Masternode deflationary model: SINOVATE Review
By Rafał - 2019-07-08
SINOVATE (SIN) is a Peer-to-Peer (P2P) digital currency and ecosystem which creates unique and modern blockchain products, services and solutions.
SINOVATE (SIN) is the successor of SUQA and was rebranded in early 2019. It combines the brand new custom X25X algorithm alongside Komodo’s unique security mechanism, well known as the Delayed Proof of Work (dPOW) (will be integrated by the end of July) solution to offer a maximum of 533 tx/s. The team implemented this mechanism to provide an additional layer to safeguard the SIN blockchain against one of the major threats against POW currencies, the 51% attacks. This new algorithm ensures this by leveraging the Bitcoin network hash rate with the notarization process.
The SIN blockchain offers a wide range of features and services that we will see in details in the next part. UQA was open source, had no premine, no ICO/ICO and organized a fair launch. The development team communicated transparent and responsive, even providing regular financial statements. The team decided to maintain its core beliefs and values and rebranded to SINOVATE, a next generation cryptocurrency platform. As blockchain technology evolved, team realized they had to expand their project as well, focussing on new blockchain innovations and mass adoption. SINOVATE is fully open sourced, and has a wide community and user base, who all contribute to the project. It follows its roadmap, provides monthly financial statements and will be later governed by the community.
SINOVATE’s logo contains three words: “create”, “build” and “innovate” and symbolize the core intentions of the development team:
- create for ambition
- build for development and hard work provided
- innovate for our stated propension to create new and promising things in a technology that is still in its infancy and that, we are convinced, will change many things in this interconnected world in the era of big data
General Features and Services
Delayed Proof-Of-Work (Notarization) and KOMODO chainDPoW DPoW will be integrated by the end of July 2019
With the close collaboration with the Komodo chain, the SINOVATE blockchain uses the notarization process through Bitcoin Blockchain by using the Delayed-Proof-Of-Work service. The different blocks hashes from the SINOVATE chain are written in the Komodo chain in a cyclic mode every ten minutes. In the mean time, every ten minutes, the Komodo’s notary nodes write hashes from their chain into the Bitcoin blocks. In that way, every transaction recorded to the SIN chain is entirely protected by the hash power of Bitcoin and occurs even before each notarization process takes place. With this process, the SINOVATE chain cannot be altered, changed or reorganized and ensures a long term solution against 51% attack and double spend. The collaboration with Bitcoin blocks makes any attack almost impossible for an attacker since the requirements to drive a successful attack would be almost unreachable.
The X25X algorithm
The SINOVATE blockchain runs on the X25X proof of work algorithm. This new algorithm within the crypto sphere is opened to both CPU and GPU miners but mainly focus on GPU mining. This algorithm was developed to ensure a fair chance for everyone, regardless of their capabilities. The X25X is ASIC, FGPA and Quantum resistant with the addition of SWIFFTX, offering that decentralized and fair consensus.
IDS protocol DataStore
As indicated in the previous part, the data store feature allows users to store digital documentation or data, time-stamped with metadata and fully secured within the SIN blockchain through the underlying protection from Komodo and Bitcoin chains. In practical use, the data stored can be compared at any time with a local copy of the specified document , ensuring trust and allowing the validation of the data stored.
IDS protocol DataSend
By using the IDS protocol, users are able to send data and documentation between them by using the trusted and secured SIN blockchain to guarantee the validity and integrity of the data. With this solution, the benefits are multiples. It increases the security of personal information as well as giving data control back in the hands of the networks, with no additional storage costs. This security offers a new privacy for data with alleviation of hacking and disruptions that centralized entity are subject to. The IDS Data send level 1 will permit 1.5 MB of encrypted documents between the 2 parties and the IDS level 5 will bring unlimited send and storage.
SINOVATE Document Verification SDV
This technology will allow you to use blockchain for the verification of many documents like a new birth, marriage, court proceedings, employment purposes or many other use cases. By converting the documents to a hash-code, they can be stored on the blockchain. If a single pixel on a signature doesn’t match, fraud can be detected and prevented. The SDV feature will work hand in hand with the IDS (Incorruptible Data Storage) and DataSend. This addition will increase investor’s confidence and ensures the system is trustworthy.
SIN masternode owners can actively participate in the voting system during the lifetime of their masternode (365 days) . In that way, contributors wishing to participate are able to invest in a masternode and be part of the future choices. The RSV ( Revolving Sovereignty Votes) is backed by Infinity Nodes and after a 12 months cycle , the nodes and the votes will be revolving for low emissions and fair voting. Furthermore, the Infinity Nodes have an enhanced E-Governance system to give power in the hands of investors and masternode owners.
Sin system economy and deflationary model
Unlike traditional masternode projects, SIN Infinity Nodes don’t create inflation, emission and devaluation of the coin’s value. When activating an Infinity Node, the coins used for the node setup are not only locked like every competitors but also removed from the current circulating supply, controlling inflation and yet still supporting and securing the SIN network. This system is an underlying deflationary model.
The SINOVATE team is led by Tamer Dagli, CEO and founder with Co-Founders Pallas and XuânTân NGUYEN, respectively CTO and lead developer for the project. The SINOVATE network has a diversified team of professionals holding expertise in various fields such as Leadership, Blockchain development, Operations, Marketing, Big data,, Advising. The team section has a professionalized outlook with no hidden identities and almost each member holds a valid profile picture and a name with links to either LinkedIn or Bitcointalk profiles. The core team has several relationships with few authors and known advertisers in the crypto community. The different ambassadors of the team are here to bring and spread the word SINOVATE locally.
SINOVATE has a well-designed and detailed roadmap for the current year. It includes info on all its completed tasks, on what it’s presently working and what it plans to achieve in the upcoming months. The team achieved all their roadmap objectives in time and that evolution shows the dedication of the team for the entire SINOVATE network. This summer is a great moment for the SINOVATE project since the team intend to do a Komodo annual hard fork, to release the hardware wallets integration ( ledger) and mobile wallets for any platforms. New exchanges listing and SIN protocol improvements are also in line for the next big SIN updates.
SINOVATE created multi-tiered Infinity Nodes, an innovative system that automatically allocates the block reward between one Big, Mid and Little SIN Node. SIN used to create Infinity Nodes are burnt immediately and are no longer part of the circulating coin supply, decreasing the sell pressure on the exchanges. Infinity Nodes last 12 months only and guarantee the holder a minimum up to 22% annual ROI (for BIG). When reaching the annual maturity, these infinity nodes won’t be part of the network protocol node count. Transaction fees and associated nodes services fees will be burnt too , resulting in a deflationary system with masternodes.
Each Infinity Node can hold a maximum of 1,000,000 SIN(BIG SIN) for a 10% additional bonus. Holders can also choose to acquire either 100,000 SIN (Little SIN) or 500,000 SIN (Mid SIN) for a 5% bonus. Similar to how Masternodes work, Infinity Node holders will be able to perform specific tasks. There are an unforeseen number of potential use cases, some of which are listed below
FlashSend allows for the instantaneous transfer of SIN between wallets by using the Infinity Node consensus mechanism. Currently, the SINOVATE network protocol can handle a maximum of 533 transactions per second. FlashSend permits less than 3 second transfers, whereas normal SIN transactions usually require less than 10 confirmations.
ShadowSend allows for the anonymous transfer of SIN, with mixing of 5 rounds set as a default.· Infinity Nodes disappear after being operational for 12 months. This is a unique and revolutionary key feature of the ecosystem.