PRESS RELEASE. 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 offer a potential solution
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
Masternodes Vs 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.
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 Signature
to retrieve that data from IDS. bFTP allows 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 step 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
unprecedented blockchain-based mailing system or write to your
friends in a fully secure and anonymous way with SIN Mobile
SINOVATE will go beyond to provide security, decentralization,
and efficiency by updating the blockchain to the Bitcoin core 0.21
and by delivering a fourth generation of Proof-of-Stake (PoS4)
built in-house that will allow to add 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 a answer to network sustainability,
inflation, while offering everyone involved a chance to benefit for
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.
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
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 â https://sinovate.io/blog/
Join the conversation on Discord â https://discordapp.com/invite/CWbnW5y
Official SINOVATE Telegram Channel â https://t.me/SINOVATEChain
Meet the Team on LinkedIn â https://linkedin.com/in/sinovhttps://sinovate.io/ate-foundation-818672172
Official SINOVATE Medium â https://medium.com/@sinovatechain
Media Contact Details
Contact Name: Alex Thurston
Contact Email: firstname.lastname@example.org
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Introducing SINOVATE: The Future of Decentralized Cloud Storage
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