The blockchain will have a new hardfork that removes the issues we face in the network. This hardfork occurs on the 21st of February, 2023, at 1 PM GMT +0.
What are the issues?
The network is facing instability in the maintenance of InfinityNodes, the efficiency of staking, and the need for more support for our mining algorithm. It induces a recurrent update of the wallets by the customers (to the impossibility of synchronizing them), missing rewards from the nodes, or the staking system.
We thought of different ways to solve the issue without results in the current infinityNode implementation. It is then necessary for the stability and the users’ experience to figure out these issues.
Furthermore, we did some audits of our code, and some critical security concerns mitigated the efficiency of the LockReward proof. We corrected in April 2022 all the security issues we could. However, the evidence of LockReward needs to be more cryptographically correct to satisfy the audit experts. It is critical for the project’s traction and for more developers to use our technology.
On the 21st of February, 2023 at 1 PM GMT+0, the SINOVATE network will have a hardfork. Even though staking does not change, the hardfork brings many changes:
- Switching the x25x to KAWPOW: The community voted some months ago. We always considered our community’s feedback. The last GPU drivers and mining software support this new mining algorithm. It is then paramount for the security and stability of block validations.
- Removing the DEV fees: The community has a massive debt to Cryplander (still 18 million SIN coins). As a community member and for the project’s good, He accepted to erase his debt. It allows removing the DEV fees, which are also a significant vector of coin inflation. The lower the inflation is, the better the coin economy will be. Then, SINOVATE is now an entirely self-driven community project. The developers are still around to maintain and improve the blockchain.
- Update to Bitcoin core 0.24: This is a significant improvement because it allows us to benefit from the latest Bitcoin technologies. The team believes it can give ideas to the community for the project’s future.
- Removing the InfinityNodes: It is a big decision, but we cannot pursue the current node implementation. To compensate the node owners, please read the following.
What is the situation for nodes?
The hardfork will remove the InfinityNodes, and they will no longer receive rewards. The hardfork will mint the coins (1.3 billion SIN) on this address to fill all the existing nodes of their remaining blocks. The remaining blocks are all the blocks from the hardfork blockheight to the node expiration After the claiming period, all the unclaimed coins will be burnt.
For instance, if you have a MID node with 180 remaining days, you will receive all the coins you should receive in your Payee address during this period. If the ROI is 20% at the snapshot height, you will receive 300,000 SIN coins in your Payee address. It will be a procedure for ALL the existing nodes (setUP and self-hosted solutions). It is then mandatory to turn off your self-hosted solutions to not spend more electricity.
Here to claim your coins (wait for the hardfork first):
Thank you for your incredible support, and remember to download the wallet (MANDATORY). Here is the link to the new wallet: