlessly, we will be pressing ahead with our objectives for 2021.

Prior to announcing our 2021 roadmap, we are conducting a community governance proposal to decrease the total number and associated rewards for upcoming BIG and MID deterministic infinity nodes. The reasons for the proposal will be discussed in this article.

Why do you want to decrease the rewards and number of BIG and MID nodes?

High inflation is an issue synonymous with financial systems throughout the globe. Money printing exceeding trillions of dollars by The United States Treasury since the start of the COVID-19 global pandemic is a recent example of this, but inflation is also an inherent problem throughout the cryptocurrency sphere. We have strived to lower SIN coins’ emission ever since infinity nodes’ inception into the SIN System Economy (SSE).

In June 2019, the SIN coin circulating supply was 650 million, which now stands at around 600 million. Over 1.3 billion SINOVATE coins have been burnt thus far, thanks to our continuous deflationary Proof of Burn mechanism. SSE is solely reliant on proof of burn, where the collateral required to create infinity nodes is burnt from the SIN circulate supply forever, thus significantly reducing emissions throughout the SINOVATE network. In theory, this procedure has the potential to exponentially increase the long-term value of every SIN coin you own.

However, regardless of burnt blockchain transactions, lowering block rewards is essential to controlling inflation even further. There are currently almost 400 BIG and MID nodes, with 1752 SIN and 838 SIN received by BIG and MID SIN Nodes. The purpose of this community vote is to propose the reduction of BIG rewards to 1250 SIN and MID rewards to 650 SIN, bringing these tiers close to 300 nodes each.

I created a BIG/MID Node months ago. What does this proposal mean for my rewards?

The proposed reward decrease will not affect BIG and MID nodes created before 04.02.2021, and will only impact nodes made after this date. BIG and MID nodes created on or before 04.02.2021, will receive 1752 SIN and 838 SIN for the entire 12-month node lifespan. All MID and BIG nodes created on and after 05.02.2021 will receive 1752 SIN and 838 SIN until 05.02.2022, with 1250 SIN and 650 SIN paid from 05.02.2022, onwards.

What benefits will this bring to the SINOVATE network?

If accepted, this will result in the reduction of 690 SIN block rewards for BIG and MID SIN nodes combined, as well as the removal of 25 million SIN coins from the yearly circulating supply. The total number of BIG and MID nodes will both be close to 300, creating greater equality and economic prosperity across the SINOVATE network. Additionally, as the total number of block rewards will be lower, 69 SIN fewer coins will be received by the SINOVATE Development Fund.

To ensure that the Incorruptible Data Storage (IDS) platform is always exceptionally rapid, secure, and scalable for all future decentralized cloud data storage needs, significantly more affordable nodes must be added. Therefore, a new TINY node tier will be introduced in 2021, bringing thousands of more nodes into the SINOVATE network and considerably reducing entrance barriers for everyone. An additional 100 million SIN coins will be permanently removed from circulation. Further details regarding the TINY Node tier will be communicated in due course.

Are there any disadvantages to reducing BIG and MID Node tier rewards?

There are literally none! As previously mentioned, acceptance of this proposal will not affect current BIG and MID node owners in any way, as all nodes created before or on 04.02.2021, will receive associated rewards until the maturity date. As always, regardless of the outcome, SINOVATE will only proceed as the majority decides. Your vote counts. Help to shape our future, and join us on our journey to create greater equality, wealth, and world-class decentralized cloud data storage for all.

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.

Author: Amit Kaushal

blank

SINOVATE distributes first HODL Coin Offering rewards

Happy New Year SINOVATORS!

SINOVATE (SIN) has distributed the first rewards to participants of the SINOVATE HODL Coin Offering (HCO) early. Payments received from this marketing campaign can be viewed on the “EARN” tab within the native SINOVATE Wallet and by inserting your HCO receiving address into the SINOVATE Explorer.

Thank you for the Christmas present! Why were payments made early?

2020 has been a difficult year for many, as we ventured into unchartered territory with the on-going COVID-19 global pandemic. We understand that locking up as much 75K SIN for an entire year is a big ask, particularly when spare cash may be in short supply. With this in mind, we wanted to thank all HCO participants at the earliest possible opportunity for their trust, providing peace of mind and confidence that their commitment to the campaign will be fully rewarded.

Sounds great. When will rewards be distributed? How much will I receive?

As of 31.12.2020 around 50% of the first rewards have been sent, with the remainder being paid after block 604, 000. All other rewards will be received in monthly intervals for 12 months in all. The amount of SIN received per interval depends on your earning option of choice. Please see the example breakdown table below for potential HODL Coin Offering earnings:

I haven’t joined the campaign yet. Is it too late?

