SINOVATE Price (SIN)

What is SINOVATE (SIN)?

SINOVATE (SIN) is an open-source blockchain-based peer-to-peer network for decentralized cloud storage and web 3.0. It was launched in 2018 as SUQA without any ICO/IEO or pre-mine and has been rebranded in 2019 as SINOVATE.

The project aims to offer a decentralized Cloud (dCloud) multi-chain ecosystem to answer the future challenges of web 3.0, Big Data, and Artificial Intelligence on blockchain technologies.

SIN is the cryptocurrency that is used for:

• Transaction and data transfer fees.

• Payment of decentralized cloud data storage contracts.

• Rewarding the Proof-of-Stake (PoS), Proof-of-Work (PoW) validators, and InfinityNode operators.

• Initializing an InfinityNode to operate the Proof-of-Services (PoSe) layer for instant transactions and data storage.

• Participating in the governance votes.

• Interacting with the decentralized finance (DeFi) ecosystem.

• Creating tokens and sidechains with the InfiniteChain technology.

• Blockchain-based electronic mail service b'Mail.

• Blockchain-based private messenger service SINCORD.

• Blockchain-based distributed file transfer protocol bFTP.

SIN tools include:

• Explorers to track the transactions, blocks, and different network layers with a callable API for building applications.

• Mobile and Desktop Wallets to support the user experience using SIN coins.

• A Webtool to develop applications and realize tasks such as voting or creating invoices.

• 1-click InfinityNode setUP inside mobile and desktop wallets.

How many SIN coins are there in circulation?

The network exploits the Proof-of-Burn (PoB) mechanism to overcome the inflation. The PoB eliminates the fees and collateral of InfinityNodes, allowing the network to have a self-regulated circulating supply based on the offer/demand paradigm. Therefore, there is no maximum supply in the SINOVATE ecosystem.

Who are the founders of SINOVATE?

Tamer Dagli and Xuantan Nguyen founded SINOVATE Decentralized Autonomous Organization (DAO). The DAO currently comprises around 30 active participants, where the funds are provided from 10% of the block reward. In addition, the project publishes monthly updates of its treasury and expenditures.

What makes SINOVATE unique?

SINOVATE network runs with the latest Bitcoin core 0.22 to exploit Layer-2 protocols such as smart contracts or state channels for micropayments based on the Lightning Network or decentralized applications.

In addition, SINOVATE integrates the following unique features:

• Hybrid custom Proof-of-Work (PoW) algorithm X25X and fourth-generation Proof-of-Stake (PoS) consensus.

• InfinityNodes network for enabling a novel data storage platform. This is only possible with the unique 12-month contract commitment and LockReward algorithm for fairly distributed reward systems among tiers of InfinityNodes. Rewards come from contributing to the Proof-of-Services (PoSe) layer composed of instant and data storage payments.

• Proof-of-Burn (PoB) mechanism applied on the Infinity Nodes collateral, data storage fees, and transaction fees. The inflation paradigm solved by SINOVATE will ensure an easy network capacity increase and a novel cryptonomic model with market-dependent self-regulated circulating supply.

• NEPHELE: Incorruptible Data Storage (IDS), a revolutionary approach for a dCloud environment backed by Infinity Nodes with robust, secure, and unique protocols such as blockchain-based File Transfer Protocol (bFTP). IDS roadmap considers multiple steps with its step-1, B’Mail, SINCORD Messenger.

• InfiniteChain, a Layer-2 that interconnects blockchain solutions of the SINOVATE ecosystem thanks to the sidechain technology. This makes SINOVATE the first dCloud multi-chain ecosystem.

• 4000+ transactions per second scalability with complete SegWit address dealings.

Where to buy SIN coins?

SINOVATE proposes many trading pairs to buy the SIN coins such as BTC, ETH, INR, RUB, or USDT. In addition, the network has a swap bridge with the Ethereum and Binance Chain ecosystem, and more bridges are considered for the future.