SIN meaning in Cryptocurrency ?

SINOVATE (SIN) is a project to build a blockchain-based peer-to-peer network for decentralized cloud storage. It has been 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 Big Data and Artificial Intelligence with cryptocurrency technologies.

SIN is the cryptocurrency that is used for:

Transaction and data transfer fees.

Payment of decentralized data storage contracts.

Rewarding the Proof-of-Stake (PoS) and Proof-of-Work (PoW) validators.

Initializing an Infinity Node which operates the Proof-of-Services (PoSe) layer for instant transactions and data storage.

Rewarding the owners and moderators of Infinity Nodes.

Participating in the governance votes.

Interacting with the decentralized finance (DeFi) ecosystem.

Creating tokens and sidechains with the InfiniteChain technology.

*Blockchain-based electronic mail services.

*

SIN tools include:

An Explorer to track the transactions, blocks, cryptonomic, and different network layers with a callable API for building applications.

A GitHub for the developers of the SINOVATE ecosystem.

Custom Mobile and Desktop Wallets to support the users’ experience in the use of SIN coins.

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

There does not exist maximum supply in the SINOVATE ecosystem. To overcome the inflation, the network exploits the Proof-of-Burn (PoB) mechanism. The PoB eliminates the fees and collateral of Infinity Nodes, allowing the network to have a self-regulated circulating supply based on the offer/demand paradigm. The project revendicates an objective to have always less than 800 million SIN coins in supply.

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

The network runs with Bitcoin core 0.21 to exploit Layer-2 protocols such as smart contracts or state channels for micropayments based on the Lightning Network or decentralized applications to provide services. SINOVATE integrates or will integrate the following unique features:

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

Infinity Nodes 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 Infinity Nodes. Rewards come from their contribution 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.

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, in December 2021.

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.

SINOVATE proposes many trading pairs to buy the SIN coins such as BTC, ETH, or USDT. The network has a swap bridge with the Ethereum and Binance Smart Chain ecosystem. It will enable SINOVATE to be interconnected with solutions backed by these solutions. Specifically, SIN coins will be wrapped, usable, and tradeable on the different decentralized finance (DeFi) platforms of these ecosystems.