FLITS Hosted Service: Official SINOVATE Statement

Greetings to all SINOVATORS and the rest of the crypto world,

As widely acknowledged, the DIN AURORA network upgrade commenced at block 550, 000.

It recently came to light that the mobile node hosting provider Flits did not comply with guidelines provided by the SINOVATE team, resulting in the incorrect implementation of the coin burning procedure. This caused a total of 172 infinity nodes to be created erroneously, meaning impacted nodes will be unable to migrate to the DIN 1.0 Deterministic Infinity Nodes platform and have been lost forever.

What happened?

Below is how nodes should have been created by Flits, just like all other node owners and node hosting providers do by following our guides:

https://docs.sinovate.io/#/infinity_node_setup_guide

https://docs.sinovate.io/#/din_setup_guide

A correct burn transaction format.

However, Flits chose their own method and created irreversible issues that are impossible to resolve, which was not due to a bug in SINOVATE’s code. As you may know, nodes are created based on a burn transaction with a specific procedure that includes using a dedicated command called “infinityburnfund”. Flits burnt coins using an incorrect system command call (please see below), resulting in burn tx’s that are unrecognized by the network as node entries:

A transaction was sent to the SinBurnAddress123456789SuqaXbx3AMC address instead of using the RPC call of

infinitynodeburnfund [YourAddress] [Amount 1M / 500K / 100K] [YourBackupAddress]

An invalid burn transaction format.

The command specified above was intended to contain exact amounts and allow the user to have a node address backup.

Asking the developer to leave the conversation while needed for solving the issue.
Clearly specified to realize a RPC call in June 2020.
Whereas SINOVATE was ready to help for reimbursement, Flits refused it.

We are actively encouraging Flits to take responsibility regarding this situation, by reimbursing initial user investment or lost earnings. SINOVATE considered implementing a hardfork as a potential resolution, but this was not possible due to the permanent loss of burnt coins required to run infinity nodes on the Flits app.

SINOVATE takes action

SINOVATE takes great pride in having an exceptionally loyal community, of whom we are eternally grateful for the support. Therefore, we will be launching our own reimbursement plan. Here, 30% of lost rewards have been calculated from the last activity date to the expiration date of each node, which will be paid back to all impacted Flits app users.

We are also launching a community crowdfunding round to assist in the recovery of lost funds further. The first payment of raised funds, the 30% reimbursement, and 15% from the HCO campaign will be sent before block 604,000 via a 12-month HODL Coin Offering (HCO) funding plan, with the final payment received at block 866, 800.

Flits app users will receive: 30% of lost rewards + SIN from crowdfunding + 15% from the HCO campaign.Community members are encouraged to send donations to the below address.

Further details on the crowdfunding round will be published shortly.

Crowdfunding address for Flits users:

SQzt8GRtesKLVfMp4B9mHm39XKE4fqN75y

FLITS mistake donation channel

Furthermore, we are offering 12-month free hosting to all infinity node owners using the Flits application, as a gesture of goodwill on our part. This is the best solution that SINOVATE can offer, while also reducing sell pressure.

While this situation was unfortunately out of our own hands, we will endeavor to ensure that similar issues never materialize. The SINOVATE team is infinitely sorry for end-users using Flits to make their nodes.

Stay tuned for further developments as and when they happen via our discord and telegram channels. Thank you for your brilliant support.

Website Discord . Telegram . Bitcointalk . Twitter . Facebook .Linkedin. Team.YouTube.Reddit.Instagram.

Author: Amit Kaushal

--

--

--

Blockchain dCloud Storage

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

$MONEY Token release & pool opening!

DailyCrypto — 05/01: ZRX, NEXO and USDT Had Good Days

What is blockchain and how it is tamper proof ?

Introducing Ferpaid: A Defi Platform for Automatic Crypto Payments

What is Mining and Why Should You Care?

I’m recently joining many projects in the blockchain world, I find them interesting even though I’m…

BitKan Has Listed Solice (SLC), Operon Origins (ORO), DNAxCAT (DXCT), Gaia Everworld (GAIA)…

Do (Non-Fungible Tokens) NFTs for Music Have a Promising Future?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SINOVATE

SINOVATE

Blockchain dCloud Storage

More from Medium

How to Buy Hex in 2022

DEX and the City: How DEXes Make Yield More Attractive

$RUNE- A Deflationary token?

Whitepaper 1.0 | 06.24.22