You have probably tried in discussions with your parents or seniors to compare the price of your recently purchased house with theirs. Quickly, parties conclude that if seniors had the same amount of money, their life would have been easier. However, it reflects a particular effect of our modern economy called inflation.
Money inflation is the consequence of political and economic decisions to sustain the growth of our nations. As central banks and authorities can print money, it results in more money in circulation. As there is more money in circulation, people can theoretically buy more while the extracted resources do not increase proportionally. Hence, the demand is higher than the offer, and the price increases where 1 USD is not worth 1 USD later.
The emergence of Bitcoin…
Bitcoin is a pioneer in tackling inflation and proposes an alternative economy that recently made a surge beyond 60k USD. Its economic model is straightforward: Bitcoin is a blockchain where blocks require to be validated by the so-called miners.
The network accepts the new block consensually from miners, and the miners receive rewards for their efforts. The reward comes from the mined block. It is how the money is generated with Bitcoin.
The reward is distributed in BTC coins every 10 minutes and respects a specific model of distribution. In Bitcoin, the first block started with a 50 BTC reward in 2008, and every four years, a halving is applied to the block reward. In 2021, the block reward is around 6.5 BTC and will structurally tend to 0. This means the final circulating supply of BTC coins is 21 million, and it is why Bitcoin is considered a refuge investment.
This economic model ensures that 1 BTC will always be 1 BTC. The USD value of the BTC coin cannot change because of its emission but because of its adoption for different use cases such as payments. However, this emission is set at the genesis block and cannot be changed without corrupting the fundamentals of the generated Bitcoin blockchain. Some projects decide not to set a specific complex market capitalization or a big one, but these projects suffer from heavy coin supply inflation.
Break the wheel of circulating supply inflation
The world of cryptography applied to currency applications allows processes that do not apply to traditional currencies. Coins are digitally registered and traceable. It is possible to publicly delete units using a simple mechanism to reduce the circulating supply that burns coins which is equivalent to sending coins to an unspendable address (no one has the private key of this address). This mechanism is called Proof-of-Burn (PoB).
The Prophecy project sets monetary policies to regulate the circulating supply according to various data sources, such as the staking rate, open market interest, available liquidity, and volume of its network. Another project called BOMB decided to systematically burn the transaction fees while there is no coin generation from the block reward. The initial supply is the hand of the creators, which is a governance problem of the solution.
However, the circulating supply is guaranteed to reduce over time until there is no supply left. Whereas BOMB is funny but not reliable for a massively adopted and sustainable ecosystem, Prophecy tried to offer a self-regulated monetary policy.
SINOVATE, in June 2019, decided to introduce the PoB mechanism based on the offers and demands for its ultra self-regulated circulating supply. Contrary to Prophecy, the offers/demands balance is not based on market rules but is applied only to the network protocols such as the transaction, data transfer, and governance vote fees, and the creation of the so-called Infinity Nodes.
The regulation process ensures to indefinitely have less than 800M SIN circulating supply since the introduction of Infinity nodes is illustrated in the graph below, reflecting the evolution of the SIN supply since the genesis block.
Why does SINOVATE use a Proof-of-Burn (PoB) mechanism?
SINOVATE is a peer-to-peer network with a decentralized ledger where it is possible to perform transactions of assets and interconnect blockchain with the InfiniteChain system. SINOVATE aims to build a multi-chain decentralized Cloud (dCloud) ecosystem and is required to use the PoB mechanism for many reasons.
The PoB mechanism is first applied to the transaction fees. Whereas these fees are used to have privileged access to the next validated block, it forces the centralization of the mining power into the hands of few validators who want to grab these fees. SINOVATE does not want the fees to be beneficial to anyone by burning them, and then, only the block reward is the income of validators.
The second application of the PoB mechanism is for data storage nodes. Today, masternodes such as Dash suffer from the hyperinflation of their economic model. Furthermore, a masternode collateral can be sold off at any time.
This can severely damage the investors that can decide to abandon the network. Another drawback of this is the stability of the masternode for data storage that can decide to leave at any time and then leave with the data. Other projects prefer to have on-blockchain-related nodes to store the data with the same problems and require complex algorithms to ensure the nodes securely store the data.
