Table of Contents
SINOVATE (SIN) is an open source peer-to-peer digital currency which encourages growth within the blockchain technology community. It aims to strengthen the path towards mass adoption of cryptocurrency technology through the creation of unique innovations.
SINOVATE Blockchain has implemented many unique features to create a variety of benefits for its users. These features include X25X algorithm, FlashSend, Infinity Nodes, Revolving Sovereignty Votes (RSV) and SINOVATE Document Verification (SDV).
SINOVATE has embraced and developed Blockchain Technology to best serve the interests of individuals or groups who wish to use it. SINOVATE is proud to have assembled a diverse, experienced and talented team to serve the community by helping to educate how SINOVATE can be used. There is wholehearted commitment towards building a strong community, and by doing so, pave the way towards the mass adoption of cryptocurrencies. SINOVATE, together with its team believe in transparency and is aware of the current challenges facing the Blockchain Community as a whole.
1. OUR VIEW
SINOVATE is aware of the vital role a community serves in supporting the success of a project. Each member of the SINOVATE Community has the ability to participate and influence decisions being made for the benefit of the ecosystem and entire industry. SINOVATE strives to be as innovative and democratic as possible.
Ultimately, SINOVATE has adopted proven ideas and technology from other Blockchain projects and has, at the same time, learnt from the mistakes of others. It is our goal to grow a platform based on the needs of the community. SINOVATE want to offer a more transparent product, an easier way to implement it and a solution to the existing problems in the crypto community.
2. OUR MISSION
In this new digital space called Blockchain, Creating and Building Innovation is very challenging and rewarding. It is important to note that cryptocurrencies are still in their initial phase of growth. Blockchain Technology provides its users with a world of limitless practical applications that extend far beyond the financial sector.
SINOVATE embraces this technology to implement the decentralised solution for various sectors. It harnesses existing technologies and concepts, innovates them and then creates multiple useful features. This gives users the ability to adopt new technology in a secure environment.
For a rough comparison that may serve useful, the total world cryptocurrency market cap is at around US $270 billion and climbing. Thought leaders in the cryptocurrency field such as William Mougayar talk about “vanity metrics” or “usage metrics” — the breaking of records at each “Next Big” cryptocurrency launch that only seem important to those in the cryptocurrency industry. In this Blockchain world, a big launch party is confused with as-yet-unproven success in the field. According to even those who embrace cryptocurrency culture, more than nine out of ten Blockchain based start-ups are likely to go to the wall. Expectations of success from the experts are even less optimistic than for regular start-ups.
To a large extent, we believe that this is due to the disbalance between the complexity of the technical aspects of the projects and the actual business use of the services. Users are not able to validate within a reasonable amount of time after the launch of the cryptocurrency. Waiting two years for a technology to be developed and then to begin thinking on how other businesses can adopt that technology seems to be a challenging concept. Therefore, our goal is to launch SINOVATE in combination with a user-friendly platform which will can be fully integrated in the user’s day to day life. We want to create, build and innovate.
SINOVATE was chosen as the name to best represent the core beliefs and future plans of the project. There is energy to build upon the way in which current Blockchains function by innovatively creating new features. As things stand, many unique features have already been developed, namely Infinity Nodes. SINOVATE will continue to expand what Blockchain has to offer, but also keeps in mind and acts according to other struggles being faced by other projects.
Providing the solutions necessary to make SINOVATE the next generation platform and currency has mostly been done through SINOVATE’s features. Here, we will explain how they work and what they bring to the table.
3.1 NEW X25X ALGORITHM
The SIN Blockchain runs on the custom in-house built X25X proof-of-work algorithm. This is a brand-new algorithm to the space and is available to all users with a focus on GPU mining. X25X is developed to be ASIC, FPGA and Quantum resistant with the addition of SWIFFTX to the algorithm chain. This is to ensure that SINOVATE has a fair, decentralised consensus mechanism available to all.
