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

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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.
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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.

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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

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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

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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]

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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.

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Asking the developer to leave the conversation while needed for solving the issue.
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Clearly specified to realize a RPC call in June 2020.
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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

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SINOVATE Mainnet Launch AURORA at block 550,000

SINOVATE AURORA Mainnet Launch at block 550,000

Greetings SINOVATORS!

SINOVATE (SIN) is delighted to confirm that the AURORA mainnet upgrade will go-live at block height 550,000 (taking place around 21 November 2020). Node owners must update to the AURORA Mainnet Wallet to ensure infinity nodes are compatible with the brand new Deterministic Infinity Nodes (DIN) codebase prior to the upgrade. If you have been following project developments, there is no doubt that you’ve heard the team talking about DIN and the upcoming hardfork. This article explains the basics of what a hardfork entails, what SINOVATE is delivering, and a rough timeline.

HardForks — What Are They?

Experienced Cryptocurrency experts — feel free to skip this section.

According to Investopedia.com, a hardfork is defined as follows:

As it relates to blockchain technology, a hardfork (or hard fork) is a radical change to a network’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. A hard fork requires all nodes or users to upgrade to the latest version of the protocol software.

In other words, a hardfork is a complete change of the network that requires all users to participate by manually migrating to the new chain.

Hard forks are typically required whenever a project makes a significant change to the underlying blockchain code. This could come in the form of an added feature, rule, or algorithm. While wallet updates essentially only change the interface through which users interact with the blockchain — hardforks are changes to the chain itself. During a hard fork, a permanent divergence from the previous chain occurs.

There is also such a thing as a soft fork — a fork in which the old and new versions remain compatible. The difference between “hard” and “soft” forks is that hardforks are not compatible with previous versions.

Any blockchain can be forked, and in the ten years of the cryptocurrency industries’ existence, this has happened thousands of times. In fact, most blockchains are a fork of another, sometimes (but not always) adding some features to innovate on top of previous work.

Why is a SIN hardfork required?

SINOVATE will be performing a hardfork on the SIN blockchain at block height 550,000 that will activate an entirely new codebase called Deterministic Infinity Nodes 1.0 AURORA Mainnet. The original SIN code contained borrowed material from the DASH legacy codebase, but with this newest release, the entire SINOVATE repository will be 100% unique and developed in-house by SINOVATE’s team of talented core developers. The new infinity node infrastructure will enable decentralized data storage — a unique approach of securely and privately storing data on on-chain via infinity nodes. SINOVATE’s upcoming Incorruptible Data Storage (IDS) dCloud protocol will rival existing cloud services and provide a cost-competitive alternative, with the profits going to SIN infinity node holders. Initially, this will only support a small bandwidth of storage; we plan to scale and fill up the network with more infinity nodes to support corporate data demands exponentially.

The AURORA mainnet upgrade is only possible by performing a hardfork. All SIN infinity nodes must migrate to the new network in order to continue receiving rewards. Some of the unique network benefits include reduced CPU demands for running a node, on-chain rapid communication and blockchain synchronization, new wallet design, and provably fair reward distribution to node owners. Additionally, the process of setting up a node will be much simpler through the in-wallet 1-click setUP. The SIN blockchain will be much “lighter-weight” on CPU demands thanks to Schnorr signatures. Further details on this will be provided post-upgrade. Due to the DIN code’s nature, the generated new chain will be resilient to chain splits as standard, allowing SINOVATE to build efficient and ultra-reliable dApps (decentralized applications) in the near future.

Reward Changes

Per the community vote, there will be a change to the reward structure for Mini-Tier nodes. Specifically, this will increase rewards from 160 SIN to 560 SIN per block, representing a massive 350% increase! The purpose of this change was to lower network entry barriers and reward smaller node holders, who cannot afford larger investments and incentivize additional network growth. 1000 additional Mini Nodes will be added to the network as a direct result of this change, which will significantly increase the network capabilities for IDS dCloud storage needs. These high rewards will also result in a much faster return on investment.

The community voted in a landslide in the Discord channel, with 97.3% of votes coming in favor of the change.

