AMA Questions, Infinity Nodes and beyond
Besides mass adoption, the first problem in cryptocurrencies is inflation.
This is not only a unique problem associated with ordinary Masternode coins, which are commonly burdened with inflation issues stemming from high-interest generation. In fact, almost every cryptocurrency experiences high inflation issues, regardless of incentive levels provided.
SINOVATE (SIN) Infinity Nodes are a significant evolution and even, a revolution of Masternodes to solve the problem of high inflation, by utilizing the Proof of Burn mechanism. Infinity Nodes are rewarding, with high interest for node owners while concurrently reducing the overall circulating supply. The more nodes in the system mean fewer coins in the circulating supply.
The second problem SIN will solve is decentralized management of information — Incorruptible Data Storage (IDS)
IDS is a peer-to-peer private networking system, which will permit transactions and storage between miners and Infinity Node owners. Competitors including Sia, Storj, BitTorrent, and even IPFS solutions, reward individuals for serving and hosting content on their hard drive space, which requires a 24/7 uptake for computers. User hard drives must remain open, and the rewards received must justify the costs incurred for leaving a computer online.
In IDS, the private networking of decentralized storage relies solely on the SINOVATE Blockchain. Only node owners receiving rewards, as compensation for utilizing their hard drive resources to run an Infinity Node. Node owners will receive rewards both from Infinity Nodes and from storing confidential data, so the cost of storing data will be zero.
IDS will have 5 steps of evolution.
Step 1: DataSend — Users will be able to send documents and SMS only data between SIN wallets, just like sending their coins up to 1.5 Megabytes (MB).
Two sending options will be provided to users, known as legal (256-bit) and illegal (1024-bit or higher).
Data sent in 256-bit will only be accessible by governments for decryption. However, data will still be durable for enterprise use.
Data sent in 1024-bit or higher will be impossible to decrypt even for governments, should this option be chosen.
Step 2: Addition of voice and video data up to 3MB.
Step 3: Increase space and start of DataStorage
Step 4: Increase data storage
Step 5: Unlimited blockchain-based decentralized storage for eliminating data centres all over the world.
Third problem — Network security
SINOVATE has several features that make our network highly secure.
On the proof-of-work layer, we have our ever-evolving algorithm; the current version is named X25X. This has a longer chain which makes it increasingly difficult for ASIC and FPGA manufacturers to make a cost-effective chip. It also has a new “shuffle stage” which further increases this cost.
On the Infinity Node layer, the unique coin burning system substantially increases the cost for any potential attacker, protecting us against Sybil, Finney and other Masternode attacks.
SINOVATE is a peer-to-peer digital currency and ecosystem, which creates unique and modern Blockchain products, services and solutions.
⦁ Most scalable Proof-of-Work (PoW) coin with 533 transactions per second.
⦁ Infinity Nodes that control inflation by burning the coins required to set up a new node while still incentivizing node holders, providing stability and sustained network growth.
⦁ FlashSend: Lightning speed confirmed transactions in less than 3 seconds.
⦁ ShadowSend: Anonymity through coin mixing with default 5 mixes.
⦁ Incorruptible DataStorage: P2P Private Networking with DataSend option, just like sending coins.
⦁ Burning all transaction fees for lower emissions.
⦁ RSV, E-Governance with a 12-month revolving vote. Vote payments are burnt for fewer emissions.
SINOVATE has a large, experienced team seeking to impact the entire crypto space, through the creation of unique innovations for all.
Infinity Nodes are one of the first unique innovations which will control inflation, sell pressure and centralization of funds held.
We have unique innovations with storage of data on-chain, with further details of this to be revealed in due course.
An Infinity Node is an enhanced interest generation mechanism, which successfully solves inflation issues inherently associated within traditional Masternodes. Ordinary Masternodes produce high ROI, but extortionate inflation causes many of these projects to fail. Conversely, Infinity Nodes provide a stable and sustainable alternative, ideal for short as well as long term investors.
Infinity Nodes are available in three tiers, known as Little SIN (100,000 SINOVATE), Mid SIN (500,000 SINOVATE for an additional 5% bonus) and Big SIN (1,000,000 SINOVATE for a sizeable 10% bonus). Nodes require 10,000 SINOVATE collateral in order to operate, which is wallet-locked for their entire 12 month lifespan.