3.2 PROOF OF BURN
Infinity Nodes will implement the Proof of Burn (POB) mechanism, which by definition provides Blockchain network validity by ensuring that all participating nodes reach consensus. In SINOVATE’s case, POB will secure the network still further, by forcing bad actors to think twice before attempting to carry out malicious activities. This is because SIN coins must be sent to a non-spendable address, in order to initiate the burn process.
Infinity Nodes have an operational lifespan of 12 months, and must remain active for this entire duration to enable sustained network stability. POB will provide this stability for future use cases such as IDS (Incorruptible Data Storage), as a decreasing circulating supply will significantly lower sell pressure on investors and increase the value of their holdings, creating an all-round beneficial environment.
3.3 SINOVATE INFINITY NODES
SINOVATE are proud to pioneer this groundbreaking technology which successfully provides passive, annual income while concurrently decreasing inflation. Infinity Nodes are the evolution of Masternodes and aim to revolutionise current financial interest systems.
Typically, Masternode, Proof of Stake (POS) and even Proof of Work (PoW) cryptocurrencies fail to address the obstacles involving high inflation and emission, leading to deflation of value.
To control these factors, SIN coins used to create nodes will be burnt immediately. The Infinity Node system entirely removes coins from the SINOVATE Blockchain, rewarding owners with a guaranteed annual interest of, for example a guaranteed minimum annual interest of around up to 22%, assuming the limit of 594 million SIN are locked into Infinity Nodes. This will significantly reduce emission levels as seen with other Masternode projects.
Unlike traditional Masternodes, Infinity Nodes and the coins that are setup for nodes will be removed from the circulating supply to control inflation whilst continuing to support, validate and secure the network. The incentive rate received is dependent on the number of Infinity Nodes. If the node limit is exceeded, return on SIN coins will be received within the first 300 out of 365 days. Where the circulating supply reaches 645 million minus 20 million from the Development Wallet (for the sake of transparency and fairness, this will not be locked into Infinity Nodes), the total quantity of SIN held by nodes will be 594 million.
In this instance, the existing circulating supply will be 31 million to be used for trading, buying and selling SINOVATE. Should 594 million SIN coins be burnt, there will be greatly reduced supply and scarcity.
Similar to conventional Masternodes, the rewards are not distributed via a Ring Signature procedure and are instead calculated by average. For each individual block, the X25X algorithm finds the top 30 nodes spanning across each Infinity Node tier. One Big, Mid and Little SIN Node must be found within this list, in order to initiate the reward process.
For instance, should no Mid SIN Infinity Node be found, all rewards relating to that block will be undistributed and permanently burnt.
All Infinity Nodes will have a theoretical life of 12 months, at which point they will be removed from the node count. Node payments will be received every day, for the duration of one year.
At the end of the Infinity Node’s locked up year, the nodes are then burnt forever.
For full transparency coins that are burnt are sent to the address:
3.4 INFINITY NODES TIERS & REWARDS DISTRIBUTION
- There will be 3 tiers for Infinity Nodes
- 100K for Little SIN up to minimum 12%
- 500K for Mid SIN up to min 17% with 5% additional bonus earnings
- 1.000K for Big SIN up to min 22% with 10% bonus earnings
- 10K collateral required in order to operate and generate rewards
RETURN on INVESTMENT and the DECREASING SUPPLY
Return on Investment is dependent on the quantity of locked in nodes as well a decreasing circulating supply, which is shown in the diagram below:
4. PRODUCTS & SERVICES
IDS is a revolutionary Private Networking mechanism, designed to allow users to store files for future retrieval and verification and send encrypted files to one another anonymously. It also allows private messaging between users, using the SINOVATE chain to guarantee security and prevent censorship. Users can choose the level of encryption they need, from 256 to 1024 bits. IDS will have 5 steps of data storage and sending. Starting with 1.5 MB at level 1 to unlimited storage at Level 5. IDS level 5 will encourage enterprises to move away from expensive data centres in the future.
4.1 IDS PROTOCOL
This feature allows users to store digital documentation or data, timestamped with metadata and secured by the incorruptible SIN Blockchain and the underlying protection from Komodo and Bitcoin.
