Update of January 2023: Situation, Evolution, and Perspectives
The development team wishes you a happy new year 2023 and we believe this year is going to be tremendous for the cryptocurrency space and our project.
2022 was a tough year and the project is preparing for big changes in its future. Let’s resume together the situation and the perspective of SINOVATE.
4 years of Development to Mature
In late 2018, SINOVATE mined its first block and it has been the beginning of a great adventure! The development team with its volunteers delivers a panel of innovative technologies such as the InfinityNode system in a deterministic reward scheme secured by LockReward, the x25x proof-of-work algorithm, or the first stones of the next Proof-of-Stake generation in April 2022. These technologies have been exploited thanks to the deployment of the setUP solution on Desktop and Mobile, multiple wallet and website versions, and partnerships with Flux as a coin in their wallet solution.
All these developments have been supported by Cryplander who spends time and hundreds of thousands of dollars to be listed on exchanges, to have many press releases, to participate in conferences, to support customers, and to make this project a living place. He will continue until the Internet disappears. Of course, SINOVATE brights because of the amazing community support with many long-term believers. The team is and will always be grateful. We are only at the beginning.
The Cryptocurrency World and SINOVATE technologies’ limits
SINOVATE started without ICO and pre-mine like Bitcoin. In recent years, the cryptocurrency industry has become more and more professional and corporate. Some companies have raised millions of USD to build solutions. The beauty of starting like Bitcoin in this decade becomes literally an idyllic dream.
In September 2022, Brieuc, Cryplander, Giaki3003, xtdevcoin, and Hardwarewise met up in Ankara to discuss this situation and assess the future of SINOVATE. We had intensive and full-of-passion discussions.
Alongside this, the SINOVATE network got reduced by the bear market. Many people left the network and the mining/staking support. These reveal some technical issues which are related to the R&D we did in the last years to understand blockchain technology and how the Cloud can be part of our network. In the last weeks, SINOVATE faced many challenges with its InfinityNode code which have caused problems with the network stability and reliability that are extremely complex to fix. Additionally, the economic model did not meet our expectations and the Cloud prototype called bFTP requires us to rethink our technological features.
We Learn to Grow Up
All these difficulties highlight the need to doing radical changes to the project. We believe in our features and we build a strong team with awesome community members.
It is time to step up in the last straight line for being the most promising and mainstream Cloud infrastructure for the web 3.0 ecosystem. We have then decided to propose a new phase, a new project, and a new vision: Nephele. This new solution is going to be supported by the creation of a legal company in France called Nephele Labs. This start-up is going to be the foundation of the emergence of the most powerful web 3.0 Cloud solutions. This comes with a token distribution for fundraisings and to support the development of the network which is huge. The company is currently under registration and we are building the network to make this project a top project in 2023 and beyond! We’ll share more details on the structure through the publication of a website, whitepaper, and a pitch deck that anyone can use to find new members.
Technologically speaking, we are already working on refactoring completely the foundation of our future Cloud solution for web 3.0. Giaki3003 is currently defining the general specifications that will drive milestones over the next few years with the hopes to recruit top-notch profiles.
Nephele blockchain is going to have a new economic model by still using the burning mechanism and the 12-month node contract. However, a mechanism should guarantee limited inflation and a better representation of nodes in the economy.
We have the objective to participate as Nephele Labs in the Paris Blockchain Summit 2023. The subscription deadlines are ending on the 15th of February 2023 but we hope to meet them. Whatsoever, we’ll be there! This summit is going to be huge and there will be the top actors in the cryptocurrency space. We’ll make everything to have the support of the best cryptocurrency advisors/CEOs.
SINOVATE Community is Our Heart, We Need You to Decide on SINOVATE
From the start, we never left our community alone and the core team made everything to challenge the technological developments and to support our community.
SINOVATE network is going to be where it is. It is an open-source project and anyone can run it. As we said, the technology suffers from technological issues which are difficult to fix properly. It is possible to make some patches but it is like putting a protection cream on a sunburn.
Hence, our lovely community, we are going to run the next week a very major poll with the following question:
Do you want Sinovate to become Nephele or to keep Sinovate independent of Nephele?
With the Nephele project, it is a bigger community to develop and you’ll be the precursors of this new open-source and large-scale project. Many web 3.0 (dApp) and Cloud provider companies are going to join us, many future users, and investors. However, the development is going to be led in a business way supervised by a company founded by an ICO.
If you accept that Sinovate becomes Nephele, Nephele Labs is going to support a swap from the SINOVATE network to Nephele one by keeping the value of our coins. A specific article is going to be released next week concerning ICO tokenomics.
The swap will allow you to transfer your assets (Value is kept) and continue the adventure with Nephele if you want. A claiming period will be proposed to get your tokens. The swapping mechanism is under definition and should be proposed in the next few months depending on the poll result.
Keep in touch and Join our Discord to vote for this eminent decision that is shaping the future of SINOVATE.