SINOVATE to Bridge its Mainchain with Ethereum and Binance Smart Chain

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 enters the DeFi paradigm: Bridging with Ethereum (ETH) and Binance Smart Chain (BSC)

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.

You can find more information here:

https://academy.binance.com/en/articles/what-are-wrapped-tokens

How can a wrapped token be used?

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:

https://defiprime.com/exchanges

More information about liquidity pool and providers are also here:

https://academy.binance.com/en/articles/what-are-liquidity-pools-in-defi

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 Financial Statement: March 2022

SINOVATE (SIN) provides transparency across business and development related activities to its community. One of the transparency efforts includes financial updates, where all monthly expenditures incurred are provided. We will publish the financial reports continuously forever.

Please see the distribution details for March 2022 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Backend Developers, Insight, Nodejs, Mobile Developers, Telegram Community Managers, Discord Community Managers, Twitter , Reddit , Bitcointalk , Writers, Campaign Manager, Regional Managers, Content Creators, Art Director.

Team: 3500K (3,5 million) SIN

Marketing Team and additionally Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):

Marketing: 1000K (1 million) SIN

Expenditures in March 2022: 4500K SIN (4,5 million SIN)

Below is a breakdown of total expenditures thus far:

Total Expenditures until March 2022: 266,471,000 (million) SIN

Expenditures in March 2022: 4500K SIN (4,5 million SIN)

Total Lifetime Expenditures: 270,971,000 (million) SIN

Development Funds Wallet: 143,875 million SIN until 21/11/2020

New Treasury Wallet: 112,125 million SIN

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 256,000,000 (million) SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, an old wallet.dat that leads to technical issues associated with the private key.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed 14,971,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

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.

SINOVATE

SINOVATE Financial Statement: February 2022

SINOVATE (SIN) provides transparency across business and development related activities to its community. One of the transparency efforts includes financial updates, where all monthly expenditures incurred are provided. We will publish the financial reports continuously forever.

Please see the distribution details for February 2022 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Backend Developers, Insight, Nodejs, Mobile Developers, Telegram Community Managers, Discord Community Managers, Twitter , Reddit , Bitcointalk , Writers, Campaign Manager, Regional Managers, Content Creators, Art Director.

Team: 3500K (3,5 million) SIN

Marketing Team and additionally Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):

Marketing: 1000K (1 million) SIN

Expenditures in February 2022: 4500K SIN (4,5 million SIN)

Below is a breakdown of total expenditures thus far:

Total Expenditures until February 2022: 261,971,000 (million) SIN

Expenditures in February 2022: 4500K SIN (4,5 million SIN)

Total Lifetime Expenditures: 266,471,000 (million) SIN

Development Funds Wallet: 143,875 million SIN until 21/11/2020

New Treasury Wallet: 106,000 million SIN

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 249,875 million SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, an old wallet.dat that leads to technical issues associated with the private key.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed 16,596,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

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.

SINOVATE

SINOVATE Financial Statement: December 2021

SINOVATE (SIN) provides transparency across business and development-related activities to its community. One of the transparency efforts includes financial updates, where all monthly expenditures incurred are provided. We will publish the financial reports continuously forever.

Please see the distribution details for December 2021 below:

Breakdown of Treasury

Treasury funds fee from every mined block: 10%

Marketing: 25 %

Exchange Listing: 25 %

Development: 50 %

Expenditures

Core Developers, Web Developer, Backend Developers, Insight, Nodejs, Mobile Developers, Telegram Community Managers, Discord Community Managers, Twitter , Reddit , Bitcointalk , Writers, Campaign Manager, Regional Managers, Content Creators, Art Director.

Team: 3500K (3,5 million) SIN

Marketing Team and additionally Twitter follower bounties, Google Ads, Facebook Ads, Marketers, Influencers and Promoters):

Marketing: 1000K (1 million) SIN

Expenditures in December 2021: 4500K SIN (4,5 million SIN)

Below is a breakdown of total expenditures thus far:

Total Expenditures until December 2021: 252,971,000 (million) SIN

Expenditures in December 2021: 4500K SIN (4,5 million SIN)

Total Lifetime Expenditures: 257,471,000 (million) SIN

Development Funds Wallet: 143,875 million SIN until 21/11/2020

New Treasury Wallet: 92,187 million SIN

As shown above, the total amount received into the Development Wallet and the New Treasury Wallet combined currently stands at around 236,062,000 million SIN. The New Treasury Wallet has been created due to excessive transactions within the Development Funds Wallet, an old wallet.dat that leads to technical issues associated with the private key.

Additionally, Operating Officer, Community Leader, and investor Tamer Dagli is owed 21,409,000 SIN until now for providing funds to enable continued development. Debt owed to Tamer is being paid via the 10% Developer Fee.

All previous Financial Statements are available via the SINOVATE Blog page.

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.

SINOVATE

SINOVATE Bi-Weekly Report 15/10/2021 ~ 30/10/21

The BETELGEUSE mainnet upgrade had successfully passed the testnet phase some time ago. Furthermore, it requires additional development to fix compatibility issues among our custom Proof-of-Stake, Deterministic InfinityNodes, and the Bitcoin core codebase of 0.21x.

