SINOVATE AURORA Mainnet goes live
Block height 550, 000 initiated. Infinity Nodes transition to DIN 1.0
The SINOVATE AURORA mainnet upgrade is now live. Block height 550, 000 initiated on 21st November 2020, marking the transition from existing masternode enhanced Infinity Nodes to pure Deterministic Infinity Nodes (DIN) 1.0, created and entirely built by the SINOVATE development team. We are delighted to confirm that no critical bugs were found during the public testnet phase, which took place from September 18 2020 UTC 0:00 AM until October 2 2020 UTC 0:00 AM.
The AURORA Mainnet Wallet is now available to download. Updating current wallets is mandatory, which node owners had to do prior to commencement of the upgrade to ensure infinity nodes are fully compatible with the brand new DIN codebase. Mainnet features include an increase to MINI Node rewards and the HODL Coin Offering (H.C.O.) marketing campaign, to be discussed in this article.
Why has the network protocol changed?
The last 12 months have generally produced outstanding consistency for reward generation across each infinity node tier. Early adopters of MINI, MID, and BIG SIN Nodes have received more than 50% return on investment (ROI), with some lucky investors acquiring in excess of 60%. However, reward disparency, caused by the rewarding algorithm of the dash legacy masternode code was never the intention. In order to prevent this, DIN 1.0 was born.
What is DIN 1.0? What’s so special about it?
DIN 1.0 eliminates the dash legacy codebase from the SINOVATE network protocol, transitioning instead to a superior in-house created deterministic algorithm where rewards will always be equally distributed to node owners. On-chain rapid communication and blockchain synchronization will be enabled through our resource-friendly new wallet, which only requires minimal CPU usage.
Furthermore, node setup has been substantially simplified to just a few short minutes, with the previous config file, collateral deposit, and start alias needs no longer required. Schnorr MuSig signatures have now been implemented to increase speed and scalability tenfold, while blockchain bloatation has also been minimized due to the small size requirements of schnorr signatures. Also, the 10k collateral previously needed to start an infinity node has been removed, providing SIN coin holders with more funds for new node, trading, and holding purposes.
The SINOVATE team decided to implement MuSig signatures instead of alternatives such as BLS signatures, used by masternode projects such as Dash. Even though this method permits large signatures and only requires a single round of communication, signature verification was considered cumbersome and thus insufficient for Incorruptible Data Storage (IDS) purposes.
What does the upgrade mean for Node owners?
New node spaces have opened, across all tiers. In total, 1200 profitable MINI nodes may enter into the SINOVATE network post-upgrade. Despite the infinity node cycle numbers increasing, the SIN circulating supply, will substantially decrease and continue to provide node owners with significant ROI annually. Economic and continuous coin burning factors alongside favorable market conditions will result in long-term price appreciation per SIN coin, as well as fewer emissions.
I don’t have any masternode experience but would like to host an Infinity Node. What’s the simplest way to do this?
Hosting an infinity node has become a whole lot easier, through our in-wallet, one-click SINOVATE setUP cold hosting service. Setting up an infinity node can prove to be a daunting prospect, especially with no previous experience of masternodes or the Linux operating system. With this in mind, the SINOVATE development team has designed a seamless and user-friendly VPS hosting service, which at only $2.99 per month (annual plan cost with SIN only payment) provides cost-effective advantages over existing providers instantly.
How does SINOVATE setUP work? Is it really as simple as it sounds?
Please follow the guide here to set up a Deterministic Infinity Node using the 1-click in-wallet SINOVATE setUP. It really is simple. In just a few short clicks, would-be network participants can begin to earn significant passive income for up to a year. For community members who have previously set up an infinity node, SINOVATE setUP provides the perfect opportunity to re-assess your VPS needs at a fraction of the cost.
Why have MINI Node rewards increased?
