Archive: December 2020

Elrond Announces Wallet and Global Payments App Launch on 31st January 2021

Bitcoin Press Release: Elrond Network has set the global launch date for the digital wallet and global payments app Maiar to be on 31 January 2021.

 

4th December 2020, St Julian’s, Malta – Maiar, the digital wallet app for iOS and Android devices, provides financial services such as payments, investments, and passive earning. The application does not require any subscription or paperwork, does not collect any personal information, and uses Elrond’s high throughput and inexpensive blockchain technology to provide near-instant transfers all over the world.

 

Maiar stands out from other blockchain-based wallets, which require writing down complex 24 words passwords, and other un-intuitive sign-up procedures, that are unappealing for non-technical users and dissuade newcomers.

 

By contrast, Maiar creates a unique and secure account on the Elrond blockchain using a cryptographic hash of the user’s phone number, without the phone number leaving the device. At the end of a few seconds, the user has a usable blockchain wallet for sending and receiving money using their phone address book.

 

Through gamification and progressive security, the user is further encouraged to strengthen security, add a pin, biometric authentication, and encrypted backups. Maiar will also implement social recovery, allowing users to restore their wallets on a new device using their trusted contacts.

 

Maiar thus becomes the decentralized version of popular apps such as PayPal, Venmo, Revolut, and Google Pay, offering the same features but without collecting any personal information, and charging negligible fixed fees instead of a percentage of the transacted value.

 

The first killer app running on Elrond is the spearhead of the network’s accelerated expansion. Touting the first fully sharded blockchain architecture that can operate at internet scale, Elrond thus positions itself for accelerated user acquisition at the height of what is expected to be the most impressive bull market since 2017.

 

To find out more, visit the Elrond website at www.elrond.com

 

Join Elrond on Telegram: https://t.me/ElrondNetwork

Keep up with Elrond on Twitter: https://twitter.com/elrondnetwork

 

Media Contact Details

Contact Name: Lucian Todea 

Contact Email: lucian.todea@elrond.com

 

Elrond is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

 

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Introducing SINOVATE: The Future of Decentralized Cloud Storage

decentralized cloud

Bitcoin Press Release: Decentralized cloud data storage platform SINOVATE launch groundbreaking new solution, Deterministic Infinity Nodes. 

 

4th December 2020, TurkeyDecentralized cloud data storage platform SINOVATE is developing its own in-house blockchain technology known as Deterministic Infinity Nodes (DIN). The potentially groundbreaking new tech works in unison with Incorruptible Data Storage (IDS) to create a new consensus system with security levels never seen before. 

 

Market Growth & Unsustainable Solutions

The data storage industry is Projected to exceed $80 Billion USD in the next 4 years as a result of the rise of mobile devices, the app market, and growth across Blockchain IoT, AI, and e-commerce. The market is split between Mainstream providers (Amazon, Microsoft) and the new, more technically secure blockchain-backed (Storj, Filecoin) dCloud alternatives. 

 

Mainstream cloud data providers are struggling with consistent data breaches, exposing a whole range of sensitive information (logins, passwords, IP addresses), while some blockchain alternatives face problems with token inflation. 

 

What is SINOVATE?

SINOVATE is a (SIN) decentralized cloud data storage platform that offer a potential solution to 

these ongoing problems. Its unique decentralized data storage network is backed by Deterministic Infinity Nodes (DIN) which interact seamlessly with Incorruptible Data Storage (IDS), through a novel protocol called bFTP (blockchain-based File Transfer Protocol). 

 

Masternodes Vs Infinity Nodes

Masternode networks support many other dCloud projects but most still suffer from issues with inflation. Although the (initial) high rate of return for masternodes projects is attractive to investors, this leads to inflation, reducing the incentive for a user to continue to maintain a node as the token falls over time, negatively affecting the network. 