We have been developing our upcoming mainnet for a while, but we have encountered unforeseen delays. Delays always happen for code perfection.

Members who have been with us for a long time already know that hardfork times always have delays. As a result, the community is a little quiet, and there is less activity than usual.

However, every hardfork release constantly improves everything and, of course, our code. This hardfork is especially important because we moved to a new codebase, adding proof of stake to our consensus. The proof of stake code we develop is not used before by others because it is our new code. This new codebase and the infrastructure it brings will be the foundation of everything that we will build for the future, so it must be rock solid.

We are here to build a storage platform for decentralized cloud services. That is our only goal. We want to give power of data in the hands of people, and we will achieve this sooner or later in slow but sure steps. While we are waiting for the fixes, We have been progressing with the development of bFTP and b’Mail.

Again, we thank you all for your patience and support, and please always be sure that we will not let you down ever!

ANNOUNCEMENTS & ARTICLES

We are very close to our release of the BETELGEUSE mainnet upgrade.

  • The mainnet upgrade will consist of a new custom fourth-generation proof-of-stake algorithm, aka PoS4.
  • The hybrid consensus will bring triple-network security for our blockchain.
  • The new Bitcoin core codebase, 0.21.99, contains vast improvements in security, speed, and accessibility.
  • Mobile Wallet will include InfinityNode 1-Click node setUP in our mobile application with the never-before-seen node status features.
  • We prepared bridges to be used in DeFi exchanges of Binance Smart Chain and Ethereum blockchains such as Uniswap and Pancakeswap.

India market launch pre-fork

India is one of the fastest-growing markets for cryptocurrency and has grown by over 600% in the last year. Currently, 80% of the population have a mobile phone, while 20% have desktop PCs. This is a big reason why the mobile wallet is vital for the India launch.

Below is a list of some of the things we have planned:

  • Major India Tech magazine that has over 200K monthly visits. Sinovate will be on the cover of this magazine.
  • New India exchange will make buying SIN much easier for the Indian community. This will also include a marketing strategy from the exchange to build more awareness of Sinovate by using a range of paid and organic advertising.
  • Indian YouTuber with 100k subs and an average of 10k views per video
  • AMA’s planned with exchange and two other groups.
  • Over 50K subs, Indian Promotion company will have coverage on YouTube and create a series of videos about SIN.

General Info

  • Mobile wallet is in final tests from the team and will be launched when we are ready with the India market. All I can say about the wallet is wow; having the ability to set up InfinityNodes on my phone was brilliant; even my kids set up their InfinityNode.
  • We will not be just focusing on India as we will have another YouTube video planned from a big account (Over 400k subs) covering SIN

It has been three years since our genesis block, and we feel very dynamic as ever.

For the last three years, we have accomplished;

  • 770K+ blocks
  • 16,414,836 transactions
  • 109,755,673 burnt transaction fees
  • 1,715,500,000 burnt node colalteral
  • 1,304,423 total addresses
  • 2002 InfinityNodes

COMMUNITY GROWTH & SOCIAL MEDIA

We continue to experience growth across all social media and communication channels:

Sinovate.io STATS

DEVELOPMENT

We have been, as always, busy developing.

The upcoming Betelgeuse mainnet upgrade and the addition of proof-of-stake for hybrid consensus keep our development team occupied.

Released:

[iOS] install new modules keep-awake, linear-gradient

[iOS] adjust more dashboard screen styles

[iOS] adjust burn section (stats)

[iOS] adapt tx screen styles

[iOS] make icon styling homogeneous

[iOS] adapt node setup screens

[setUP] hide balance summary if tier not selected

[new ui] allow longer strings in network stats

[new ui] settings light icons

[new design] adapt settings to light theme

[new ui] adapt to light theme send/receive/tx list/tx detail

[new ui] add alternate row color in language setup

[build] change Windows Installer pixmaps

[new ui] add scroll to settings

[new ui] fix PIN screen in light mode

[new ui] add translations (turkish, french, italian, portuguese, indi)

[new ui] move hindi option with correct color

[build] update pixmaps

[gui] Some visual fixes in Dark Theme

[setUP] fix bug sending miner tx and other tx related fixes

[design] separate select tier laber in row

[new UI] minor fixes

[android] bump to b35

[setup] show correct invoice amount

[setup] show correct invoice amount

[setup] remove debug info, bump to b36

[new UI] last fixes and translations.

[new UI] fix notfilled button in light theme

BLOCKCHAIN STATS

MONTHLY NETWORK STATS

The latest Network Stats is also available to view:

July 2021 Network Stats Medium

FINANCIAL STATEMENT

The latest Financial Statement is also available to view:

September 2021 Financial Statement

MONTHLY UPDATE

Our latest Monthly Report can be accessed below:

September 2021 Monthly Report Medium

Stay tuned for new announcements as they happen via Discord, Telegram, and Twitter.

As always, Thank you for your tremendous 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.

SINOVATE Team