We wanted to make it as worthwhile as possible for modest SIN coin holders to be rewarded for trusting and supporting our project. Therefore, a proposal to increase MINI Node tier rewards from 160 SIN to 560 SIN (350% uplift per block) after the network upgrade was put to the SIN community and accepted. As well as increasing earning capabilities for MINI Node holders considerably, this permits significantly more nodes to join the SIN network for future IDS needs.
As IDS storage is dependent on the number of nodes joining and participating in the SINOVATE network, a greater node count will increase decentralized cloud storage capabilities exponentially, creating an always rapid, exceptionally secure, scalable, and efficient platform for all. As shown below, the SINOVATE community unanimously voted in favor of this proposal via our discord channel:
Full decentralization of the SINOVATE blockchain will always be encouraged. Your vote counts. All future proposals will be community-driven continuously. Thank you for your fantastic support.
SINOVATE community votes in favor of HODL Coin Offering Governance Proposal
The SINOVATE HODL Coin Offering Governance Proposal has also been accepted by the SIN community. This marketing campaign was created with inexperienced users in mind and enables SIN coins to be earned without setting up an infinity node and purchasing a VPS. The HCO incentive program swiftly commenced after the implementation of the network upgrade and will remain active for 75-days from 21st November 2020. SIN coins must be locked during this period in order to qualify. Payments will be made via the Development Funds Wallet, thereby nullifying excess inflation to the SIN coin supply.
In order to generate HODL Coin earnings, simply click the “EARN” tab within the SINOVATE GUI wallet (this option will also be available within our mobile wallets shortly) and choose from one of the following options. As this integration functions as a time-lock feature, campaign participants who do not host infinity nodes are free to close their wallets after selecting their earning option of choice. Please note that the EARN facility has now initiated and that the HCO campaign will only run once. Interest is payable in Annual Percentage Yield (APY) as follows:
- 3% APY for a 3-month timelock.
- 6% APY for a 6-month timelock.
- 15% APY for a 12-month timelock.
Sounds great, but how will this actually work?
In order to explain how the HODL Coin Offering will work, please see the examples below:
- If you have 10,000 SIN coins that are sent to a new address and they remain there for three months (64800 blocks), you will receive 75 SIN.
- If you have 10,000 SIN coins that are sent to a new address and they remain there for six months (129,600 blocks), you will receive 300 SIN.
- If you have 10,000 SIN coins that are sent to a new address and they remain there for twelve months (262,800 blocks), you will receive 1,500 SIN.
What are the rules of this campaign?
Rules for the HODL Coin Offering marketing campaign are as follows:
- The campaign will run for 75 days.
- Payments will be made during three, six, or twelve-month intervals, depending on your choice.
- A maximum of 75K SIN may be time-locked.
- There is no cancellation of locked coins.
- Participants must wait for the maturity date of their lock period to receive rewards.
- All transactions and amounts NOT in these intervals will be excluded from entry.
- The duration of this campaign is 54, 000 blocks (75 days). You cannot enter before or after this window.
The AURORA mainnet upgrade serves as a significant landmark for SINOVATE, truly distinguishing us from all other cryptocurrency and masternode projects. The DIN 1.0 codebase is the first of its kind, as it is the only protocol to date that removes the dash legacy codebase from its underlying network, while also enabling 100% fair distribution of deterministic infinity node rewards forever. Node openings across all tiers are a fantastic opportunity for new and current investors to contribute and reap benefits from the SIN network, including the upcoming, world-class cloud data storage solution Incorruptible Data Storage. Increases to MINI Node rewards as well as the SINOVATE HODL Coin Offering lower entry points for would-be network participants, further establishing our reputation as a fair-for-all autonomous decentralized organization.
The release of DIN 1.0 also provides substantial benefits for the wider blockchain industry. Due to our open-source nature, other masternode and cryptocurrency projects can take advantage of all DIN has to offer by forking and using this code, creating equality and economic prosperity for everyone. SINOVATE aims to redefine the blockchain space, and DIN 1.0 supports us in our journey to achieve this. Stay tuned for further developments as and when they happen via our discord and telegram channels. Thank you for your brilliant support.
Author: Amit Kaushal