This leads to network performance drops such as low data transfer speed and lack of decentralization. SINOVATE invents the Infinity Nodes where the collateral is burnt, which signs a 12-month contract commitment with the network. The Infinity Node must then fulfill its contract to retrieve back the burnt collateral from block rewards of their Proof-of-Services. The services are instant payments and data storage and the possibility to participate in the blockchain governance where the vote fees are also burnt.
Finally, the data transfer fees are also burnt in the network. As the Infinity Node receives rewards from the PoSe layer and data storage payments, the data transfer fees can be burnt without disturbing the quality of services.
SINOVATE Crytonomics and Self-Regulated Circulating Supply
SINOVATE has innovatively designed, tested, and implemented various products and services in its decentralized network protocol. In addition to helping streamline processes for other third-party entities, the SINOVATE project works to become one of the most reliable, adaptable, secure, transparent, efficient, and effective decentralized networks in the Blockchain technology space.
The project also has a solid and constantly evolving business model to differentiate SINOVATE from other Blockchain-based projects in the market.
Hence, all transaction costs are irreversibly burned, including governance voting, decentralized cloud storage, and Infinity Nodes collateral. The PoB mechanism is compensated by the rewards from the block validation consensus algorithms. The cryptonomics can be resumed with the following figure.
The PoB mechanism increases the deflationary aspect of the SIN coin ecosystem. The more users join the network, the fewer SIN coins will be available, which will lead to inevitable scarcity. In other words, there is deflation of the circulating supply if the network usage is high enough, which means high market demands, burned coins flow can be identified as the network wealth, by being in some way his income from services.
However, if the rewards of blocks are higher than burnt coins which mean high market offers, the inflation of the circulating supply is actual. The following figure resumes the situation:
Established in 2019, the PoB mechanism allows the project to have a modular and market-based circulating supply that impacts its value and usage. SINOVATE already had seasons, as presented in the figure above.
SINOVATE truly believes its self-regulated circulating supply will create a highly stimulating market that deserves its visibility and scalability as a dCloud multi-chain network.
Join us and stay tuned for all forthcoming updates via our website and social media platforms:
SINOVATE (SIN) is delighted to confirm that the MINI Infinity Node Tier Hardfork was successful. A Mandatory Wallet Upgradewas released,wherePC and infinity node wallets had to be updated prior to block height 617,000 in order to continue receiving rewards, following the recent MINI Node reward generation issue. This article will discuss the nature of this problem and how it was resolved.
The problem: What happened?
The SINOVATE team was made aware of a reward generation issue specific to the MINI Infinity Node Tier at block height 583,500, where nodes created after the 1000th were not receiving rewards consistently. 71 Mini Nodes were affected in all. The impacted network participants were users that created a MINI Node between 09.01.2021 and 24.02.21. Anyone that made a MINI Node before this period was not affected.
How was this issue resolved?
Prior to block 617,000, the maximum amount of nodes per tier was limited to 1,000. Our custom-created Deterministic Infinity Node (DIN) codebase has now been modified to ensure that rewards are continuously received throughout the 12-month node life cycle. Additionally, limits across all infinity node tiers have been removed. This presents current and would-be network participants with enhanced opportunities to benefit from the SINOVATE network, as it continues to grow in strength, security, and value. Fixes from the previous wallet are as follows:
— [consensus] Added a height-based DIN delta forking mechanism.
— [DIN] New delta values added, set a fork for block 617,000.
All impacted nodes will be reimbursed during the week commencing 07.03.2021. Payments will be based on the current ROI (return on investment) of the MINI Node Tier, which stands at 560 SIN per block. Eligible nodes will be paid from block 583,500 to 617,000. Please note that rewards will only be received during this timeframe.
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:
SINOVATE (SIN) is delighted to confirm that the MINI Infinity Node Tier Hard Fork was successful. A Mandatory Wallet Upgradewas released,wherePC and infinity node wallets had to be updated prior to block height 617,000 in order to continue receiving rewards, following the recent MINI Node reward generation issue. This article will discuss the nature of this problem and how it was resolved.
The problem: What happened?
The SINOVATE team was made aware of a reward generation issue specific to the MINI Infinity Node Tier at block height 583,500, where nodes created after the 1000th were not receiving rewards consistently. 71 Mini Nodes were affected in all. The impacted network participants were users that created a MINI Node between 09.01.2021 and 24.02.21. Anyone that made a MINI Node before this period was not affected.
How was this issue resolved?
