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
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.
Don’t forget to download the last wallet: here.
Buy SIN on TradeOgre (No-KYC).
Join Us: Discord, Telegram, Twitter