Unlike traditional Masternodes, Infinity Nodes and the coins locked within them will be removed from the circulating SIN supply, while still continuing to support, validate and secure the network. This means that those who operate an Infinity Node will collect their incentives for “hodling”, consistently over a full year. At the end of the Infinity Node’s locked up year, they are then burnt forever.
Similar to conventional Masternodes, 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.
Our team draws from a large diversity of skills from many areas of business. This allows us to design and hone the experience of interacting with the SINOVATE Blockchain at many levels, from developers, business leaders, operational levels down to the end-user experience. This allows us to develop software and user experiences from the perspective of all involved, ensuring that the end-user is the primary focus.
SINOVATE consists of 39 team members from all over the world, with 3 founders. Click here for Team Members details.
SINOVATE receives a Development Funds fee of 10%, which is generated from block rewards for future development and funding.
SINOVATE is already listed on many exchanges. Following the imminent publication of the Legal Paper, additional high volume exchanges will be added. However, we cannot comment on specifics at the moment.
SINOVATE has a very strong social media presence and a highly engaged community. We’ve recently expanded our marketing efforts beyond organic campaigns with professional press releases, videos, bounty programs, search ads, and listings.
SINOVATE governance, called RSV will provide Infinity Node owners revolving voting rights for the life of their nodes (12 months max) on all developments.
The limited-time of voting will allow more decentralization and fewer emissions; we fully expect and encourage the future of the project to be governed by our users.All vote fees will be burnt.
We do not consider ourselves to have competitors as such, as the foundation’s mission is to grow the space for all. We are happy to work with all projects, both by learning from the great work others have undertaken and offering something back to other projects with our open-source code.
What is Tokenomics?
Tokenomics is the amalgamation of two words: “Token” and “Economics.”
Tokenomics is the standard quality type of a token, and assist Community Members and investors to decide whether or not to help build its ecosystem. Decisions are based on the token’s underlying project. Use cases and future plans are factors which impact a coin’s valuation, and form part of its tokenomics. Tokenomics is a broad subject, which contains a variety of components.
A promising project must have a great team behind it.
The SINOVATE Team consists of expert, experienced, and reliable members of 36.
A reliable project must have transparency as well as funds, unobtainable via premined coins or ICOs.
SINOVATE formerly SUQA has been around for 11 months, without a premine or ICO.
The SINOVATE Team receives 10% from block rewards, which is used for further development and marketing of the project.
Branding & PR & Community
Without a bigger network and community, SINOVATE cannot exist.
⦁ SINOVATE’s community is growing daily and organically across all marketing and social media channels.
⦁ Discord server has over 5000 members, with a minimum of 1,000+ users regularly online.
⦁ Telegram channels have 8,500 members, our Russian Telegram channel alone has 2,355 members.
⦁ Twitter has 3200 followers
⦁ Facebook has 6000 followers
⦁ Regional channels also contain respectable member counts.
Business models are a critical factor for decentralized solutions. Being a transaction coin does not differentiate a project from others, so a reliable project must have a great business model.
For example, EOS investors need to stake and hold on to their tokens to receive the necessary resources to run Decentralized Apps.
Infinity Node owners need to have nodes set up for fewer emissions and for receiving incentives for supporting the network.
Our system is designed to reward both early and later investors, as the Blockchain grows and more users join, more fees are burnt through daily use.
Fees are kept low for individual use. However, as the network grows, rewards for all also increase. This is because coins are removed from the circulating supply through the burning of fees, as well as the locking up of Infinity Nodes. This in-turn leads to a positive feedback loop that will aid SINOVATE’s growth and development while rewarding nodes holders, miners, investors and daily users.
Infinity Node owners will also be rewarded by storing confidential data in the SINOVATE Blockchain.
Real World Use
One of the most important aspects of tokenomics is real-world uses.
⦁ SINOVATE will integrate a decentralized solution of DataSending and DataStorage of information for everyday use, by enterprises as well as individuals.
