SINOVATE Governance Proposal
The SINOVATE team has been working on a wallet update for a release coming soon. Scroll down for a summary of the wallet update. One of the items up for discussion has been to increase the network tx fees. In the spirit of decentralized governance, this item must be put to the vote by the community. Here are the proposed changes:
Increase network tx fee to 0.005 SIN, 0.1 SIN, or 0.15 SIN (0.15 SIN about .0003192 USD at current prices). In all respects, this fee is still incredibly low.
Currently, the tx fee is almost zero (only 140 Sintoshi, on average) at 0.00000140 SIN.
How It Benefits The Network
Since all tx fees are burnt, implementing this change will go a long way to decrease coin emissions. At this early point in SINOVATE’s history, the network is already experiencing a vast number of daily transactions. On average, there are around 12,000 transactions per day — yet some days the number extends past 14000. Infinity Node holders primarily generate this high volume of transactions.
This level of network traffic would yield a total of 1800 SIN burned per day on average, and would likely range from 1,500 to 2,100. However, as more applications, features, and nodes are added to the network, the number of transactions is sure to rise. It would only have a compounding effect on the number of burned coins and would produce a positive economic result.
How To Vote
To participate in the vote, please join the SINOVATE discord.
Then, scroll to the #vote-poll channel located on the left, and cast your vote!
Upcoming Wallet Update
- 4 new seed nodes, Canada, Australia, Singapore, Netherlands.
- Visual Enhancements such as ROI stats and new interface.
- Transaction fee increase.
- Bug fixes.
Detailed article about the updated wallet will be released shorlty.
Join us and stay tuned for all forthcoming updates via our website and social media platforms: