Price
$0.000664
8/16/2022, 4:30:00 PM
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Market

Market stats

Market cap

$440,546.89

Volume (24h)

$146,741.22

Circulating supply

663.7M SIN

All time high

$0.01

Price change (1h)

+3.89%

Price change (24h)

-4.77%

Price change (7d)

-13.46%

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SINOVATE is on the decline this week.

The price of SINOVATE has fallen by 13.46% in the past 7 days. The price declined by 4.77% in the last 24 hours. In just the past hour, the price grew by 3.89%. The current price is $0.000664 per SIN. SINOVATE is 93.36% below the all time high of $0.01.

The current circulating supply is 663,717,042.405 SIN.

About

What Is SINOVATE?

SINOVATE (SIN) is a community-owned open-source network composed of pre-existing and innovative blockchain technologies. The various technologies have been carefully chosen to meet challenges like the speed of transactions, network scalability, and security. The goal is to make SINOVATE a user-friendly, innovative, and accessible platform fully integrated into users’ daily lives.

SINOVATE caters to some of the existing problems of the mainstream cloud platforms in the following ways:

1. Privacy: As management can provide data to third parties, the centralized cloud storage unmasks data to breaches and privacy leaks. The stored data can thus be lost or modified.

  • Solution: By using view keys, SINOVATE aims to hide data and keep it private by default. 

2. Security: A data center is easier to target for hackers and can be easily located on the network. Centralized storage servers gather in one or several places to reduce the costs. And in case of any malfunction, the data can be lost forever. 

  • Solution: SINOVATE offers unprecedented security and redundancy of data without sacrificing speed by using novel algorithms.

3. Cost: The costs of centralized storage and data migration between different centralized cloud storage platforms are high.

  • Solution: SINOVATE uses proof-of-burn (PoB) incentives, and the network rewards infinity nodes for providing cheaper, better, and more stable service.

4. Decentralization: The centralized storage provider owners have complete control over the stored data.

  • Solution: With infinity nodes and hybrid proof-of-work (PoW) and proof-of-stake (PoS) consensus, SINOVATE IDS ensures high mining and staking participation rates. Anybody can mine, set a node up, or stake on the platform.

5. Speed: File transfer speeds are vital to cloud storage, especially with large files. 

  • Solution: Each infinity node uses an economic-incentive-based novel redundancy algorithm that leads to fewer backups with ultra-high-speed cloud transactions.

SIN is the first-layer token of the SINOVATE platform.

History of SINOVATE

SINOVATE was launched in September 2018.

The third edition of the SINOVATE whitepaper was launched in 2021.

Tamer Dagli (Cryplander) is the operation manager, and Xuantan Nguyen (Xtdevcoin) is the head of development and big data specialist.

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