With the data stored and secured, at any time a local copy of the document or data can be compared with that stored in the Blockchain. SINOVATE cryptography and the Blockchain provide the underlying trust and empirical truth to enable the data stored to be validated.
Using the same technology and underlying IDS protocol, this also allows users to send data and documentation to each other using the trusted and secure SINOVATE Blockchain to guarantee the validity of the data. This provides the following unique benefits:
- Increased security of personal information.
- Data control back in the hands of users and recipients, with no additional storage costs.
- Privacy of data. This is paramount in the face of Facebook, Google and other data hacks and misuse.
- Alleviation of hacking and disruptions that centralized databases are prone to experience.
- IDS DataSend Level 1 will allow up to 1.5 MB of encrypted documents between the 2 parties.
- IDS Level 5 will allow unlimited send and unlimited storage.
4.2 SINOVATE DOCUMENT VERIFICATION S.D.V.
[*]The Blockchain is a public ledger used to record all the transactions in a decentralised data log rather than a physical ledger or a single database. While Blockchain Technology was originally used to create cryptocurrencies, nowadays Blockchain is being promoted to different areas like trading, file storage, payment services, identity management, financial exchanges, medical records management, education and more.
Unfortunately, in today’s world, fake documents are epidemic and as most of you know there is no trouble in obtaining these. As fake documents precisely look like the originals, it is cumbersome for the layman to identify the real and duplicate. Service providers must burn through millions to verify the documents of candidates. However, Blockchain also finds its applicability in document verification processes. A digital certificate considering Blockchain Technology could address the above issue.
Since document verification is a common phenomenon as far as humans are concerned, they are bound to verify their documents in every walk of life, be it a new birth, marriage, court proceedings, employment purposes or any new step in their life journey. This can effectively be implemented via Blockchain Technology.
Today, document verification is no more strenuous and also immune to faulty representations via Blockchain Technology. Under Blockchain, the documents to be verified are set on a distributed ledger. It is not the digital copy rather a cryptographic copy that is stored on the Blockchain Network.
How it works:
Suppose an institution has decided to store its certificates on Blockchain Technology. The first step will be converting the document content to one-way hash code using cryptography provided by SINOVATE and the hash code is then stored in the Blockchain. The one-way hash code represents the copy of the document but as a string of codes.
These strings of code act as a key for the document. When the user presents this document elsewhere, the code remains the same as that stored in the Blockchain. If the hash matches the details stored on Blockchain by the institution, the certificates produced are genuine.
If the documents are altered in any way, it will not match. For example, a single pixel changed on a signature would produce an invalid match.
SINOVATE Document Verification will work hand in hand with IDS (Incorruptible Data Storage) and DataSend. Combining these features will give our users a trustworthy and secure system to appreciate.
Decentralised governance is the future of any successful Blockchain project. SINOVATE believes that Blockchain will be ubiquitous in the underlying infrastructure and services in the future of everyday life. Having fair voting for developments, marketing and innovations of the SINOVATE chain will be very important for everyone.
SIN node owners can participate in the voting for the life of their nodes which is 365 days, so users who wish to continue gaining interest while having a right to vote must have a SIN node.
Revolving Sovereignty Votes (RSV) is backed by Infinity Nodes so after the first 12 months cycle the nodes and the votes will be revolving for low emissions and fair voting.
In addition, Infinity Nodes contain an enhanced E-Governance system designed to put power in the hands of its users, in the form of revolving votes.
These will replace the traditional voting system and will be dependent on the lifespan of nodes. Revolving Sovereignty Votes(RSV) will allow for the most decentralised E-Governance voting system. In other words, community members who wish to vote must continue to own a node whenever their maturity date finishes. IDS, which will allow users to send encrypted data anonymously, will also be implemented soon.
4.4 SIN SYSTEM ECONOMY
The SINOVATE philosophy is to encourage and reward growth in the Blockchain space and the economy of system has been built with that in mind. Inflation is an issue that faces many other projects which use Proof-of-Stake, Proof-of-Work or Masternode systems.