 

SINOVATE’S Deterministic Infinity Nodes reduce inflation and promote network growth through its Infinity Nodes. Infinity Nodes use a unique Proof of Burn (PoB) feature, burning a specific amount of SIN across the 12 month node lifespan. This counters inflation by reducing the amount of SIN in circulation, and creates a new proof of transaction type called BurnTx. 

 

Legacy masternode-based networks are susceptible to vulnerabilities and attacks which can result in reward stealing and node instability. Infinity nodes solve the new deterministic algorithm: lock/reward and PoB to bring provably fair deterministic rewards, with bulletproof stability, and network stability. 

 

DIN 1.0 Hard Fork

On the 21st of November 2020, SINOVATE concluded a hard fork bringing online its innovative Deterministic Infinity Nodes (DIN) 1.0, at block 550,000. The network will consist of more than 1,800 DIN that will bring more data storage capacity to the network. There are already over 1,400 nodes running on the network with expectations of 5,000 nodes in 2021. 

 

DIN uses a deterministic score system based on Schnorr Signature to retrieve that data from IDS. bFTP allows the user to easily re-authenticate to any of the nodes that hold a copy of the stored data using the deterministic “score” algorithm. 

 

Incorruptible Data Storage

IDS is being developed carefully to allow a fully secure and reliable network for a worldwide decentralized Cloud (Cloud 3.0). This demands the development of a variety of technical features. The first step of IDS will be delivered in Q2 2021 which will give the possibility to use the functionality “DataStore” for saving your file in the DIN of the blockchain, send mails with unprecedented blockchain-based mailing system or write to your friends in a fully secure and anonymous way with SIN Mobile messenger. 

 

SINOVATE will go beyond to provide security, decentralization, and efficiency by updating the blockchain to the Bitcoin core 0.21 and by delivering a fourth generation of Proof-of-Stake (PoS4) built in-house that will allow to add passive incomes alongside DIN and the HCO program.

 

To Infinity And Beyond

Exponential growth in numerous data-centric markets and the rise of mobile devices has exposed a severe lack of a viable long-term solution for the world’s future data storage needs. Blockchain-based dCloud platforms do address some of the security failings of their mainstream counterparts, but many face questions of token inflation. 

 

SINOVATE’s decentralized infinity node architecture and incorruptible data storage underlayer provide an incredibly secure foundation upon which new companies can be built, and its Proof of Burn feature offers both a answer to network sustainability, inflation, while offering everyone involved a chance to benefit for being apart of its future vision for decentralized data. 

 

SINOVATE Blockchain Developers 

SINOVATE’s rise in the dCloud Industry is largely thanks to its innovative blockchain developers

Xuantan Nguyen (Xtdev) and Giacomo Milligan. (Giaki3003/SINTOSHIS)

 

Xtdev is a highly experienced Big data and data mining specialist. He is also the innovator of Deterministic Infinity Nodes and one of the lead developers and Master SINOVATORS of SIN.

 

Giaki3003 is the second lead developer on SINOVATE team and fellow Master SINOVATOR. He is also a highly experienced blockchain core developer, as well as Innovator of the upcoming PoS4 custom proof-of-stake algorithm, and hybrid consensus.

 

Together they make a uniquely experienced and highly skilled duo and creators of the technical evolution that is SINOVATE. 

 

Check out SINOVATE and start running a node today

 

Read about SINOVATE on the Official bloghttps://sinovate.io/blog

Join the conversation on Discordhttps://discordapp.com/invite/CWbnW5y

Official SINOVATE Telegram Channel – https://t.me/SINOVATEChain

Meet the Team on LinkedInhttps://linkedin.com/in/sinovhttps://sinovate.io/ate-foundation-818672172

Official SINOVATE Mediumhttps://medium.com/@sinovatechain

 

Media Contact Details

Contact Name: Alex Thurston

Contact Email: alex.t@bitcoinprbuzz.com

 

SINOVATE is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

 

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

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