To start the interview, could you please tell us a little bit more about your background and explain us the reasons why you came to work on the /SUQA/SINOVATE project ?
I have been in crypto since 2015. and i have been a technology enthusiast since early childhood. SUQA was born to bring something different to the crypto community who got tired of scams just like i did. Mining, trading, masternodes all the projects i mined, invested or masternode related projects they all failed so SUQA is born and evolved to SINOVATE. SUQA was a different POW coin with a new algo and a unique timelock one click interest system but legally it made us considered a security coin. SINOVATE is all new and coded from scratch to the latest bitcoin core 0.17.1. All we want to do is making different things than others to solve big everyday problems.
Can you explain the story of SUQA/SINOVATE, from its creation until now ?
First, one important thing to underline is that this is a long term project with long term vision and ambitious uses cases , where we achieve objectives step by step : we are moving to next step when things work flawlessly .
Suqa started end of September 2018 , the first ambition of suqa was to revigorate POW GPU mining , creating a fair new blockchain with an unique 5% timelock feature and brand new x22i Fpga asic resistant algorithm that was our main product. The idea was to get fast and large adoption to have a quite base strong network we can develop new technical unique solutions later on, that was first step.
Blockchain has a lot to offer in term of capabilities but need mass adoption to do so , assuming all that has been technically done since BTC start in the crypto Sphere , we started rethink a new way to get interest from investors and , we were interested in masternodes technology initiated by Dash and all its benefits to achieved great blockchain based product but at the same conscient of this ecosystem cons : high inflation and coins emission ahead .
So this idea came , lets overhall the way masternodes work and try to develop our nodes that threat masternodes problems , and the idea of burning collateral coins came quickly .
We are now turned to SINOVATE , Suqa is SINOVATE base network , SINOVATE will benefit from Suqa left network but everything a part this is brand new .
Today the technology of the Inifnity nodes and some of their services have been released and are on the mainnet, just like the X25X our new algorithm. We are at the beginning of the process of « filling » the network with Infinity nodes, we are watching the number of burned corners increase every day , nearly 150M of them are allready burnt in the Infinity Nodes . Their profitability is excellent, hurry up if you want to invest in SINOVATE, the places on the network will be rarified… when the network is full, this will mean a very limited volatility for the price of the token and the start of the implementation of our large-scale applications.
What are SINOVATE’s key features?
SINOVATE has several key features , all are applications allowed by the our unique tech : the Infinity Nodes .The global result is a really advanced technical and economic ecosystem where every part works in synergy with each other and where everybody will benefit from. It is quite unique in the masternode coins scene.
Infinity nodes are totally new and unique never done masternode technology which we will give details in concerned question below .
Shadowsend : This service provide anonymity on transactions using a dash like technology of privatesend with mixing rounds .
Flashsend : Allow flash transactions , with execution time below 3 seconds ..improoved version of dash instansend feature .
IDS (Incorruptible data send/storage ) :This feature will be our flagship one , because it will draw what Sinovate stands for : Private Networking . Allowed by infinity Nodes too , it opens large scale data storage and sending applications within blockchain advanced network benefits : stability , safety , privacy , unique filsystem rights , totally decentralised . We already have a long real uses cases list IDS is capable of .
Why did you develop a new algorithm for SINOVATE (X22i)? Is the algorithm change every 8-9 months still relevant (X2Xi) ?
Algorithm changing aim is to preserve Asic FPGA Quantum resistant specification , and because we always look for energy saving improvements and increasing cryptography efficiency with POW mechanism , which is for now Sinovate Backbone .
Is it important for you to be proof of work and not proof of stake ? and to have as well a community of miners who support Sinovate?
Of course it is important for us to be POW, and to have a mining community that follows. We are trying to get the best out of different consensus with the aim of creating the safest and most stable network possible, and POW has advantages that we would be wrong to deprive ourselves of.. Miners are the very firsts to support Sinovate project contributing to what is the most important for us : network safety and security . It also helps getting an mining enthusiasts community .
Each consensus mechanism has its advantages and disadvantages and is useful in some applications. We are moving towards a hybrid with the proof of burn ( in infinity nodes may not only…) that combines the best of both worlds to create powerful applications laying down on resulting network , so POW for base , stability security , growing , and POB under Infinity nodes for economic control , scalability (flashsend , which is necessary) , reinforcing security, and applications. POS is on our radar after block 1.500.000 which is 5 years from today .
