SINOVATE anticipates that the Cloud decentralization process will bring fairness and freedom in the data governance based on cost-effective and evolutive blockchain infrastructures. Data governance has become critical between some giant companies and countries because of the data market growth. People are increasingly aware of the risks associated with the data monopoly of massive companies, the lack of data anonymity, or the risk of data breaches with the storage centralization. Therefore, the next decade will show an increasing interest in novel solutions which will handle the quoted issues.
Cloud 3.0, also known as decentralized Cloud (dCloud), is a novel paradigm that leverages data storage with blockchain technologies. The goal is to achieve a secure, scalable, decentralized, end-to-end platform for industries, governments, and daily users. Nowadays, several dCloud projects enable data storage with drawbacks such as the lack of blockchain-based processes, high fees, mining power centralization, or low data throughput. Thus, SINOVATE decides in its early-stage development to guarantee decentralization and full exploitation of its blockchain technology without pre-mine, venture capital, or coin offering.
Decentralizing the Cloud to avoid the monopoly
The expansion of the Big Data paradigm leads to an exponential growth of the data storage markets, and many Cloud providers offer solutions for daily users or companies. The data market in 2025 will be worth close to 1 Trillion USD. Data storage services are the keystones of Artificial Intelligence, Data Analytics, smart grids, or smart home. However, the data market is globally controlled by giant technological companies who know the data owners, determine the costs, and control the data accessibility. This monopoly can be subject to issues with governments and people.
The challenge is to tackle these drawbacks for the common good in the blockchain world. However, the projects first must decide on the vital technological features to find the right balance between scalability, security, and decentralization. The last aspect is essential if the project wants to guarantee good governance in its infrastructure. In other words, Cloud 3.0 must limit the monopoly risks of a company or a group of individuals over the validation of data transfer and storage and technological evolution.
A panoply of decentralization approaches
The decentralization in Bitcoin is mainly guaranteed by the Proof-of-Work (PoW) algorithm in the Nakamoto consensus for validating blocks. The Bitcoin mining power is increasingly centralized by big corporations, allowing colossal purchasing amounts of hardware called ASICs. This slightly reduces the decentralization aspects of the network. Still, it does not impact blockchain governance because many mining companies are enormous. Projects using Proof-of-Stake (PoS), such as Ethereum 2.0, remain relatively decentralized depending on the wealth distribution. PoW and PoS approaches are way more decentralized than delegated PoS or other recent Byzantine Fault Tolerance (BFT) systems.
A decentralized Cloud requires a peer-to-peer (P2P) network where every peer allocates storage space for the network’s users. Adding blockchain enables a system based on data authenticity rewards or data storage contracts payments. SIA, STORJ, AKASH, and many others use a blockchain for payments and the authenticity of data storage contracts that interact with an external P2P network. The Cloud in this approach depends on the degree of decentralization selected by the P2P network. Furthermore, it is often supported by a company or an entity that can decide to disconnect or not a peer. This centralizes data governance. A solution like Filecoin decides to have blockchain mining as peers of the P2P Cloud network. This approach is close to PoW mining but leads to a mining centralization with an entity governing the network.
How does SINOVATE guarantee decentralization?
Decentralization in Cloud 3.0 is based on blockchain governance for transaction validation and the data governance of the storage infrastructure. Therefore, SINOVATE integrates multiple breakthrough technological features to ensure these two key points.
SINOVATE incorporated the InfinityNodes, a Proof-of-Services (PoSe) layer composed of three Tiers with different Proof-of-Burn (PoB) 12-month contract commitments. InfinityNodes will operate in NEPHELE: the Incorruptible Data Storage as peers of data storage. In addition, they will support other services related to the blockchain, such as instant payments or sidechain nodes. InfinityNode will also be able to vote on the development strategy of the blockchain because SINOVATE is a decentralized autonomous organization (DAO). This last feature is paramount for the future SINOVATE data governance called the Revolving Sovereignty Votes (RSV). This principle is built on the PoB contracts of InfinityNodes, which means an InfinityNode owner has a peer active only for 12 months. In this way, the data governance is renewed yearly with new actors, and existing actors must renew the contract every year. This avoids eternal voters where a data storage peer cannot enter “winter” mode. Hence, data governance is always guaranteed by very active contributors. Its decentralization grows with the increasing number of InfinityNodes per Tier or additional Tiers.
