1. What problems will SINOVATE solve?
Besides mass adoption, the first problem SINOVATE (SIN) solves is inflation in cryptocurrencies.
This is not 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 Infinity Nodes are a great evolution and even, a revolution of Masternodes to solve the problem of high inflation, by utilising 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 less coins in the circulating supply.
Second problem SINOVATE(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 computer online.
In IDS, the private networking of decentralized storage relies solely on the SINOVATE Blockchain, with only node owners receiving rewards as compensation for utilising their hard drive resources to run an Infinity Node. Node owners will get rewards both from the Infinity Nodes and from storing confidential data.
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 being sent in 256-bit will only be accessible by governments for decryption. However, data will still be indestructible for enterprise use.
Data being sent in 1024-bit or higher will be impossible to decrypt even for governments, should this option be chosen.
Step2. Addition of voice and video data up to 3MB.
Step3. Increase space
Step4. Increase data storage
Step5. 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.
With delayed proof-of-work provided by our relationship with Komodo and thus Bitcoin, this makes the chain highly resistant to 51% attacks experienced by other altcoins.
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.
2. What are SINOVATE’s specifications, and how do these translate to English for non-crypto speakers?
SINOVATE is a peer-to-peer digital currency that aims for new and unique innovations.
- 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 incentivising the node holders, providing stability and growth for the network.
- 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 transactions fees for lower emissions.
- RSV, E-Governance with a 12 month revolving vote, with vote payments being burnt for fewer emissions.
3. Why is SINOVATE unique? How is it better than other projects? Why will it thrive?
SINOVATE has a large, experienced team that wants to make a difference to the whole crypto space by creating unique innovations open to 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.
4. How will SINOVATE simplify the usage of cryptocurrency for mass adoption?
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 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.
5. Who is behind SINOVATE? What are their backgrounds?
SINOVATE consists of 36 team members from all over the world, with 3 founders. Here is a link to our Team Members web page:
6. How will SINOVATE be funded?
SINOVATE receives a Development Funds fee of 1.1%, which is generated from block rewards for future development and funding.
7. What are your plans for exchanges?
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.
8. What is/will be SINOVATE’s Marketing Plan?
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.
9. What will the Governance of SINOVATE be like by 2020?
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 less emissions, we fully expect and encourage the future of the project to be governed by our users.
10. Who are SINOVATE’s closest competitors?
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.
11. What current partnerships does SINOVATE have and what will be the purpose of these relationships?
Besides the Masternodes related partnerships, SINOVATE partnered with KOMODO for the integration of dPoW 51% attack protection, which will be active at the end of July or early August 2019.
12. Please share the “tokenomics” for SINOVATE.
What is Tokenomics ?
Tokenomics is made by two words“Token” and “Economics.”
Tokenomics is the quality standard type of a coin (token) Members/community/investors should look for and help to build the ecosystem around the underlying project of that token. Factors which impact a coin’s valuation 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 but not from premine or ICOs.
SINOVATE formerly SUQA has been around for 9 months, and started its journey without a premine or ICO.
The SINOVATE Team receives 1.1% from block rewards for
Further development and marketing of the project.
Branding & PR & Community
Without a bigger network and community, the projects can not exist.
- SINOVATE community is growing daily and organically across all marketing and social media channels.
- Discord server has 4,570 members with minimum 1,000+ always online users.
- Telegram channels have 8,500 members and the Telegram Russian channel has 2,355 members.
- Twitter has 2,785 followers
- Facebook has 2,000 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, in order to receive the necessary resources to run Decentralized Apps.
Infinity Node owners need to have nodes setup for less 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, the rewards for all grow with it 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. 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 have a decentralized solution of DataSending and DataStorage of information for everyday use, by anyone including enterprises.
- Second biggest use case of SINOVATE is the solution and use of inheritance in cryptocurrencies.
Detailed information will be available during July 2019, via the Technical Evolution Whitepaper.
In order for a promising project to gain mass adoption, it must be legal all over the world.
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 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, 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 IDS allows SINOVATE to be 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.
SINOVATE Infinity Nodes rewards participants for supporting the network.
This support provides less emissions and more nodes for a healthy network.
13. What is the budget for Development and Marketing?
15 million SIN coins are allocated to the foundation for development and marketing purposes, via the 1.1% block reward throughout the full emission lifetime.
14. What will the Roadmap look like after 2019?
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 POS and scalability up to levels seen with other fast networks and beyond, while also solving the problem of inheritance in crypto.
The details of the next Proof of Concepts will be released in July 2019, within the Technical Evolution Whitepaper.
15. Why the re-brand?
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.
16. What is your long term Business Plan? What other use cases could be implemented in the future?
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.
Data and documentation are stored in a decentralised 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
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This is not a financial advise and you should do your own research before investing, and understand if you are willing to lose this investment, as there is always risk in innovative markets as technology, fintech, and cryptocurrencies, due to regulations, geopolitical issues, and what not. That being said, besides being invested in Sinovate, I am being compensated for my time writing this article.