In March 2023, we removed the InfinityNode technology and added new components such as the glorious KawPow mining algorithm, an efficient Proof-of-Stake, and a stable blockchain. You can read back the Medium article here. We released a new wallet and proposed that the InfinityNode owner claim their SIN coins. We now have a stable network that will allow SINOVATE holders to prepare for their migration to the future network through a token swap.
State of the Project
In a previous article (here), we explained the SINOVATE infrastructure needed to end to build a new one with the minimal requirements for a decentralized Cloud. Supported by Nephele Labs (Registration Here), developing this new solution is ongoing. It is a question of time and resources before deploying it. Nephele Labs guarantee the SINOVATE coin holders will have their place in this new network by developing a swap procedure. However, Nephele Labs is a company that needs developers to have the best technical solution and marketing/business developers to ensure the best brand awareness and coverage. Nephele Labs can only achieve its goals by diluting the SINOVATE circulating supply. (A common practice in equity fundraising)
Nephele Labs focus on raising a minimum of 561 BTC (roughly 16 million USD) during an ICO/IEO to cover three years of development with 20% of the Nephele Labs’ tokens. BUT … This is also proportional to the current SINOVATE market cap, and we finally designed the last-stand competition for the SINOVATE community: The Great Swap Challenge!
The Great Swap Challenge
The Great Swap Challenge
SINOVATE core members and Nephele Labs propose the following challenge: Increase the SINOVATE market cap to earn a SWAP bonus in new tokens and a better swap dilution in the new network.
This challenge will last until the 30th of September, 2024.
Example: If the SINOVATE Marketcap is between 176 BTC and 351 BTC until September 2024, SINOVATE coin holders will receive a bonus of 40.00% during the swap. If Bob has 100 SIN coins and the SINOVATE market cap is 200 BTC on the 30th of September 2024, Bob will receive 40 SIN coins for free in the new network’s token. All the SINOVATE coins swapped in the new network will represent a swap dilution of 7.5%. In other words, SINOVATE coin holders will share 7.5% of the new network value. (If you have questions, do not hesitate to reach us in the Discord or Telegram channels.)
Why is BTC the reference? Because we are our main trading pairs in BTC and have considered Bitcoin the ultimate reference for coin value.
Marketing and Exposure
The core members will do everything possible to expose the project without funds (as the team pockets are empty). The SINOVATE community is then the strength of this challenge: Commenting, sharing the challenge, and speaking about the project will be the fundamental components of the growth of the SINOVATE market cap. We propose that our community members use the hashtag #sin_challenge.
We will provide an update every week concerning the evolution of the challenge and will forward news concerning the development of Nephele Labs. We are stronger together. (And who knows, the growth of SINOVATE market cap can give us access to new listings etc.)
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If you have questions, please get in touch with us on social media. Let’s spread the word and reach the highest market cap value for the swap.
On the 22nd of February, 2023, occurred a hardfork that has been explained in this announcement: here. This hard fork was necessary because of the large security and stability issues brought by the InfinityNode technology. This technology requires consequent refactoring to be able to host data. The rewind version is the heart of the new phase of our project: Nephele which was the reason for a Discord community vote. A new wallet is incoming where the upgrade is MANDATORY.
NOTE: For InfinityNode holders, it is MANDATORY to read this publication.
New wallet version 24.1.1
This new wallet is going to fix the following issues:
The block reward of 50 SIN was shrunk by the transaction fees instead of remaining constant in time. This patch should guarantee a reward of 50 SIN whatever the number of transaction fees we have.
The PoW difficulty will be lower to correspond to the network capacity. Indeed, PoW miners can’t mine properly the blocks and it is necessary to have created blocks from both consensuses. KAWPOW is the new algorithm and is supported by many software such as awesome miner or NiceHash. We are asking for having our blockchain proposed by these solutions and mining pools.
The wallet was crashing during the staking. We have corrected this issue and users should enjoy a better experience. If you are curious about our novel and unique Proof-of-Stake (PoS) solution, you can find information here.
Case 1: If you did not have opened your wallet since the 22nd of February, 2023, you just need to run the downloaded wallet.
Case 2: If you are still on the BETELGEUSE 22.0.3 version, please, install the bootstrap by following this guide before running the downloaded wallet.
Case 3: If you are on the SINOVATE 24.0.1 version and you have MINTED coins after the date of this publication, install the bootstrap by following this guide before running the downloaded wallet.
If you have any issues, please, contact us on Discord.
