SINOVATE Monthly Report: January 2021

The SINOVATE (SIN) Team experienced an exciting start to the year. This article forms part of an on-going monthly series, where key activities and milestones achieved will be discussed. 2021 will be a landmark year for SINOVATE with many exciting implementations on the horizon, including the release of our decentralized cloud storage solution Incorruptible Data Storage (IDS), the in-house built PoS4 hybrid algorithm, SINOVATE Proof-of-Inheritance, and much more. Stay tuned to our social media and communication channels for updates as and when they happen.

ANNOUNCEMENTS & PARTNERSHIPS

SINOVATE distributes first HODL Coin Offering rewards

SINOVATE has distributed the first rewards to participants of the SINOVATE HODL Coin Offering (HCO). As 2020 was a difficult year for many with the on-going COVID-19 global pandemic, SINOVATE 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.

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 total. The amount of SIN received per interval depends on your earning option of choice. Click here for further details.

Entries for the HCO marketing campaign will officially close on 05.02.2021. Join the SINOVATE HODL Coin Offering today for additional passive income possibilities and watch your earnings grow.

SINOVATE Community Governance Proposal

Prior to announcing our 2021 roadmap, SINOVATE is conducting a community governance proposal to decrease the total number and associated rewards for upcoming BIG and MID Deterministic Infinity Nodes. There are currently almost 400 BIG and MID nodes, with 1752 SIN and 838 SIN received by BIG and MID SIN Nodes. The purpose of this community vote is to propose the reduction of BIG rewards to 1250 SIN and MID rewards to 650 SIN, bringing these tiers close to 300 nodes each.

Click here for the reasons for this proposal and all that it entails. As always, regardless of the outcome, SINOVATE will only proceed as the majority decides. Your vote counts. Help to shape our future, and join us on our journey to create greater equality, wealth, and world-class decentralized cloud data storage for all.

— @SinovateChain

SINOVATE releases HODL Coin Offering explainer video

Tired of low-interest rates from banks? Seeking more lucrative alternatives? Look no further than the SINOVATE HODL Coin Offering (HCO) marketing campaign. Earn up to 15% APY (annual percentage yield) for locking 75k SIN for a one-time-only 12-month period, equating to 11,250 extra SINOVATE coins. There is still time to join the HCO program, which will remain active for 54, 000 blocks (75-days). HCO entries will officially close around 04.02.2021. Check out the HODL Coin Offering explainer video here, and don’t forget to hit the like button! In-wallet instructions for participating in this campaign are also available here. Visit the SINOVATE YouTube Channel for all previous video releases.

FLITS Hosted Service: Official SINOVATE Statement

As you may be aware prior to the SINOVATE AURORA Mainnet in November, the Flits project encountered an issue in setting up infinity nodes on their application. This error resulted in the loss of all infinity nodes hosted on Flits. SINOVATE endeavored to work with the Flits team to find a solution so that impacted node owners would be fully reimbursed but to no avail.

Negotiations failed between SINOVATE and Flits; both companies decided to initiate independent compensation plans. SINOVATE aims to support as many affected members as possible, while also encouraging these members to use Flits’ compensation plan to ensure that minimal losses are incurred. If you have been impacted by this issue, please fill out this form carefully, as we will use this information to send your compensation. Please only use the original Collateral Node Address, as we will not forward any compensation without this.

As soon as we receive the full list of impacted nodes the forms will be processed. Flits users will be compensated by block 866,800 as described here. Please ensure that all information provided is correct. This form will close on 01.03.2021. Please share the form with other Flits users. Thank you for your fantastic support.

ARTICLES & REVIEWS

SINOVATE: Setting Up My Big Infinity Node. Easy One Click Setup! guide released

Many thanks to Satoshi Sean for an excellent guide on how to create a Big SIN Infinity Node using the first of its kind, in-wallet One-Click setUP feature. Sean runs through all of the steps from start to finish, as well as how much SIN is required to create a Big SIN Node, return on investment, the advantages of our Proof-of-Burn mechanism, and how would-be node owners can generally benefit from joining the SINOVATE network. Watch the Big Infinity Node setup guide here.