Although the amazing technology has gained prominence, some of its biggest challenge till date is the problem of security, scalability and interoperability. Also, the reluctance of corporate organizations to adopt this technology due to its issues with data storage and compatibility with other platforms is another big challenge.
The idea of Sinovate was born out of the need to solve these problems that plague the DLT (Distributed Ledger Technology). The intention of the Sinovate project is to develop a purely innovative platform that can be used by various industries and individuals around the world with the aim of transforming the DLT space by creating a democratic decision-making solution that will improve the lives of private and corporate players.
Sinovate offers cutting-edge solutions like custom code development, community building, management, and real innovation that sets it apart from other DLT platforms but aims to maintain the very core idea behind the DLT technology which is transparency and accountability. The platform is, therefore, creating a blend of its own solution by combining some pre-existing and new DLT features.
Providing Solution To The Issue Of Data Storage By Using DLT
Traditional Cloud data storage solutions like Google Drive, Amazon Web, and Dropbox have to a great extent, exerted dominion over the industry. But the problem with this authority is that they have monopolized data storage using their vast data farms. Their centralized storage and servers create the potential risk of data tampering, corruption, and mutability, leaving personal data and information of users vulnerable to security risks.
Due to these problems, the demand for a decentralized data storage solution is on the rise and Sinovate aims to capitalize on its expertise in developing Public DLT-based solutions and offer decentralized storage to its users. The platform aims to achieve this by implementing a Proof of Work (PoW) Algorithm known as X25X and also its evolutionary masternodes, Infinity Nodes, which solves inflation issues that is synonymous with all digital currencies.
The custom DLT of Sinovate encourages its users to become owners of an Infinity node by sharing network resources. The supporters of the network will also be equally rewarded for participating in the decentralized cloud that will gather all Incorruptible Data Storage (I.D.S.) cloud services for stable passive income possibilities.
The infinity node owner has the ability to replicate the SINOVATE DLT by using his/her resources and get compensated in SIN coins. Also, infinity nodes provide additional services over the PoW layer with the possibility of new block verification consensus, Proof-of-Burn (PoB, making the infinity node a fundamental component of the public DLT's robustness which provides an additional layer of security.
In addition to its economic insight, PoB also helps to maintain a secured I.D.S. cloud service by ensuring a stable and sustainable masternodes network. By burning a number of coins, owners are forced to carefully supervise the activities of their nodes, giving them a higher degree of responsibility and reinforcing the reliability of the decentralized cloud.
By using a decentralized e-governance voting system called the Revolving Sovereignty Votes (R.S.V.). Sinovate ensures that all community members who want to continue the association will hold the node which has a maturity date of 12 months before expiring.
Sinovate combines the use of its infinity nodes, PoB, and other of its inbuilt mechanisms to create an infinite scalable decentralized cloud storage solution which disrupts the current traditional solution and some of the critical features of the SINOVATE cloud platform includes:
- The storage of data in an encrypted way without worry about node storing security issues.
- Encrypted data that only owners can access as even node operators DO NOT have any visibility to the data.
- Reinforcing reliability and accessibility by maintaining the SINOVATE chain on the cloud medium with multiple tiers and thousands of nodes.
- DLT rewards for node owners by validating blocks and storing data. Therefore, giving higher rewards to nodes with higher data storage capacity.
- An equal distribution of all network income between participating nodes.
- Ensuring higher data safety by implementing a direct message, text, and email sending capabilities in an encrypted manner which only the sender and receiver can see.
- Giving responsibilities to node owners to secure the data and the DLT and also give recommendations, to propose amendments and to hold weight in RSV governance.