The SINOVATE blockchain is based on hybrid mining proofs that enable a proper decentralized transaction validation. The first proof is a novel solution called LockReward. It ensures that an InfinityNode can receive a reward based on the aggregated Schnorr signature of 20 randomly picked InfinityNodes. The block validation is naturally distributed among the InfinityNodes with an unlimited-growing network. The second proof is a PoW mining called X25X that has been designed for GPUs by hardening the mining from FPGAs and ASICs with limited power consumption. GPUs are present at home and many other locations on personal computers that spread the mining power in many hands. Finally, the last proof is PoS which provides a validation power across the owner of SIN coins that grows with the network usage. These approaches guarantee a true decentralization of the blockchain governance of SINOVATE.
What is the future evolution of SINOVATE?
SINOVATE focuses on building its ecosystem by providing all the most advanced features of the blockchain world. The first step is to offer the blockchain-based File Transfer Protocol (bFTP), the first concept toward NEPHELE, and allow financial, insurance, educational, or inheritance entities to manage their data. SINOVATE will reinforce its data governance with the RSV improvements to ensure its ecosystem’s timeless and continuous evolution. Finally, the InfiniteChain release will provide the technological components to create a blockchain connected with the dCloud. A sidechain project can decide not to activate data storage and delegate this to the SINOVATE mainchain decentralized manner.
SINOVATE to Bridge its Mainchain with Ethereum and Binance Smart Chain
One of the most innovative blockchain dCloud storage providers, SINOVATE, is set to enter the DeFi paradigm with its latest update, Betelgeuse. The highly awaited release seeks to bridge its mainchain with Ethereum (ETH) and Binance Smart Chain (BSC). Fundamentally, a Smart Contract, this bridging will enable transactions to operate smoothly from one blockchain to another.
SINOVATE is a pioneer in the decentralized cloud space, implementing cutting-edge technology in blockchain and data management. Starting from the InfinityNodes technology to provide a reliable infrastructure for blockchain-based data storage, SINOVATE is also eyeing a hybrid consensus protocol with an up-gradation of its codebase to Bitcoin Core 0.22 for block validation enhanced security, efficiency, and scalability. The next milestone offering on-chain data storage for expanding SINOVATE-empowered solutions is ready to provide users with efficient decentralized Cloud infrastructure.
Why is SINOVATE entering the DeFi paradigm?
The pathbreaking technological innovations that SINOVATE is developing in-house require a new audience that can invest in and use novel infrastructural solutions. DeFi, short for Decentralized Finance, focuses on the recreation of traditional financial instruments in a decentralized architecture and offers the perfect prospect for the next-generation cryptocurrency expansion that SINOVATE is eyeing.
What is DeFi?
DeFi can be visualized as a massive open network of adaptive blockchain-based components such as protocols, digital assets, dApps, and Smart Contracts. Developed in 2018, with the expansion of the Ethereum ecosystem, this new digital finance technology omits the need for any central authorities, exchanges, or systems. The only components of a successful DeFi system are a blockchain and a dApp to connect participants using smart contracts for network interaction.
Today, DeFi has grown into an inevitable mainstream financial model for several existing and new crypto projects. It has evolved from a few simple transfers to highly complex economic use cases that which investors and traders can carry out conventional operations such as banking, trading, and insurance.
How SINOVATE Plans on Bridging with ETH and BSC
SINOVATE bridging with ETH and BSC is essentially a smart contract enabling transactions to operate from one blockchain to another. On the other hand, DeFi operates “mainly” with a Smart Contract hosted by a blockchain for creating a wrapped token by the Smart Contract of ETH or BSC.
A wrapped token is pegged to the value of its original cryptocurrency, currently equivalent to 1 original coin/token and mainly minted by the smart contract. The proposed bridge connects SINOVATE with ETH and BSC ecosystems, where ETH and BSC have their own wrapped tokens. However, a wrapped SIN will not be available for use as a SIN coin directly on the SINOVATE blockchain for building your InfinityNode, storing your data, or staking. Similarly, SIN coins cannot be used as an ERC-20 or BEP-2/BEP-20 token on those platforms.
Nonetheless, SINOVATE believes that this bridge can be exploited for multi-chain solutions using dApps, which will facilitate SIN coins and wrapped tokens in ETH and BSC environments in the future.
Exploring the Benefits of SINOVATE’s dCloud Ecosystem
With DeFi set to become a significant component of SINOVATE’s ecosystem, users and contributors would have easier access to its decentralized cloud, services, and applications. “Bridging SINOVATE with ETH and BSC will allow users of these ecosystems to enjoy SIN coins and their usage,” SINOVATE stated in their press release.
“SINOVATE DAO wants to offer a sustainable and user-friendly environment by integrating the SIN coins in the decentralized exchange (DEX) platforms using automated market makers (AMM).” At the same time, the connection between SINOVATE’s mainchain and ETH-BSC platforms will open the former’s disruptive technologies to a broader audience pool. This will inevitably lead to more partnerships and unprecedented financial and data-storage-based dApps backed by SINOVATE’s innovations.