There is still time to join. The SINOVATE HODL Coin Offering swiftly commenced after the AURORA mainnet upgrade on 21.11.2020 and will remain active for fifty-four thousand blocks (75-days). HCO entries will officially close around 04.02.2021.

Please note that you cannot enter after this date, as this is a one-time-only marketing campaign.

Conclusion

The SINOVATE HODL Coin Offering lowers entry points for everyone, regardless of Infinity Node ownership. Around 50% of the first rewards have now been distributed to network participants. Payments for the remaining rewards will continue monthly until the campaign’s conclusion, which will last for no more than 12 months. Join the HODL Coin Offering marketing campaign today for additional passive income possibilities and watch your earnings grow. The SINOVATE team wishes all of our community members and their families a prosperous 2021.

Thank you for your continued trust and fantastic support.

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.

Author: Amit Kaushal

blank

SINOVATE HODL Coin Offering Marketing Campaign goes live

Cold staking without a cost

The SINOVATE HODL Coin Offering (HCO) Governance Proposal has been accepted by the SIN community and is now live. This marketing campaign was created with inexperienced users in mind and enables SIN coins to be earned without setting up an Infinity Node and purchasing a Virtual Private Server (VPS). The HCO incentive program swiftly commenced after the implementation of the network upgrade on 21st November 2020 and will remain active for 75-days. SIN coins must be locked during this period in order to qualify. Payments will be made via the Development Funds Wallet, thereby nullifying excess inflation to the SIN coin supply.

As shown below, the SINOVATE community unanimously voted in favor of this proposal via our discord channel:

In order to generate HODL Coin earnings, simply click the “EARN” tab within the SINOVATE GUI wallet (this option will also be available within our mobile wallets shortly) and choose from one of the following options. Due to this integration functioning as a time-lock feature, campaign participants are free to close their wallets after selecting their preferred earning option.

3 months (3% yearly and 0.25% monthly).

6 months (6% yearly and 0.5% monthly).

12 months (15% yearly and 1.25% monthly).

Sounds great, but how will this actually work?

In order to explain how the HODL Coin Offering will work, please see the examples below:

If you have 10,000 SIN coins that are sent to a new address and they remain there for three months (64800 blocks), you will receive 75SIN.

If you have 10,000 SIN coins that are sent to a new address and they remain there for six months (129,600 blocks), you will receive 300SIN.

If you have 10,000 SIN coins that are sent to a new address and they remain there for twelve months (262,800 blocks), you will receive 1,500 SIN.

Point, Click, EARN.

What are the rules of this campaign?

Rules for the HODL Coin Offering marketing campaign have been set out below:

  • The campaign will run for 75 days.
  • Payments will be made during three, six, or twelve-month intervals, depending on your choice.
  • A maximum of 75K SIN may be time-locked per address.
  • There is no cancellation of locked coins.
  • Participants must wait for the maturity date of their lock period to receive rewards.
  • All transactions and amounts NOT in these intervals will be excluded from entry.
  • The duration of this campaign is thirty-two thousand and four hundred blocks (75 days). You cannot enter before or after this window.

Conclusion

The SINOVATE HODL Coin Offering lowers entry points for would-be network participants, further establishing our reputation as a fair-for-all autonomous decentralized organization. Full decentralization of the SINOVATE blockchain will always be ingrained within our culture. Your vote counts. All future proposals will be community-driven continuously. Thank you for your fantastic support.

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

Author: Amit Kaushal

blank

SINOVATE AURORA Mainnet goes live

Block height 550, 000 initiated. Infinity Nodes transition to DIN 1.0

The SINOVATE AURORA mainnet upgrade is now live. Block height 550, 000 initiated on 21st November 2020, marking the transition from existing masternode enhanced Infinity Nodes to pure Deterministic Infinity Nodes (DIN) 1.0, created and entirely built by the SINOVATE development team. We are delighted to confirm that no critical bugs were found during the public testnet phase, which took place from September 18 2020 UTC 0:00 AM until October 2 2020 UTC 0:00 AM.

The AURORA Mainnet Wallet is now available to download. Updating current wallets is mandatory, which node owners had to do prior to commencement of the upgrade to ensure infinity nodes are fully compatible with the brand new DIN codebase. Mainnet features include an increase to MINI Node rewards and the HODL Coin Offering (H.C.O.) marketing campaign, to be discussed in this article.

Why has the network protocol changed?

The last 12 months have generally produced outstanding consistency for reward generation across each infinity node tier. Early adopters of MINI, MID, and BIG SIN Nodes have received more than 50% return on investment (ROI), with some lucky investors acquiring in excess of 60%. However, reward disparency, caused by the rewarding algorithm of the dash legacy masternode code was never the intention. In order to prevent this, DIN 1.0 was born.