⦁ Another prominent use case which SINOVATE will implement is the use of inheritance within cryptocurrencies. Detailed information will be available during late 2019, via the Technical Evolution Whitepaper.
For a promising project to gain mass adoption, it must be legal globally.
The SINOVATE Legal Paper is due for release shortly after the publication of this article.
Layer 1 or Layer 2
As an example, Ethereum (ETH) is Layer 1 and ICOs that use the ETH Blockchain (ERC20 tolens) are Layer 2.
SINOVATE is a layer 1 cryptocurrency with its own Blockchain.
Utility vs. Security
Jeremy Epstein, the Never Stop Marketing legend CEO, explains, that utility coins can:
⦁ Give holders a right to use the network
⦁ Give holders a right to take advantage of the network by voting
⦁ Since there is an upper cap on the maximum token availability, the value of the coins may go up because of the supply-demand equation.
A crypto coin that does not pass the Howey Test is considered as a security token.
SINOVATE’s Infinity Nodes infrastructure, RSV E-Governance voting and the use of SIN coins in Indestructible Data Storage (IDS) make SINOVATE a utility coin, with the Legal Paper provided by our Legal Partner Bermudez Tejerro.
Coin Flow Specifications
For coin flow, a cryptocurrency investor must look at the following:
⦁ Is the project targeting to build a continuous and stable ecosystem for the long-term?
⦁ How do the coins enter into the ecosystem and leave it?
⦁ How are investors incentivized for carrying the project forward?
Coin Flow in Layer 1
⦁ Participant Incentivization
Rewarding miners and Infinity Node owners for participation in the network via Proof-of-Work, Proof of Burn and Proof of Service.
⦁ Platform development
According to Metcalfe’s law theory;
The more people in the network, the more value the network will have.
A 1.1% block reward throughout the full emission life cycle has been allocated to the foundation, for development and marketing purposes.
There will be a significant Hard Fork in Q1 2020.
The new Hard Fork will enable the next generation of unique innovations such as a new custom consensus, addition of a parallel chain with Proof of Stake (POS) and scalability up to and surpassing levels experienced across other rapid networks, while also solving the problem of inheritance in crypto.
The details of the next Proof of Concepts will be released within the Technical Evolution Whitepaper.
SINOVATE began as SUQA ,which was not considered to be a globally acceptable name, due to negative connotations within the Russian and English languages. The word SUQA bears resemblance to profanity and lacked seriousness in the eyes of many community members. Therefore, it was decided to re-brand to SINOVATE, to emphasize the unique innovations which our project provides.
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 store, send, and retrieve documentation securely is a powerful addition to SINOVATE’s 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.
Data and documentation are stored in a decentralized manner, across the SINOVATE Blockchain. This means that documents and data stored provide a source of truth, which is incorruptible:
⦁ SINOVATE Finance Solution
⦁ SINOVATE Medical use and Privacy
⦁ SINOVATE Insurance
⦁ SINOVATE Education
⦁ Go Green, Go SINOVATE
The InterPlanetary File System (IPFS) network protocol facilitates the peer-to-peer transfer of distributed hypermedia, by permitting computers to connect to a singular storage point to access and store data — similar to the Internet. However, unlike centralized databases, IPFS enables decentralization via a selected group of user-operators, who hold a proportion of the overarching data and create a permissionless environment for file sharing and storage.
Conversely, Incorruptible Data Storage (IDS) is a revolutionary Private Networking mechanism, which will permit encrypted as well as anonymous, decentralized data transfer and storage in a five-stage process. Preservation and resilience provided by the SINOVATE Blockchain will ensure enhanced security levels are maintained at all times. Data control use cases which will be provided by IDS include storing and transferring digital copies of Birth Certificates, Passports, and Medical Insurance details.
Due to the nature of SINOVATE blockchain and infinity Nodes, the maximum supply will always be less than 800 million in the next five years. After that, the circulating supply will continue to decrease from generations to come.
As things stand, full POS implementation is scheduled to commence before 2024, until the 20 years maximum supply is reached.
We are actively seeking listing opportunities on high volume exchanges. Stay tuned for updates.
Can you please provide a breakdown of block rewards for each Infinity Node tier? How will this be distributed?