SINOVATE revolutionizes the decentralized Cloud space by implementing cutting-edge blockchain and data management technologies. The journey starts with deterministic Infinity Nodes (DIN) for ensuring a reliable infrastructure to welcome blockchain-based data storage. Then, SINOVATE decided to implement a hybrid consensus protocol with Bitcoin Core update for block validation to reinforce its security, efficiency, and scalability. Finally, the last milestone is to offer InfiniteChain for expanding its ecosystem and solutions powered by the SINOVATE blockchain. These components set a fundamental basis for developing and achieving a novel, user-friendly, and efficient dCloud environment for storing the data all around the data.
These improvements and technological achievements require a new audience who must invest in and use the infrastructure. Decentralized Finance (Defi) impacts cryptocurrency and global finance by allowing a more flexible, universal, and decentralized contribution to cryptocurrency projects. In this direction, SINOVATE decided to bridge its mainchain with Ethereum (ETH) and Binance Smart Chain (BSC).
What is decentralized finance (DeFi)?
Decentralized Finance (Defi) emerged in 2018 with the expansion of the Ethereum ecosystem. By exploiting the smart contract technology, this blockchain-based finance is an investment intermediary for users which does not rely on central authorities, exchanges, or systems. A smart contract connects participants with the support of decentralized applications (dApps) such as Metamask or Trust wallet. These dApps will allow the participants to interact with the blockchain, which hosts the smart contract and perform transactions. A blockchain and a dApp are the only components of a successful Defi system.
DeFi becomes a revolutionary and mainstream subject in 2020 by the multiplication of lending platforms known as yield farming. Today, DeFi is an unavoidable financial alternative for many users and newly created crypto projects. It becomes a vital component of the next decade’s cryptocurrency expansion.
How does SINOVATE bridge with ETH and BSC?
As previously said, DeFi operates “mainly” with a smart contract hosted by a blockchain. On the other hand, bridging SINOVATE with ETH and BSC is fundamentally a smart contract that enables a transaction operation from one blockchain to another. This is possible by creating a wrapped token by the smart contract of ETH or BSC.
A wrapped token is pegged to the value of its original cryptocurrency. One wrapped token is currently equivalent to 1 original coin or token and is mainly minted by the smart contract. User A must send the original token/coin to the smart contract, which mints the wrapped token on ETH or BSC and distributes it to user A. To reverse the process, user A needs to make a burning request of the wrapped token to the smart contract and receive back its original token/coin.
The bridge connects SINOVATE with ETH and BSC ecosystems, where ETH and BSC have their own wrapped token. However, a wrapped token is limited to the transactions and usage on the ETH and BSC network and dApps. This means you cannot use a wrapped SIN as a SIN coin directly on the SINOVATE blockchain for staking, building your Infinity Node, or storing your data. Inversely, the SIN coin is not an ERC-20 or BEP-2/BEP-20 token; therefore, SIN coins cannot be used on these blockchains.
Hence, SIN coins are dedicated to the SINOVATE ecosystem, and the wrapped SIN on ETH and BSC can be used in these ecosystems. Nevertheless, SINOVATE believes dApps will exploit this bridge to create multi-chain-based solutions. Future SINOVATE-oriented dApps will use either the SIN coin or the wrapped token to satisfy data storage or uses in ETH and BSC environments. This will enable the improvement of the scalability, efficiency, and security of the SINOVATE dCloud ecosystem. This bright future vision shows the wrapped token could have the same usage as the SIN coin with transparent and user-friendly dApps.
What are the benefits of SINOVATE?
DeFi has become a significant component of the cryptocurrency ecosystem. SINOVATE believes users and contributors must have easy access to its dCloud ecosystem, services, and applications. Its usage is highly dependent on the possibility of future contributors and users getting SIN coins in their portfolio and using it. Bridging SINOVATE with ETH and BSC will allow users of these ecosystems to enjoy SIN coins and their usage.
SINOVATE DAO wants to offer a sustainable and user-friendly environment by integrating the SIN coins in the decentralized exchange (DEX) platforms using automated market makers (AMM). To do this, DAO SINOVATE explores the elaboration of liquidity pools on the DEXes of ETH and BSC to ensure SIN pairs’ straightforward trading and sustainable revenue for SINOVATE ecosystem development. The list of possible DEXes is here:
The last benefit is the connection of the SINOVATE mainchain with ETH and BSC provides a broader audience that will discover all the benefits of SINOVATE technologies. This will open the gate to further partnerships and the development of financial and data storage dApps backed by SINOVATE technologies.
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.
Recent Comments