SINOVATE currently uses a PoW algorithm. Considering some of the challenges with PoW blockchains such as high computational requirements, 51% attack, scalability, and transaction times, how is SINOVATE different? Are there plans to migrate to Proof-of-Stake in the future?
SINOVATE currently uses a custom PoW algorithm, which is fully optimized for GPU owners. In order to circumvent deficiencies associated with the proof-of-work mechanism, we will be implementing a new consensus for PoW, PoS, and PoC, called the tri-hybrid consensus in the upcoming future. PoW has high computational requirements, PoS very low, and PoC also permits energy efficiency. Thus, all three algorithms, in tandem with the addition of CPU mining (this will be integrated upon release of our upcoming RandomX based algorithm), means SINOVATE will be available to all just as initially intended by Satoshi Nakamoto.
Currently, our solution for 51% attack prevention mirrors that of Raven, known as the Reorg 55 block Solution. This solution, which requires 55 confirmations to prevent fork (chain-split) occurrences, is utilized alongside the LWMA difficulty retargeting algorithm. However, the release of the tri-hybrid consensus will permit SINOVATE to eliminate 51% attack and double-spending threats intrinsically, as owning the majority of all the tri-hybrid consensus will be impossible.
The SINOVATE blockchain is scalable up to 533 tx/s, due to its 16 MB maximum block size. Future implementation of our custom-created InfiniteChain will vastly exceed existing capabilities as and when higher scalability is required.
Transaction times for the SINOVATE blockchain are less than 2 seconds with our FlashSend feature if used by both senders and recipients. Block times are currently 2 minutes, with exchange confirmations set to 55. The tri-hybrid consensus will significantly reduce confirmation times.
Determination for pure innovation is what truly sets SINOVATE apart from competitors. SINOVATE stands out as one of the very few projects which use custom coding without forking from alternative cryptocurrencies, other than the base Bitcoin code. For instance, the SINOVATE team invented infinity nodes, the first of its kind custom coded masternodes using proof-of-burn, in order to resolve inflation issues in all cryptocurrencies.
Additionally, PoB controls the coin circulating supply without affecting blockchain reliability.
One of the use cases of Infinity Nodes is to enable ShadowSend for anonymous transfer of SIN. Are there plans for further development of this feature? Should we expect SINOVATE to become a totally anonymous blockchain or a major player in the niche of privacy-oriented cryptocurrencies soon?
We have removed the ShadowSend code, which uses coin mixing such as tumbler, implemented by Dash as well as other masternode projects. This feature did not allow full anonymity, with slower processing times.
We are planning Dual-Key Stealth Address Protocol (DKSAP) implementation as one of our upcoming plans, enabling SINOVATE to become a significant player within the privacy coin arena.
FlashSend permits up to 533 transactions per second, making it over 70 times more scalable than Bitcoin. Transaction time have also been recorded to be less than 2 seconds. Whilst this is already a major milestone in the crypto space, can the network scale even further? Was this why confirmation requirements were reduced?
PoW/PoS/PoC or any other consensus does not increase scalability, and this is dependent on the blockchain design.
Therefore, SINOVATE will integrate sharding and schnorr signatures if needed, which authorize very high scalability and further increases the on-chain TPS capability. However, higher scalability and throughput are needed if the whole world uses the chain more than Bitcoin. Until that time, enjoy the lightning fast transactions of the SINOVATE blockchain.
Data encryption is not a new concept. As a matter of fact, there are several non-blockchain companies offering such services. How is I.D.S different?
The most significant difference between the centralized cloud storage and the decentralized cloud storage is security, immutability, and affordability. I.D.S. Incorruptible Data Storage, which is decentralized cloud 3.0, will provide fast encrypted cloud storage with the lowest price, highest security, and redundancy.
Competitors either use Ethereum or Tron blockchain, which does not enable full decentralization. Relying on other blockchains or third-parties is costly, and does not guarantee redundancy.
Unlike other decentralized cloud storage providers, I.D.S. storage providers appear from the thousands of infinity nodes already securing our network, which are always online.
I.D.S. data storing comes without an extra cost to the infinity node owners, always assuring the lowest possible price. All nodes will share storage income in the network, which means all node owners will earn equally, and as always, all transaction fees will be burnt for fewer emissions.
Infinity Nodes disappear after operating for 12 months. What’s the idea behind this revolutionary feature? Will masternode operators repeat the investment cycle every 12 months?
Infinity nodes encourage the creation of new nodes by rewarding them but also limit inflation. Infinity nodes burn the collateral for nodes and have a limited life span of 12 months.
SINOVATE invented infinity nodes because of the biggest problem all cryptocurrencies face, which is inflation. However, this becomes hyperinflation in masternode projects, so we decided to use proof-of-burn to overcome this.
The 12 month lifetime ensures a more exceptional quality of service for I.D.S., as operators must maintain their nodes at all times. Unlike other masternode projects, there is no canceling of nodes before the maturity date, meaning all nodes must remain online for 12 months, which results in guaranteed full redundancy and sustainability.