HODL Coin Offering (HCO)

HODL Coin Offering HCO to earn Passive Income:
– Starting at the hardfork, a 75 days limited marketing campaign earning a passive income by Timelock (HODL) of 15% for 12 months, 6% for 6 months, and 3% for 3 months payable in Annual Percentage Yield (APY) will commence.
– The SINOVATE team will compensate payments and interests from its development funds, so there will be no extra inflation in the supply.

Here are examples:
– If you have 10,000 coins and send your coins to a new address of yours, and the coins remain there for three months (64800 blocks), you will receive 75 SIN.
– If you have 10,000 coins and send your coins to a new address of yours, and the coins remain there for six months (129,600 blocks), you will receive 300 SIN.
– If you have 10,000 coins and send your coins to a new address of yours, and the coins remain there for twelve months (262,800 blocks), you will receive 1,500 SIN.

Rules for HODL Coin Offering:
– The campaign will run for 75 days.
According to your choice, the payments are paid for three months, six months, or twelve months options.
– The upper limit of the Max Wallet amount is up to 75K SIN.
– There is no cancellation of the locked coins.
– Every user must wait for the maturity date of his/her lock period.
– 54,000 blocks (75 days) is the duration of the campaign.

Please follow this guide for step-by-step instructions on the HODL Coin Offering.

Mainnet Scheduled

The Testnet lasted for two weeks, having begun on September 18th and ending on October 2nd. As discussed, the AURORA mainnet will go live on block height 550,000. We are pleased to confirm that no major bugs were reported during the public testnet phase, which is a testament to the fantastic work conducted by our development team to create the most cutting-edge codebase available in the cryptocurrency sphere. Since the Deterministic Infinity Node codebase is the first of its kind, the community and development team needed to take the time to thoroughly test the code in testnet, making sure that all funds in AURORA will remain secure.

All the users, pools, exchanges, infinity node VPS wallets, and desktop wallets must upgrade to the DIN 1.0 AURORA Wallet.

Current working infinity nodes will work as a double-run. Both Infinity nodes and the Deterministic Infinity Nodes will perform at the same time until the hardfork block height but only Infinity Nodes will receive rewards. before switching to DIN.

For new DIN node setup with VPS during or right after the hardfork block height, click here.

For 1-Click easy setUP of DIN during or right after the hardfork block height, click here.

For double-run of current masternodes and DIN at the same time until the hardfork block height, click here.

All wallets must be synchronized from scratch by deleting the .dat files except wallet.dat and infinitynode.conf.

“Nodes that are not upgraded to DIN nodes before the fork will stop receiving rewards starting at block 550,000.”

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For more information on SINOVATE AURORA and what’s coming in the future for SINOVATE, check out our website and social media channels.

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

Author: Jonathan Lees

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SINOVATE awarded Most Exciting Data Protocol during the HackerNoon Noonies 2020

Runner-up spot achieved for Most Exciting Data Storage And Sharing Project

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After months of competition, SINOVATE (SIN) has been awarded first place as the Most Exciting Data Protocol during the Noonies Tech Awards 2020, HackerNoon recently revealed. SINOVATE also finished as runner-up in the Most Exciting Data Storage And Sharing Project category.

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presented by

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The Tech Industry’s Greenest Awards

221 awards

2,587 nominees

232,444 votes

“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.

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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.

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

Author: Tamer Dagli (Cryplander)

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SINOVATE releases Star Cradle Public Testnet Wallet and Guides

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.

Wallet

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.

Star Cradle Testnet Wallet v0.9.0

Guides

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 here for instructions to set up a testnet wallet.

In-Wallet Real 1-click D.I.N. setUP

Additionally, please follow this guide to set up a testnet Deterministic Infinity Node 1-click using the in-wallet SINOVATE setUP function.

Bug Bounty

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 found here.

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Bug Bounty

Testnet Coins

Testnet coins can be obtained from the SINOVATE Faucet for free here.

Faucet

Please note that testnet coins will hold 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.

Testnet Explorer

The SINOVATE testnet explorer is available here. This will enable participants to monitor their testnet DIN rewards.

As always, the SIN team remains on standby to address any queries via our discord and telegram channels. Thank you for your fantastic support.

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

Author: Amit Kaushal

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