How SINOVATE (SIN) Changed the Face of Blockchain Technology Within One Year
26th of September, 2019
The Blockchain technology space is an ever-changing one, which means new solutions are being developed every day, thereby rendering the existing ones almost obsolete. This will not stop happening anytime soon as cryptocurrencies are still in their initial phase of growth.
It is not uncommon to find existing blockchain innovation doing an overhaul of their existing platform to take care of the current needs of the community and has also implemented technological updates and advancements.
A perfect example of this is the case of SUQA [1] coin which recently upgraded and changed its name to SINOVATE (SIN).
What is SINOVATE (SIN), its aims and objectives?
SINOVATE (SIN) is a peer-to-peer digital currency which is designed to help change the face of the blockchain community through strengthening the path towards mass adoption of cryptocurrency technology through the creation of unique innovations.
One major problem associated with the use and adoption of blockchain technology is the fact that its general use-case does not cut across the day to day activities of the layman. This is what SIN is trying to improve. The platform has executed extensive research, on various ways to educate people and also help them integrate DLT into their daily lives and businesses.
SINOVATE is bent on paving the way towards mass adoption of cryptocurrency. To do this, an experienced and talented team has been assembled to work alongside the blockchain community.
Delayed Proof of Work (dPoW)
The upgrade from SUQA [1] coin to SINOVATE came with some major changes and technological advancement. Notably, SIN combines the brand new custom X25X algorithm alongside Komodo’s unique security mechanism, known as Delayed Proof of Work (dPoW).
The purpose of Delayed Proof of Work (dPoW)
One common problem with most old and some new blockchain project is the fear of the 51% attack. With the use of the dPoW protocol, SIN now have an additional security layer to safeguard the SINOVATE Blockchain against 51 % attacks. The dPoW consensus leverages the hash rate of the Bitcoin network via a process known as a notarization.
SINOVATE embraces this technology to implement the decentralized 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.
X25X proof-of-work Algorithm
The X25X proof-of-work algorithm, on the other hand, is relatively new to the blockchain space. The algorithm 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. With the algorithm in place, SINOVATE can boast of a 100% decentralized network.
What are Infinity Nodes?
Some will argue that the current masternode reward system used by most blockchain project is flawed. This is why we have new and improved Masternodes solutions such as the infinity Nodes. Infinity Nodes are simply the next big thing in the Masternodes evolution.
Commonly, the two most popular governing consensus— Proof of Stake (POS) and even Proof of Work (PoW) as well as Masternodes doesn’t address the problem associated with high inflation and emission, with further leads to deflation of value. In order to fix these problems, SIN coins used in the process of creating nodes will be burnt immediately.
The Infinity Node system is designed to removed coins from the SINOVATE Blockchain, rewarding owners with a guaranteed annual interest. This will significantly reduce emission levels which is a very common problem with most Masternode projects available right now.
The bloated emission rates of these Masternode projects, drive down the price of the coin or token. This eventually makes them a bad investment for investors.
With this, it is clear that the SINOVATE team is dedicated to reducing the rate at which coins get devalued, making it a perfect investment for masternodes investors.
Inflation is an issue that faces many other projects which use Proof-of-Stake, Proof-of-Work or Masternode systems. With the implementation of the Infinity Node system, inflation and devaluation ks no longer a major concern.
What does this mean for SIN Masternode Investors?
Reportedly, 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.
One year anniversary
SINOVATE (SIN) has been able to achieve all these major feats and technological advancement in the blockchain space within a short period of one year.
For a project which just clocked one year, and has done things worth emulating by the top and high hard/soft capped coins, the future holds a lot of promises for investors of these project.
