Busy and proactive are two words synonymously associated with SINOVATE (SIN), but even for this fantastically hard working and dedicated project, June was truly an exception. This article serves as the first of an on-going monthly series, where key activities and milestones achieved will be discussed.
SINOVATE took its original form as SUQA, a peer-to-peer, open source cryptocurrency fairly launched in September 2018. SUQA offered mining advantages for GPUs over commercial mining farms, by making ASIC and FPGA design much more difficult and expensive via its customer X22i algorithm. Quantum computer resistance was also provided, as well as a profitable wallet enabled Time-Lock feature, generating substantial interest for all participants.
Despite SUQA’s multitude of benefits, evolving into a collaborative technology company offering unique and modern Blockchain products, services and solutions was necessary, in order to encourage community growth while paving the way towards mass adoption of cryptocurrency. SIN’s features which have successfully been implemented include FlashSend, ShadowSend and most prominently its unique, Masternode evolved Infinity Nodes (further details to follow).
In order for miners to continue receiving long term rewards, evolving and adapting to increasing demands in computing power and efficiency required by modern hardware systems was necessary. This has been carried out via SINOVATE’s brand new custom X25X algorithm.
X25X pursues the goal of ASIC and FPGA resistance, by implementing multiple additional features over standard Proof-of-Work (PoW) algorithm chains such as X11. Features include increasing memory requirements by 24 times, with X22i standing at 4 times. This is not a problem for CPUs and GPUs, but is significantly more difficult for FPGA and ASIC devices to maintain. The reason for this is because they require commodity RAM usage, which provides no advantages over CPUs and GPUs. These appliances must also apply more internal RAM, increasing the chip space required.
Additionally, X25X has a new shuffle stage, which prevents multiple optimisations overriding the purpose of the bigger buffer, and also circumvents malicious activities from private miners seeking to gain unfair advantages over honest workers. This can be achieved by combining multiple algorithms into one, where the output of every stage is required to reach the final result. Also, this indirectly promotes the writing of clean code for algorithms, where the open-source code is more valuable both in terms of quality and hash rate. This is important for the long term continuity and viability of POW mining. X25X officially went live on 1st June 2019.
Infinity Nodes Launch
Infinity Nodes are a new invention within the crypto sphere. These innovative Proof of Service protocols improve the previous Time-Lock feature, by enabling node owners to take advantage of a unique reward system.
Distinct in their capability, Infinity Nodes hold the maximum capacity required to host comprehensively more nodes than any other cryptocurrency. Full nodes ensure that the highly scalable SINOVATE Blockchain, shortly in tandem with Delayed Proof of Work (dPoW) provides a swift, secure and seamless networking experience at all times.
In addition, Infinity Nodes successfully provides passive, annual income while concurrently decreasing inflation. Infinity Nodes are the evolution of Masternodes and aim to revolutionise financial interest systems, by resolving high inflation, emission and therefore deflation of value obstacles which typical Masternode, Proof of Stake (POS) and PoW cryptocurrencies fail to address.
In order to control these factors, SIN coins used to create nodes are burnt immediately. The Infinity Node system entirely removes coins from the SINOVATE Blockchain, handsomely rewarding owners with high annual interest while creating significant scarcity of SIN coins at the same time.
Infinity Nodes were officially launched on 1st June 2019.
The SIN Community steadily grew in June, with Twitter having reached close to 3000 followers. Facebook followers currently stands at 2253, while Discord and Telegram members have reached 5000 and 8500 members respectively. The SINOVATE Bitcointalk Announcement Thread has exceeded over 20 pages, after the SUQA thread was locked at 112 pages.
The above mentioned figures show that SINOVATE has a very strong social media presence, together with a highly engaged community. Marketing efforts have also expanded beyond organic campaigns, with professional press releases, videos, bounty programs, search ads and listings aiding our efforts in establishing mass exposure and adoption.
Bug fixes and Wallet upgrades
A number of Infinity Node and Wallet bugs were resolved. Features were also upgraded for improved functionality:
- Additional SIN Node reward checks, enforced at block 176.500
- SIN Node stability improvements
- Faster synchronization
- Protocol version improved, in order to isolate old peers
- Enhanced SIN Node payee validation
- Extra security measures
- Expired Nodes stabilized with no stoppages
May & June 2019: 73 commits
New Team Members
SINOVATE have actively been recruiting new talent, adding to the wealth of knowledge, experience and expertise already assembled:
Further details can be found via the Team Members page on the SINOVATE website:
Hard Fork Details
We had 3 Hard Forks in June, due to unexpected bugs within the functionality of Infinity Nodes and rewards received. These have successfully been resolved, and are now in full working order.
Partnerships & Monitoring Listings
In addition to current exchanges, SINOVATE can also now be traded on the following:
Join us and stay tuned for all forthcoming updates via our website and social media platforms:
Author: Amit Kaushal