The bloated emission rates of many other Masternode projects, drive down the price of the coin or token which leads to ever decreasing rewards for investors.
Our goal is to create a deflationary system using Infinity Nodes to revolutionise Masternode Technology. SINOVATE’s unique burn mechanisms ensure that inflation is kept firmly regulated.
Formerly SUQA and now SIN’s unique time-locking feature has evolved into part of the Infinity Nodes design and as nodes are locked up, they receive rewards every day. Current simulations show the new Infinity Node model will return a minimum of up to 22% a.p.r. with less than 10% increase to the total circulating supply every year over 20 years if all 594 million SIN coins worth of Infinity Nodes are full.
SINOVATE sets itself aside from ordinary split Proof-of-Work/Masternode systems, while seeking to create continuous growth, volume and exposure together with controlled inflation. Also, big dump scenarios from wallets containing significant holdings is largely mitigated, in the event that these SIN coins are locked into Infinity Nodes and earning interest. High node counts will equate to reduced rewards, with less coins in circulation impacting the price of SIN coins positively. Conversely, less locked in nodes means higher interest for a short period of time. Should all Infinity Node tiers reach maximum capacity, the price per SIN is likely to be signifcantly impacted upwardly.
Significant Interest offered by Infinity Nodes is designed to encourage investment and therefore increase the quantity of locked in nodes which secure the network, enabling swift and secure functionality as well as for future features such as IDS to be implemented seamlessly. SINOVATE will be suitably positioned as the Masternode orientated cryptocurrency which consistently integrates the highest number of nodes locked into its system. Incorruptible Data Storage and Unlimited Encrypted Data will be amongst the key innovations offered by SINOVATE, with the ultimate goal of mass adoption amongst the layman, merchants and service providers alike.
How it works:
This system is designed to reward both early and late investors. As the Blockchain grows and more users join, a greater quantity of fees are burnt through daily use. Fees are kept low for individual use. However, all transaction fees will be burnt as the network grows, while rewards for all grow as coins are removed from the circulating supply, through the burning of fees and locking up of Infinity Nodes.
This leads to a positive feedback loop that will aid SINOVATE’s growth and development while rewarding nodes holders, miners,investors and daily users.
4.5 INFINITY NODES SECURITY & ANONYMITY
Infinity Nodes are chosen to process the FlashSend transactions using a pseudo-random ordering based on an algorithm, utilizing the hash from each block. The proof-of-work mining network thus provides the underlying security as with each new block, a different set of nodes are selected. This group is comprised of a selection of ten, ranked nodes.
4.5.1 What is FlashSend?
Over the last decade, code development has resulted in improvements to how Blockchain Technology functions. New innovations have been introduced which have increased the security, reliability and efficiency of sending transactions via a decentralised and trustless network.
FlashSend is a feature of the SINOVATE Blockchain that will enable wallet users to send SIN in a matter of seconds (less than 3 seconds). It utilizes two elements of the network protocol, transaction locking and Infinity Node consensus, to facilitate instantaneous transactions. With such rapid transfers, many additional use cases come into view. Micro and mobile payments will become more seamless.
FlashSend outperforms similar features on other Blockchains due to the high capacity, scalable nature of the network. This allows transactions of 533 per second, much faster than previous iterations. This makes the SINOVATE offering 75 times more scalable than Bitcoin and significantly faster too. Current ongoing development aims for much increased scalability in the future of the SIN Blockchain.
4.5.2 Why is FlashSend necessary?
As discussed above, transactions get confirmed by miners who direct processing power to successfully find block hashes. They then receive a reward as an incentive. If there are too many transactions being processed, the time taken to find the next block can take minutes, or even hours. By paying a higher fee to transact in this situation, FlashSend can be used to transfer SIN instantly and irreversibly by using Infinity Nodes.
By using Infinity Nodes that act as observers and giving them greater authority regarding FlashSend transactions, double-spend protection is guaranteed in a manner that does not result in high transaction fees. It will allow merchants to use mobile devices, instead of traditional centralised point of sale (PoS) systems, to settle commerce face-to-face without the inconvenience of waiting too long.