You have partnered with Komodo to protect Sinovate from attacks 51%. What is the reason for this choice ?
We believe future major blockchains will be the safest and most securised ones , and in order to benefit from Bitcoin chain protection we thought going for Komodo technology would be a great choice to prevent us from 51% attacks . We want to make sure people has no doubt about Sinovate integrity and trust the project capabilities to succeed . Security is real part of Sinovate DNA and obviously a crucial part for such long term projects in actual crypto world . Only the best protected and smarts ones will survive.
How does the team is organised today (nb of people, tasks repartition etc…)
The SINOVATE team is composed of a large number of people with a common point beyond their distinct skills is to be a strong supporter of blockchain technology and its future applications.
The lead team is composed of 3 Co founder : Crylander, Pallas and Xtdevcoin (XuânTân NGUYEN).
The overall management of the project is managed by Crylander ( Tamer Dagli) who breaks down the tasks according to each person’s skills while Pallas and Xtdevcoin has more of a technical director roles . When a subject or an important decision arises we often vote for the decision making . When we are looking for ideas or improvements on certain points, the whole team submits proposals that are also voted on.
The mid size team of developers, working so much for the development of heart is composed of 10 people including Xtdevcoin who is the lead .
Around this organization is the whole of the rest of the team, which includes a total of about twenty nine people in the following roles:
Telegram Community Managers, Discord Community Managers, Twitter Administrator, Reddit Administrator, Bitcointalk.org Administrator, Medium Moderator, Marketing Team, Content Creators, Creative Director, Web Developer , Mobile app developer,Technical Advisors, Blockchain Advisors.
The entire project team therefore includes about almost thirty people so far.
The team has so far shown a great capacity for work, with the hard work of the developers in mind, a good indicator of the progress of the project being the github section, because this project is made of ideas, code and work.
For example, we have just successfully released a hardfork that includes a algorithm’s change, the integration of a brand new wallet and the addition of infinity nodes and all its services… And things went wonderfully well thanks to the hard work of the team.
You have made an announcement about the upcoming creation of infinity nodes. Can you explain the reason for this choice? And what are the differences and specificities compared to classic masternodes? Is there a technical added value, beyond blocking parts ?
This announcement give an idea of what Infinity Nodes will be and behave . We tried to make understanding as simple as possible for non familiarised masternode technology people .
We believe Infinity Nodes to be revolutionary because of their unique characteristics and operating process ( Proof of Burn that provide operating rights ) .The advantages offered by the specificities of Infinity nodes must be considered from a global point of view not only on the economic aspect but also and above all on the technical aspect of the resulting ecosystem capacities.
The specificities of infinity nodes are multiple, the most significant being the fact that the titles allocated for the creation of a node are automatically burned and so, sent to the sinburn address: SinBurnAddress123456789SuqaXbx3AMC .
We can then speak of proof of service because this action opens exploitation rights on the Sinovate network for a period of 12 months by a proof of burn, at the end of which the node disintegrates to give way to a new entry on the network. The infinity nodes will exist in 3 formats containing 3 quantities of SIN: LIL SIN, MID SIN and BIG SIN, having burned respectively 100K, 500K and 1M SIN .
All the securities to be used in the Infinity nodes are capped at 594M SIN, corresponding to 375 Nodes for each third party involved, knowing that the current total supply is around 600M .
All node layers will be responsible for distinct features on the network, e. g. small Infinity Nodes process flashsend using the associated consensus.
If we reason from an economic point of view, we guarantee a return on investment with benefits of 22% in the worst case scenario ( or 122% since the SINs are burned), the revenues being conditioned at the moment t by the number of nodes of the third party concerned on the network, because the number of SINs per block allocated to all the nodes remains constant and is 2750 SIN (with a 2min blocktime). MID SINs have a 5% bonus and BIG SINs have a 10% bonus on their rewards per block.