Prior to block 617,000, the maximum amount of nodes per tier was limited to 1,000. Our custom-created Deterministic Infinity Node (DIN) codebase has now been modified to ensure that rewards are continuously received throughout the 12-month node life cycle. Additionally, limits across all infinity node tiers have been removed. This presents current and would-be network participants with enhanced opportunities to benefit from the SINOVATE network, as it continues to grow in strength, security, and value. Fixes from the previous wallet are as follows:
— [consensus] Added a height-based DIN delta forking mechanism.
— [DIN] New delta values added, set a fork for block 617,000.
All impacted nodes will be reimbursed by 09.03.2021. 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 by 09.03.2021, 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:
SINOVATE (SIN) has fully distributed initial rewards to participants of the SINOVATE HODL Coin Offering (HCO). Payments received from this marketing campaign can be viewed on the “EARN” tab within the native SINOVATE Walletand by inserting your HCO receiving address into the SINOVATE Explorer.
When were the first rewards distributed? How long will I be paid for?
Around 50% of the first rewards were sent by 31.12.2020, with the remainder being paid after block 604, 000. Officially, initial rewards were completed by 19.02.2021. All other rewards will be received in monthly intervals for 12 months in total. Please note that no rewards will be received after this period.
How much will I receive?
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?
The SINOVATE HODL Coin Offering is now closed for entries. This one-time-only marketing campaign remained active for 54, 000 blocks (75-days) and ended around 04.02.2021. Any attempts to enter after the 75-day window will be disregarded. Many thanks to everyone who took part.
I don’t have the funds to purchase an Infinity Node. How else can I earn passive income after HCO?
The in-house built PoS4 hybrid algorithm is currently in the works. This will permit one-click staking across all native wallets including mobile continuously, regardless of your level of holdings and Infinity Node ownership. Just like HCO, 24/7 cold staking means you are free to close your wallet and still earn passive income, with the additional advantage of no time limit to join. PoS4 will be implemented by 31.03.2021,during the upcoming Betelgeuse network upgrade. Stay tuned for the official announcement.
Conclusion
The SINOVATE HODL Coin Offering lowers entry points for everyone, regardless of infinity node ownership. All 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. The custom-created PoS4 hybrid algorithm will permit staking from 31.03.2021 when community members can benefit from regular passive income for years to come. 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:
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 Walletand 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:
Introducing SINOVATE 1-Click setUP: Node creation made easy
The recent AURORA mainnet upgrade came equipped with a multitude of new enhancements including the first of its kind, in-wallet One-Click setUP feature, making infinity node creation as easy as possible. This article explains how SINOVATE setUP works, the benefits provided, and how it enables true decentralization for all.
What is SINOVATE One-Click setUP?
SINOVATE One-Click setUPis acold hosting service, designed from the ground up by the SINOVATE development team. This was created with inexperienced users in mind, who may never have set up a masternode or used the Linux operating system before. At only $2.99 per month (annual plan cost with SIN only payment), our seamless and user-friendly VPS (Virtual Private Server) hosting service provides cost-effective advantages over existing providers instantly, with 100% node uptime guaranteed.
Is it really as easy as it sounds?
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. Please follow this guide to set up a Deterministic Infinity Node using SINOVATE One-Click setUP. Click here for the explainer video, which guides you every step of the way.
That’s great, but what if a server goes down? Will my node remain safe?
There is no central point of failure. The SINOVATE setUP service uses 9 datacentres located across the globe, including Germany, France, The United Kingdom, Finland, and Turkey, hosting over 1,400 infinity nodes thus far. This means that in the unlikely event that a single server experiences issues the hosting of nodes will not be affected, permitting substantial decentralization of the SINOVATE network at all times:
All infinity node locations can be viewed on our explorer.
Hosting an infinity node on SINOVATE setUP is entirely decentralized. Only maintenance, which is carried out by the SINOVATE development team is centralized. Node owners have complete control of their private keys, ensuring total security, responsibility, and ownership are always maintained. Your infinity node and all associated rewards are in safe hands: yours!
The your keys, your coins mantra very much applies here.
For SINOVATE, decentralization is and shall forever be the name of the game. We will continue to be completely transparent in all that we do for generations to come. Create an infinity node via SINOVATE One-Click setUP today.
Join us and stay tuned for all forthcoming updates via our website and social media platforms:
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