What is DIN 1.0? What’s so special about it?

DIN 1.0 eliminates the dash legacy codebase from the SINOVATE network protocol, transitioning instead to a superior in-house created deterministic algorithm 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, which only requires minimal CPU usage.

Furthermore, node setup has been substantially simplified to just a few short minutes, with the previous config file, collateral deposit, and start alias needs no longer required. Schnorr MuSig signatures have now been implemented to increase speed and scalability tenfold, while blockchain bloatation has also been minimized due to the small size requirements of schnorr signatures. Also, the 10k collateral previously needed to start an infinity node has been removed, providing SIN coin holders with more funds for new node, 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 permits large signatures and only requires a single round of communication, signature verification was considered cumbersome and thus insufficient for Incorruptible Data Storage (IDS) purposes.

What does the upgrade mean for Node owners?

New node spaces have opened, across all tiers. In total, 1200 profitable MINI nodes may enter into the SINOVATE network post-upgrade. Despite the infinity node cycle numbers increasing, the SIN circulating supply, will substantially decrease and continue to provide node owners with significant ROI annually. Economic and continuous coin burning factors alongside favorable market conditions will result in long-term price appreciation per SIN coin, as well as fewer emissions.

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-click SINOVATE setUP cold hosting service. Setting up an infinity 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 $2.99 per month (annual plan cost with SIN only payment) provides cost-effective advantages over existing providers instantly.

How does SINOVATE setUP work? Is it really as simple as it sounds?

Please follow the guide here to set up a Deterministic Infinity Node using the 1-click in-wallet SINOVATE setUP. It really is simple. In just a few short clicks, would-be network participants can begin to earn significant 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 re-assess your VPS needs at a fraction of the cost.

Why have MINI Node rewards increased?

We wanted to make it as worthwhile as possible for modest SIN coin holders to be rewarded for trusting and supporting our project. Therefore, a proposal to increase MINI Node tier rewards from 160 SIN to 560 SIN (350% uplift per block) after the network upgrade was put to the SIN community and accepted. As well as increasing earning capabilities for MINI Node holders considerably, this permits significantly more nodes to join the SIN network for future IDS needs.

As IDS storage is dependent on the number of nodes joining and participating in the SINOVATE network, a greater node count will increase decentralized cloud storage capabilities exponentially, creating an always rapid, exceptionally secure, scalable, and efficient platform for all. As shown below, the SINOVATE community unanimously voted in favor of this proposal via our discord channel:

Full decentralization of the SINOVATE blockchain will always be encouraged. Your vote counts. All future proposals will be community-driven continuously. Thank you for your fantastic support.

SINOVATE community votes in favor of HODL Coin Offering Governance Proposal

The SINOVATE HODL Coin Offering Governance Proposal has also been accepted by the SIN community. This marketing campaign was created with inexperienced users in mind and enables SIN coins to be earned without setting up an infinity node and purchasing a VPS. The HCO incentive program swiftly commenced after the implementation of the network upgrade and will remain active for 75-days from 21st November 2020. SIN coins must be locked during this period in order to qualify. Payments will be made via the Development Funds Wallet, thereby nullifying excess inflation to the SIN coin supply.

In order to generate HODL Coin earnings, simply click the “EARN” tab within the SINOVATE GUI wallet (this option will also be available within our mobile wallets shortly) and choose from one of the following options. As this integration functions as a time-lock feature, campaign participants who do not host infinity nodes are free to close their wallets after selecting their earning option of choice. Please note that the EARN facility has now initiated and that the HCO campaign will only run once. Interest is payable in Annual Percentage Yield (APY) as follows:

  • 3% APY for a 3-month timelock.
  • 6% APY for a 6-month timelock.
  • 15% APY for a 12-month timelock.

Sounds great, but how will this actually work?

In order to explain how the HODL Coin Offering will work, please see the examples below:

  • If you have 10,000 SIN coins that are sent to a new address and they remain there for three months (64800 blocks), you will receive 75 SIN.
  • If you have 10,000 SIN coins that are sent to a new address and they remain there for six months (129,600 blocks), you will receive 300 SIN.
  • If you have 10,000 SIN coins that are sent to a new address and they remain there for twelve months (262,800 blocks), you will receive 1,500 SIN.
blank

What are the rules of this campaign?

Rules for the HODL Coin Offering marketing campaign are as follows:

  • The campaign will run for 75 days.
  • Payments will be made during three, six, or twelve-month intervals, depending on your choice.
  • A maximum of 75K SIN may be time-locked.
  • There is no cancellation of locked coins.
  • Participants must wait for the maturity date of their lock period to receive rewards.
  • All transactions and amounts NOT in these intervals will be excluded from entry.
  • The duration of this campaign is 54, 000 blocks (75 days). You cannot enter before or after this window.