The recent hardfork will remove the InfinityNodes, and they will no longer receive rewards. The hardfork will mint the coins to fill all the existing nodes of their remaining blocks. The remaining blocks are all the blocks from the hardfork blockheight to the node expiration.
For instance, if you have a MID node with 180 remaining days, you will receive all the coins you should receive in your Payee address during this period. If the ROI is 20% at the snapshot height, you will receive 300,000 SIN coins in your Payee address. It will be a procedure for ALL the existing nodes (setUP and self-hosted solutions). It is then mandatory to turn off your self-hosted solutions to not spend more electricity.
Here is a little guide for the InfinityNodes owners on the DESKTOP.
NOTE: For Mobile users, the owner addresses are the ones where you receive payments. An update will be done in the next two weeks to ease getting owner addresses. Keep in touch.
Step 1: Open the wallet v22.0.3 and Write Down Your Owner Addresses.
WARNING: I am currently on the new chain with the SINOVATE V24.0.1 wallet
You’ll need first to install back the old chain by following this tutorial and using this bootstrap (here).
Now, I am currently on the old chain with the BETELGEUSE wallet
You just need to enter your Owner’s Address and that’s it.
The claiming procedure will be operational for 3 months from the 24th of February 2023 to the 24th of May 2023. it won’t be possible to claim rewards after this period. A periodical message (every two weeks) will warn users. The claimed rewards will be paid within 3 days.
NOTE: If you are dealing with an issue in this guide, please join our Discord and ask for help in the support channel.
END OF THE DOCUMENT.
Thank you for your support and keep in touch, big things are coming!
The blockchain will have a new hardfork that removes the issues we face in the network. This hardfork occurs on the 21st of February, 2023, at 1 PM GMT +0.
What are the issues?
The network is facing instability in the maintenance of InfinityNodes, the efficiency of staking, and the need for more support for our mining algorithm. It induces a recurrent update of the wallets by the customers (to the impossibility of synchronizing them), missing rewards from the nodes, or the staking system.
We thought of different ways to solve the issue without results in the current infinityNode implementation. It is then necessary for the stability and the users’ experience to figure out these issues.
Furthermore, we did some audits of our code, and some critical security concerns mitigated the efficiency of the LockReward proof. We corrected in April 2022 all the security issues we could. However, the evidence of LockReward needs to be more cryptographically correct to satisfy the audit experts. It is critical for the project’s traction and for more developers to use our technology.
What happens?
On the 21st of February, 2023 at 1 PM GMT+0, the SINOVATE network will have a hardfork. Even though staking does not change, the hardfork brings many changes:
Switching the x25x to KAWPOW: The community voted some months ago. We always considered our community’s feedback. The last GPU drivers and mining software support this new mining algorithm. It is then paramount for the security and stability of block validations.
Removing the DEV fees: The community has a massive debt to Cryplander (still 18 million SIN coins). As a community member and for the project’s good, He accepted to erase his debt. It allows removing the DEV fees, which are also a significant vector of coin inflation. The lower the inflation is, the better the coin economy will be. Then, SINOVATE is now an entirely self-driven community project. The developers are still around to maintain and improve the blockchain.
Update to Bitcoin core 0.24: This is a significant improvement because it allows us to benefit from the latest Bitcoin technologies. The team believes it can give ideas to the community for the project’s future.
Removing the InfinityNodes: It is a big decision, but the Nephele network cannot pursue the current node implementation. To compensate the node owners, please read the following.
What is the situation for nodes?
The hardfork will remove the InfinityNodes, and they will no longer receive rewards. The hardfork will mint the coins to fill all the existing nodes of their remaining blocks. The remaining blocks are all the blocks from the hardfork blockheight to the node expiration.
For instance, if you have a MID node with 180 remaining days, you will receive all the coins you should receive in your Payee address during this period. If the ROI is 20% at the snapshot height, you will receive 300,000 SIN coins in your Payee address. It will be a procedure for ALL the existing nodes (setUP and self-hosted solutions). It is then mandatory to turn off your self-hosted solutions to not spend more electricity.
Here to claim your coins (wait for the hardfork first):
The development team wishes you a happy new year 2023 and we believe this year is going to be tremendous for the cryptocurrency space and our project.
2022 was a tough year and the project is preparing for big changes in its future. Let’s resume together the situation and the perspective of SINOVATE.