No central authority is required to observe or validate transactions and FlashSend will have an initial limit of 10,000 coins per transaction for micropayment functionality.
5. DEVELOPMENT PROGRESS
SINOVATE’s evolution will initially depend on user growth generation. The platform is designed to scale rapidly under the influence of demand-side economies of scale and cross-side network effects. We intend to utilize the scaling potential and increasing volume of transactions to further develop features to enhance the user’s experience. Moreover, we aim to expand our business model in terms of integrating with partners and connecting different ecosystems in one.
Our big team of talented developers aim to lead innovation in the space with ever evolving unique features. For example, the innovation of the “time-lock” interest feature of SUQA has evolved into the concept of Infinity Nodes with their distinct coin burn mechanism, it brings large improvements in Masternode security and Blockchain economy.
Sandbox environments are used for testing ideas and new features. Our testnets and sandboxes can simulate market and network conditions to aid monitoring and improving the main SIN protocol. Several further innovations are under development however we are not able to release details publicly currently.
SINOVATE builds on the work completed by Satoshi Nakamoto and its huge team of developers across the globe. We thank them and as part of the SINOVATE development strategy, it would be unwise not to continue to learn lessons from the close to 20,000 commits (at the time of writing) on the open source Bitcoin GitHub.
The team draws on experience from a wide background of roles and constantly keeps up to date with innovations in the wider space. It is a key objective of this strand to assess developments of our friends, colleagues and partners in other projects. SINOVATE aims to leverage the support and development of Bitcoin and other open source projects if they add significant value to the SINOVATE Technology.
SINOVATE Github has one of the most active githubs with multiple daily commits.
6. SINOVATE USE CASES
There are many examples of how the SINOVATE Blockchain could be used in industries across a wide spectrum of fields. Adopting the unique features of Blockchain combined with the ability to securely store, send and retrieve documentation is a powerful addition to the SINOVATE set of features.
It can be used in conjunction with legacy systems and processes to bring cutting edge technology to many businesses, sectors and individual users. Documents stored and sent with SINOVATE are time stamped. At any point a user can compare a local copy of documentation stored on the Blockchain to and through cryptography, in order to prove it existed at a point in time. It allows users to digitally sign documents at a point of time, using their SIN address as an identity.
Document storage has proven difficult to implement with other Blockchain projects due to the latency in storing and retrieving documents. The SINOVATE chain, with its low latency, 533 Tx’s is able to improve on previous iterations.
Data and documentation are stored in a decentralised manner, across the SINOVATE Blockchain meaning that the documents and data stored provide a source of truth that is incorruptible:
- SINOVATE Finance Solution
- SINOVATE Medical use and privacy
- SINOVATE Insurance
- SINOVATE Education
- Go Green, Go SINOVATE
Detailed information of use cases will be available in Whitepaper v2.5 XXL.
7. BUSINESS STRATEGY
SINOVATE platform needs to be economically sustainable for long term growth and viability. Our business strategy is to provide a user intuitive platform where users can enjoy, research and implement our Blockchain solution and cryptocurrency into their daily lives. We envisage a premier platform whereby users do not need to enroll in multiple platforms to cater to their Blockchain needs. This will be accomplished by acting upon the community’s issues/hassles when needed and by offering a large selection of features and solutions to them.
At SINOVATE, there is immense potential for future growth within the cryptocurrency market. In March 2017, it was estimated that the number of cryptocurrency users was between 2.9 and 5.8 million. Since then, proportional to the market price of Bitcoin, the number of cryptocurrency users have grown exponentially and is projected to exceed 200 million active users by 2024, driven by increased mainstream and institutional adoption.
SINOVATE aims to act upon this opportunity while the market is still in its infancy by catering our products and services to beginner and advanced users, with a view to attracting corporate and institutional investors due to our core focus on security, integrity and regulatory compliance. SINOVATE isn’t here for the hype, SINOVATE is here to stay, this has to do with our belief in the world of cryptocurrencies. We see the rising demand and need for Blockchain Technology and are ready to expand on this further, help people implement it and educate them.