Conclusion

The AURORA mainnet upgrade serves as a significant landmark for SINOVATE, truly distinguishing us from all other cryptocurrency and masternode projects. The DIN 1.0 codebase is the first of its kind, as it is the only protocol to date that removes the dash legacy codebase from its underlying network, while also enabling 100% fair distribution of deterministic infinity node rewards forever. Node openings across all tiers are a fantastic opportunity for new and current investors to contribute and reap benefits from the SIN network, including the upcoming, world-class cloud data storage solution Incorruptible Data Storage. Increases to MINI Node rewards as well as the SINOVATE HODL Coin Offering lower entry points for would-be network participants, further establishing our reputation as a fair-for-all autonomous decentralized organization.

blank

The release of DIN 1.0 also provides substantial benefits for the wider blockchain industry. Due to our open-source nature, other masternode and cryptocurrency projects can take advantage of all DIN has to offer by forking and using this code, creating equality and economic prosperity for everyone. 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 our discord and telegram channels. Thank you for your brilliant support.

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

Author: Amit Kaushal

blank

FLITS Hosted Service: Official SINOVATE Statement

Greetings to all SINOVATORS and the rest of the crypto world,

As widely acknowledged, the DIN AURORA network upgrade commenced at block 550, 000.

It recently came to light that the mobile node hosting provider Flits did not comply with guidelines provided by the SINOVATE team, resulting in the incorrect implementation of the coin burning procedure. This caused a total of 172 infinity nodes to be created erroneously, meaning impacted nodes will be unable to migrate to the DIN 1.0 Deterministic Infinity Nodes platform and have been lost forever.

What happened?

Below is how nodes should have been created by Flits, just like all other node owners and node hosting providers do by following our guides:

https://docs.sinovate.io/#/infinity_node_setup_guide

https://docs.sinovate.io/#/din_setup_guide

blank
A correct burn transaction format.

However, Flits chose their own method and created irreversible issues that are impossible to resolve, which was not due to a bug in SINOVATE’s code. As you may know, nodes are created based on a burn transaction with a specific procedure that includes using a dedicated command called “infinityburnfund”. Flits burnt coins using an incorrect system command call (please see below), resulting in burn tx’s that are unrecognized by the network as node entries:

A transaction was sent to the SinBurnAddress123456789SuqaXbx3AMC address instead of using the RPC call of

infinitynodeburnfund [YourAddress] [Amount 1M / 500K / 100K] [YourBackupAddress]

blank
An invalid burn transaction format.

The command specified above was intended to contain exact amounts and allow the user to have a node address backup.

blank
Asking the developer to leave the conversation while needed for solving the issue.
blank
Clearly specified to realize a RPC call in June 2020.
blank
Whereas SINOVATE was ready to help for reimbursement, Flits refused it.

We are actively encouraging Flits to take responsibility regarding this situation, by reimbursing initial user investment or lost earnings. SINOVATE considered implementing a hardfork as a potential resolution, but this was not possible due to the permanent loss of burnt coins required to run infinity nodes on the Flits app.

SINOVATE takes action

SINOVATE takes great pride in having an exceptionally loyal community, of whom we are eternally grateful for the support. Therefore, we will be launching our own reimbursement plan. Here, 30% of lost rewards have been calculated from the last activity date to the expiration date of each node, which will be paid back to all impacted Flits app users.

We are also launching a community crowdfunding round to assist in the recovery of lost funds further. Raised funds, the 30% reimbursement, and 15% from the HCO campaign will be sent before block 604,000 via a 12-month Hodl Coin Offering (HCO) funding plan.

Flits app users will receive: 30% of lost rewards + SIN from crowdfunding + 15% from the HCO campaign.Community members are encouraged to send donations to the below address.

Further details on the crowdfunding round will be published shortly.

Crowdfunding address for Flits users:

SQzt8GRtesKLVfMp4B9mHm39XKE4fqN75y

FLITS mistake donation channel

Furthermore, we are offering 12-month free hosting to all infinity node owners using the Flits application, as a gesture of goodwill on our part. This is the best solution that SINOVATE can offer, while also reducing sell pressure.

While this situation was unfortunately out of our own hands, we will endeavor to ensure that similar issues never materialize. The SINOVATE team is infinitely sorry for end-users using Flits to make their nodes.

Stay tuned for further developments as and when they happen via our discord and telegram channels. Thank you for your brilliant support.

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

Author: Amit Kaushal

blank