4 years of Development to Mature
In late 2018, SINOVATE mined its first block and it has been the beginning of a great adventure! The development team with its volunteers delivers a panel of innovative technologies such as the InfinityNode system in a deterministic reward scheme secured by LockReward, the x25x proof-of-work algorithm, or the first stones of the next Proof-of-Stake generation in April 2022. These technologies have been exploited thanks to the deployment of the setUP solution on Desktop and Mobile, multiple wallet and website versions, and partnerships with Flux as a coin in their wallet solution.
All these developments have been supported by Cryplander who spends time and hundreds of thousands of dollars to be listed on exchanges, to have many press releases, to participate in conferences, to support customers, and to make this project a living place. He will continue until the Internet disappears. Of course, SINOVATE brights because of the amazing community support with many long-term believers. The team is and will always be grateful. We are only at the beginning.
The Cryptocurrency World and SINOVATE technologies’ limits
SINOVATE started without ICO and pre-mine like Bitcoin. In recent years, the cryptocurrency industry has become more and more professional and corporate. Some companies have raised millions of USD to build solutions. The beauty of starting like Bitcoin in this decade becomes literally an idyllic dream.
In September 2022, Brieuc, Cryplander, Giaki3003, xtdevcoin, and Hardwarewise met up in Ankara to discuss this situation and assess the future of SINOVATE. We had intensive and full-of-passion discussions.
Alongside this, the SINOVATE network got reduced by the bear market. Many people left the network and the mining/staking support. These reveal some technical issues which are related to the R&D we did in the last years to understand blockchain technology and how the Cloud can be part of our network. In the last weeks, SINOVATE faced many challenges with its InfinityNode code which have caused problems with the network stability and reliability that are extremely complex to fix. Additionally, the economic model did not meet our expectations and the Cloud prototype called bFTP requires us to rethink our technological features.
We Learn to Grow Up
All these difficulties highlight the need to doing radical changes to the project. We believe in our features and we build a strong team with awesome community members.
It is time to step up in the last straight line for being the most promising and mainstream Cloud infrastructure for the web 3.0 ecosystem. We have then decided to propose a new phase, a new project, and a new vision: Nephele. This new solution is going to be supported by the creation of a legal company in France called Nephele Labs. This start-up is going to be the foundation of the emergence of the most powerful web 3.0 Cloud solutions. This comes with a token distribution for fundraisings and to support the development of the network which is huge. The company is currently under registration and we are building the network to make this project a top project in 2023 and beyond! We’ll share more details on the structure through the publication of a website, whitepaper, and a pitch deck that anyone can use to find new members.
Technologically speaking, we are already working on refactoring completely the foundation of our future Cloud solution for web 3.0. Giaki3003 is currently defining the general specifications that will drive milestones over the next few years with the hopes to recruit top-notch profiles.
Nephele blockchain is going to have a new economic model by still using the burning mechanism and the 12-month node contract. However, a mechanism should guarantee limited inflation and a better representation of nodes in the economy.
We have the objective to participate as Nephele Labs in the Paris Blockchain Summit 2023. The subscription deadlines are ending on the 15th of February 2023 but we hope to meet them. Whatsoever, we’ll be there! This summit is going to be huge and there will be the top actors in the cryptocurrency space. We’ll make everything to have the support of the best cryptocurrency advisors/CEOs.
SINOVATE Community is Our Heart, We Need You to Decide on SINOVATE
From the start, we never left our community alone and the core team made everything to challenge the technological developments and to support our community.
SINOVATE network is going to be where it is. It is an open-source project and anyone can run it. As we said, the technology suffers from technological issues which are difficult to fix properly. It is possible to make some patches but it is like putting a protection cream on a sunburn.
Hence, our lovely community, we are going to run the next week a very major poll with the following question:
Do you want Sinovate to become Nephele or to keep Sinovate independent of Nephele?
With the Nephele project, it is a bigger community to develop and you’ll be the precursors of this new open-source and large-scale project. Many web 3.0 (dApp) and Cloud provider companies are going to join us, many future users, and investors. However, the development is going to be led in a business way supervised by a company founded by an ICO.
If you accept that Sinovate becomes Nephele, Nephele Labs is going to support a swap from the SINOVATE network to Nephele one by keeping the value of our coins. A specific article is going to be released next week concerning ICO tokenomics.
The swap will allow you to transfer your assets (Value is kept) and continue the adventure with Nephele if you want. A claiming period will be proposed to get your tokens. The swapping mechanism is under definition and should be proposed in the next few months depending on the poll result.
Keep in touch and Join our Discord to vote for this eminent decision that is shaping the future of SINOVATE. Discord: https://discord.gg/XMqWuaGcnt
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
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.
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