Infinity Nodes will be distributed and rewarded as follows:
The block reward allocated to each Infinity Node tier is distributed across all individual nodes associated with that tier. For instance, the reward of 160 SIN from one block will only be shared between little SIN node owners.
Yes, this is mandatory. SIN Nodes, via a Virtual Private Server (VPS), must be connected to the network 24 hours a day. The SINOVATE Wallet however does not require a 24/7 uptake. Should an Infinity Node holder, for example be disconnected from the network for several hours which causes them to miss 100 blocks, they will not be paid for the missed 100 block period.
I have a question about two things. We assume a hypothetical situation. An investor disables or stops their Infinity Node due to improper service. In this case, is it sufficient to re-register an Infinity Node by sending the appropriate command from the wallet?
Node holders will need to set up an alternative VPS, change configuration (IP Address) and run a new VPS. Your node will be active within 30 minutes to an hour.
The second situation concerns the possibility of transferring an Infinity Node to another server. The IP address will change, but the Infinity Node key will remain the same. In this instance, will Infinity Nodes be accepted by the network?
As long as the user retains the burntx of the infinitynode, they can transfer their node to a new vps(ip) with a new collateral tx id.
Why is IDS better than cloud storage? Will providers of confidential data receive additional SIN rewards?
Cloud storage involves concealing data on hardware in a remote physical location, accessible globally via the internet from any device. Files sent to a data server are maintained by cloud providers, as opposed to or in tandem with traditional hard drive storage. Users are able to store and share files, with cloud storage systems encompassing hundreds of data servers all linked to a singular location, with a master server obtaining overall control as a general rule.
Conversely, in IDS the private networking of decentralized storage relies solely on the SINOVATE Blockchain, with only node owners receiving rewards as compensation for utilizing their hard drive resources to run an Infinity Node. Node owners will receive rewards both from the Infinity Nodes and from storing confidential data.
Scalability is one of the biggest problems in cryptocurrencies. POS only or centralized cryptocurrencies have higher scalability but are not suitable for the original Satoshi plan.
Satoshi Nakamoto’s dream was for everybody to mine their coins without being centralized, so SINOVATE is not only the most scalable POW cryptocurrency, but will also have significantly increased scalability in the future. Mass adoption requires high scalability, meaning SIN will be well positioned for real world usage.
SINOVATE Payment Gateway will be released during 2019 with high scalability, and will permit transactions in less than 3 seconds via FlashSend.
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.
Also, an algorithmic change was required in order to make ASIC chip production as well as FPGA design far less profitable, due to the short timeframe permitted for using the product.
Additionally, X25X enables lower power consumption for GPUs, implements a much longer algorithm chain (25 algorithms) and is protected from difficulty attacks by using Dark Gravity Wave v3, raising memory requirements compared to X22i by a factor of five.
What does the “X” stand for at the end of X25X? Why is this not “i”, as was the case with the X22i algorithm?
X refers to either extended or expanded, as the X25X algorithm serves as an upgraded version of X22i. The fundamental structural difference with X25X is its additional “shuffle” stage.
Mobile wallets will be released imminently as a custom functional-looking wallet, tailored to the specific needs of the SIN Blockchain.
Our team draws from a broad diversity of skills from many areas of business and across many different industries. This allows us to design and hone the experience of interacting with the SINOVATE Blockchain at many levels, from developers, business leaders, and operational levels, down to the end-user experience.
This allows us to develop software and user experiences from the perspective of all involved, ensuring that the end-user is the primary focus.
SINOVATE endeavors to provide transparency across business and development related activities at all times. We publish updates regarding our financial status on a monthly basis. July’s statement can be found here
Decentralized governance is the future of any successful Blockchain project; SINOVATE believes that Blockchain will be ubiquitous in the underlying infrastructure and services of everyday life in the future. Permitting fair voting for developments, marketing and innovations will be very important for all, enabling the entire SINOVATE Community to shape the course of our future.
Mining remains very important to us and will be for many years. See above image for details. The Proof-of-Work layer of the Infinity Node system acts as an essential component for many of our features; for example, if a transaction using Flashsend fails, the POW layer is activated.