Decentralized cloud data storage platform SINOVATE is developing its own in-house blockchain technology known as Deterministic Infinity Nodes (DIN). The potentially groundbreaking new tech works in unison with Incorruptible Data Storage (IDS) to create a new consensus system with security levels never seen before.
Market Growth & Unsustainable Solutions
The data storage industry is projected to exceed $80 Billion USD in the next 4 years as a result of the rise of mobile devices, the app market, and growth across Blockchain IoT, AI, and e-commerce. The market is split between Mainstream providers (Amazon, Microsoft) and the new, more technically secure blockchain-backed (Storj, Filecoin) dCloud alternatives.
Mainstream cloud data providers are struggling with consistent data breaches, exposing a whole range of sensitive information (logins, passwords, IP addresses), while some blockchain alternatives face problems with token inflation.
What is SINOVATE?
SINOVATE is a (SIN) decentralized cloud data storage platform that offers a potential solution to these ongoing problems. Its unique decentralized data storage network is backed by Deterministic Infinity Nodes (DIN) which interact seamlessly with Incorruptible Data Storage (IDS), through a novel protocol called bFTP (blockchain-based File Transfer Protocol).
Masternodes v. Infinity Nodes
Masternode networks support many other dCloud projects, but most still suffer from issues with inflation. Although the (initial) high rate of return for masternodes projects is attractive to investors, this leads to inflation, reducing the incentive for a user to continue to maintain a node as the token falls over time, negatively affecting the network.
SINOVATE’S Deterministic Infinity Nodes reduce inflation and promote network growth through its Infinity Nodes. Infinity Nodes use a unique Proof of Burn (PoB) feature, burning a specific amount of SIN across the 12-month node lifespan. This counters inflation by reducing the amount of SIN in circulation and creates a new proof of transaction type called BurnTx.
Legacy masternode-based networks are susceptible to vulnerabilities and attacks which can result in reward stealing and node instability. Infinity nodes solve the new deterministic algorithm: lock/reward and PoB to bring provably fair deterministic rewards, with bulletproof stability, and network stability.
DIN 1.0 Hard Fork
On the 21st of November 2020, SINOVATE concluded a hard fork bringing online its innovative Deterministic Infinity Nodes (DIN) 1.0, at block 550,000. The network will consist of more than 1,800 DIN that will bring more data storage capacity to the network. There are already over 1,400 nodes running on the network with expectations of 5,000 nodes in 2021.
DIN uses a deterministic score system based on Schnorr Signatures to retrieve that data from IDS. bFTP, allowing the user to easily re-authenticate to any of the nodes that hold a copy of the stored data using the deterministic “score” algorithm.
Incorruptible Data Storage
IDS is being developed carefully to allow a fully secure and reliable network for a worldwide decentralized Cloud (Cloud 3.0). This demands the development of a variety of technical features. The first steps of IDS will be delivered in Q2 2021 which will give the possibility to use the functionality “DataStore” for saving your file in the DIN of the blockchain, send mails with an unprecedented blockchain-based mailing system, or write to your friends in a fully secure and anonymous way with SIN Mobile messenger.
SINOVATE will go beyond to provide security, decentralization, and efficiency by updating the blockchain to Bitcoin core 0.21 and by delivering a fourth generation of Proof-of-Stake (PoS4) built in-house that will allow the addition of passive incomes alongside DIN and the HCO program.
To Infinity And Beyond
Exponential growth in numerous data-centric markets and the rise of mobile devices has exposed a severe lack of a viable long-term solution for the world’s future data storage needs. Blockchain-based dCloud platforms do address some of the security failings of their mainstream counterparts, but many face questions of token inflation.
SINOVATE’s decentralized infinity node architecture and incorruptible data storage underlayer provide an incredibly secure foundation upon which new companies can be built, and its Proof of Burn feature offers both an answer to network sustainability and inflation, while offering everyone involved a chance to benefit from being apart of its future vision for decentralized data.
SINOVATE Blockchain Developers
SINOVATE’s rise in the dCloud Industry is largely thanks to its innovative blockchain developers Xuantan Nguyen (Xtdev) and Giacomo Milligan (Giaki3003/SINTOSHIS).
Xtdev is a highly experienced Big data and data mining specialist. He is also the innovator of Deterministic Infinity Nodes and one of the lead developers and Master SINOVATORS of SIN.
Giaki3003 is the second lead developer on SINOVATE team and fellow Master SINOVATOR. He is also a highly experienced blockchain core developer, as well as Innovator of the upcoming PoS4 custom proof-of-stake algorithm, and hybrid consensus.
Together they make a uniquely experienced and highly skilled duo and creators of the technical evolution that is SINOVATE.
Check out SINOVATE and start running a node today
Read about SINOVATE on the Official blog
Join the conversation on Discord
Official SINOVATE Telegram Channel
Meet the Team on LinkedIn
Official SINOVATE Medium page
Media Contact Details
Contact Name: Alex Thurston
Contact Email: alex.t@bitcoinprbuzz.com
Disclaimer: SINOVATE is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
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