7.1 MARKETING STRATEGY
Our first and already completed step is the launch of our web portal. According to our research, 70–80% of the marketing campaign is done through information distribution channels, and the company’s website embodies 80- 90% of this information load. Therefore, SINOVATE has devoted its resources to the creation of a web portal that is not only beautifully designed and well organised, but complete with full details about the possibilities of SINOVATE and contains core information about our team structure, the ideology behind SINOVATE, schedules, communication channels, and all other details that are necessary for our users. Above all, our team values transparency and honesty, so it essential to us that critics, end-users, contributors and investors have access to genuinely useful information about SINOVATE.
7.2 FINANCIAL CLARIFICATION & TRANSPARENCY
A culture of transparency has led to huge support. SINOVATE is a free open-source project that is built by expert Blockchain developers. Support has been growing rapidly in our community of Blockchain enthusiasts which spans the globe. Our governance model is also key to transparency as anyone can now view the outcome of voting events to shape the future of our ecosystem. This way, we have established a democratic system that fits the needs of most and by doing so we believe that it will have the most impact on Blockchain Technology and its users.
SINOVATE is renowned for being one of the most transparent cryptocurrencies by sharing every single detail with the community and also by not using the Development Wallet of 20 million SIN coins for Infinity Nodes earnings. SIN provisions a 10% Developer Fee from the block rewards. This Developer Fee will be used to further develop and maintain our ecosystem and to invest in the solution of the problems which the community is experiencing. This way, the community isn’t having the financial burden of developments that desperately need to be implemented in their daily lives.In order to grow as a platform, a financial clarification is essential, here is ours.
We have calculated the cost of building and maintaining the platform, next to this we have calculated the costs that are needed for maintaining the Blockchain and keeping the systems updated as well as other aspects of it such as marketing of SINOVATE.
More detailed Financial information will be released with White paper V2.5 XL.
Milestone 1 in year 2019
The first milestone will see the rebrand and release of the Infinity Node architecture and will lay down the core infrastructure to allow additional features and capabilities. The Infinity Node layer will be integrated into the PoW Blockchain. This will allow one of the first innovations with data stored within coin transaction data and secured into the SIN network. P2P File sharing between Infinity Nodes and miners will also be enabled.
Features enabled and will be enabled:
- Infinity Nodes
- IDS (DataStore-DataSend)
- X25X Algorithm
- RSV Voting
- Heritage (inheritance,Legacy)
7.4 SWOT ANALYSIS
Detailed information regarding the Roadmap will be available on Whitepaper v2.5 XXL and on Roadmap v3, which shows innovations until 2022.
7.6 SINOVATE TEAM
7.7 SINOVATE MINING
The efficiency and reduced heat profile of the X25X algorithm aids miners and proves that mining operations do not have to maximize power consumption and heat output to compete and to be ASIC/FPGA/Quantum resistant. For larger miners, this can mean easier scalability with less cooling and ventilation requirements.
7.7.1 Blockchain specifications and Block rewards;
Block Time: 2 minutes
Max Block Size: 16mb
Max transactions per second: 533 Tx/s
Difficulty Retarget Algorithm: LWMA
Total Supply: Approx.2.5 billion after 20 years
7.7.2 MINERS & POOLS
- Official Pool
- T-rex Nvidia(Cuda) GPU Miner
- FancyX AMD(OpenCl) GPU Miner
- Wildrig AMD(OpenCl) GPU Miner
- Infinity Nodes Setup Guide
Brand awareness and community building are the most important aspects of transparency and will combat any uncertainty potential users may have with the SINOVATE currency & platform.
To build awareness around our brand and to put our project on the radar, our team will actively participate on these platforms and generate a presence among users. This will enable us to establish a powerful relationship with our community and by doing so make SINOVATE the most user-friendly platform within the crypto sphere. SINOVATE’s team can be considered one of the most active across all channels, providing 24 hour support regularly.