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Blockchain technology has significantly grown in prominence over the last decade, along with the growth of the crypto industry. Besides FinTech, blockchain has found its application in different business verticals.
However, this technology still has some major roadblocks and challenges to overcome. The three most common problems include security, scalability, and ingenuity. Moreover, it is also a known fact that corporates have been reluctant to use blockchain due to its lack of compatibility with other platforms and data storage issues.
Born out of the need to solve these problems, the SINOVATE project came into existence in late 2018, intending to develop a pure innovation platform for industries, academics, and people around the world. The SINOVATE project aims to transform the blockchain space by creating a democratic decision-making solution and improving the lives of private and corporate players.
SINOVATE’s cutting-edge solutions, like custom code development, community building, management, and real innovation, help it to differentiate from other blockchain platforms. However, the platform aims to keep the core ethos of blockchain technology, i.e., transparency and accountability.
Thus, the SINOVATE platform combines some pre-existing and brand new blockchain features to blend its own solutions.
Addressing the Issue of Data Storage Using Blockchain
We all know that data is the new oil of the tech industry 4.0. Over the last decade, companies and governments have placed great emphasis on data storage solutions.
Cloud data storage solutions such as Google Drive, Amazon Web, and Dropbox have dominated the industry to a great extent. However, the biggest issue is that these global companies and their vast data farms have monopolized data storage. They have created centralized storage and servers, which brings the potential risk of data tampering, corruption, and mutability.
When these companies solely control personal data, security risks are manifested. This means that the absolute control of user data is still in the hands of centralized cloud companies. As a result, this information is always possible in some security risks.
With blockchain taking a dominant role in the industry, the demand for decentralized data storage solutions is on the rise.
Platforms like SINOVATE aim to capitalize on their expertise in developing blockchain-based solutions and offer decentralized storage to its users. In order to achieve this, SINOVATE blockchain must create reliable technological features. As a first step, SINOVATE has implemented a custom-built proof-of-work (PoW) algorithm, known as X25X and evolution of masternodes aka Infinity Nodes, to solve the problem of inflation.
SINOVATE’s custom blockchain solely encourages users to become an Infinity Node owner by sharing network resources. Alongside this, the network’s supporters will be rewarded equally for participating in the decentralized cloud that will gather all Incorruptible Data Storage (I.D.S.) cloud services for stable passive income possibilities.
The Power of Infinity Nodes
We know that a blockchain network consists of several nodes and masternodes who are responsible for relaying transactions, keeping the blockchain updated, and maintaining the overall health of the network.
SINOVATE’s blockchain has pushed beyond this concept by establishing the first of its kind, Infinity Nodes. This unique mechanism rewards network participants for contributing their resources with SIN coins, while concurrently decreasing the circulating supply. Each infinity node supports the network of SINOVATE coins through a Core Wallet, which must remain online 24 x 7, and up to one year, in order to receive a return on investment with a passive income.
The Infinity Node owner can replicate the SINOVATE distributed ledger using his/her resources and getting compensated in SIN coins. The great thing is Infinity Nodes provide additional services over the PoW layer with the possibility of new blockchain verification consensus. Thereby, Infinity nodes become a fundamental component of the blockchain robustness by providing an additional security layer. Additionally, this technology brings alternative ways of earning to crypto mining, including I.D.S., to store confidential data of the individuals and enterprises.
Proof-of-Burn and Decentralized Cloud
Moreover, these Infinity nodes help to overcome the economic problems faced by other Masternode projects by limiting the available coin supply and the inflation rate.
The SINOVATE Infinity nodes also use a special kind of reward algorithm called Proof-of-Burn (PoB). The PoB makes it technologically viable to efficiently regulate the circulating coin supply by disrupting any drop-off by the Infinity Node owners.
In addition to the economic insight, PoB ensures a stable and sustainable masternodes network to maintain secured I.D.S. cloud services. Indeed, burning a number of coins forces the owners to supervise the nodes’ activities carefully. Owning a node is then a high degree of responsibility and will reinforce the reliability of the decentralized cloud.
To initiate the burn process, the user must send a specific amount of SIN tokens to a non-spendable address. It means that to operate an Infinity Node on the SINOVATE blockchain, you will have to burn SIN coins that will give dedicated access for 12 months. As a reminder, these Infinity Nodes are also responsible for storing crucial information and ensure the network scalability and sustainability.
For a complete decentralized storage experience, the SINOVATE blockchain facilitates a decentralized e-governance mechanism. This is to give more control and power in the hands of users.
The SINOVATE blockchain uses a decentralized e-governance voting system called the Revolving Sovereignty Votes (R.S.V.). This model states that all SINOVATE community members who want to continue the association should hold the node as the maturity date expires in 12 months.
In this way, a node owner has the capacity to be a citizen of the Sinovate blockchain. The system also implements different voting protocols depending on the topic.
To participate in the RSV governance model, a vote will cost to burn SIN coins. Furthermore, all the citizens of the blockchain will be able to apply proposals to the RSV governance systems by burning a number of coins. SINOVATE enables with PoB a fair full and well-balanced decentralized governance.
The PoB consensus model provides SINOVATE the leverage to have a reliable and economically viable blockchain model and masternode architecture. Beyond the quoted burning mechanism, SINOVATE will have high controllability of its economy by burning fees of data storage and transfers over the decentralized cloud. This controllability is enhanced by the possibility to extend the number of Infinity nodes, which also induces to increase the chain scalability. SINOVATE blockchain ensures a persistent economy model thanks to the PoB consensus.
SINOVATE Cloud Features
As previously highlighted, the combination of Infinity Nodes, PoB, and other mechanisms help to create an infinite scalable decentralized cloud storage. Let us take a look at some of the critical features of SINOVATE’s cloud platform.
Users can store data in an encrypted way without worrying about the node storing your node.
As the data is encrypted, only its owners can access it. Note that the node operators also DO NOT have any visibility to the data.
The SINOVATE chain will remain on the cloud medium with multiple tiers and thousands of nodes. This will further reinforce reliability and accessibility.
The blockchain rewards the nodes’ owners by not only validating blocks but also storing data. Thus, the higher the data storage capacity of the nodes, the higher the rewards.
All the network income will be shared between the nodes equally.
SINOVATE is also innovating its cloud platform by getting a direct message, text, and email sending capabilities in an encrypted manner. Thus, only the sender and receiver can see the data, thereby ensuring higher data safety.
A node owner has the responsibility to secure the data and the blockchain but has the honor to give recommendations, to propose amendments and to have weight in the RSV governance.
Conclusion
SINOVATE is currently working to revolutionize the data storage industry by bringing more “autonomy, sustainability, credibility, transparency, affordability.” Moreover, it brings higher control of the user-data by leveraging the power of decentralized blockchain technology and its innovative blockchain solutions.
Read the previous article: How SINOVATE (SIN) Changed the Face of Blockchain Technology Within One Year