The objective here is to address the problems of inflation and securities issuance due to the introduction of nodes, compared to a « classic » crypto-money with masternodes and thus to arrive at a network filled with resulting nodes, with as characteristics very high security, stability and trust with investors by limiting the pressure to sell and thus allowing the development of large-scale application ( The private networking online focus…)
The economic dynamics of the project can be assimilated to a virtuous circle, from which everyone benefits: the infinity nodes are attractive, the more infinity nodes there are, and the fewer SIN in circulation on the market , the more SIN are secured in the nodes for a period of 12 months, thus increasing the rarity of those cis, and thus an inflation and a pressure to sell from large investors judiciously controlled. The scarcity certainly leading to an increase in the price of SIN coins, the currency will attract more interest, more interest wanting to mean more nodes, more nodes guaranteeing a powerful network in the grip of applications never made on a large scale on blockchain technology. We can mention the storage and sending of data, for example, for which we already have a loan code IDS (incorruptible Data Send).
Last but not least , in order to create an even more deflationary ecosystem, all the transaction costs for classic transactions and generated by Flashsend , Shadowsend and the future IDS will be automatically burned. That end into a very smooth and regulated system , with constant grow and infinite capabilities !
You also talk about anonymity with the integration of SIN. Is it a mixer system like Dash, or did you plan to integrate another more efficient anonymous technology?
We currently have Shadowsend operating on the basis of the Dash technology integrated into our wallet , at the moment there are no plans to make any significant improvements to this functionality. On the other hand, in the near future it is not impossible that we may consider the question of total anonymity within the Sinovate blockchain. But before that we have other more important things to do!
What are the plans and objectivs of SINOVATE for 2019/2020?
has started charged for SINOVATE and it’s not about to stop. This year is intended to be an ambitious and rich year of development, which we hope will be filled with successes and objectives met. We already have a lot of future innovations to work on, here is the plan of attack for the year 2019 that will take us if all goes well to new heights in 2020. (https://sinovate.io/roadmap/)
What is the next big thing for SINOVATE?
Now that the foundation of infinity nodes has been laid, we still have time to perfect the network that will host the next big SINOVATE thing: IDS and Private Networking and its possible multiple applications in today’s world… However, in the meantime, we will have two major new innovations unique and revolutionary in the world of Blockchain, one concerns Security and the other an ultimate backup solution. To know more about it, you will have to follow the project closely… We will communicate on this in due course.
There is a lot of talk about governance issues and business models in crypto currencies. There is 10% of the rewards for the founders / developers. How long will these rewards last? Is there any transparency about the allocation of these funds ?
We make a point of honour as an open source crypto project, in the transparency of the funds used for the project, detailing through the regular periodic publication of articles on Sinovate’s financial statements and the expenses incurred. These articles are available on the project’s medium page and on the website blog .
As for the allocation of funds per block to the project development wallet, these will be reduced to 1.1 % at the time of the hard fork, thus ending the 9% currently allocated. We consider that in the future, taking into account the progress of the project and having passed the critical phase of project launch, these proportions will now be sufficient to continue developpement .
Have you planned another governance in the future, like Dash or Decred? What will be the role of the community in the future?
Yes, we have planned the integration of a single democratic voting system using Infinity Nodes technology called RSV for Revolving Sovereignity Votes. This E governance system will involve users and node owners in the future of the project via votes on trategic decisions of the currency such as Dash or Decred.
The community and particularly the Infinity nodes owners who have a greater commitment to the project, will thus have a decisive influence on the project.
What is the goal of SINOVATE ? What are you strategic directions ?
Sinovate’s goal apart from bringing new things into the blockchain world is the ultimate application of the full node network we want to create, namely the development of big data solutions for individuals, companies and administrations. We already have a well thought-out plan of attack to achieve this.
If you were to compare yourself with other altcoins, which ones closest to SINOVATE’s intention ?
None of them. Infinity Nodes is the revolution in masternodes for creating less supply while making the investors earn. Infinity nodes solve the inflation problem that no one has achieved before. IDS p2p private networking will be totally different than competitors like storj, siacoin, btt. While they rely on members’ hard drives to be open for sharing. IDS will depend on the active nodes that are already in the network. IDS will be active as long as the SINOVATE blockchain is active which is a must for all blockchains. In our competitors the earnings are not worth to keep their computers open 7/24 but in IDS, the infinity nodes owners are already there and getting paid from their nodes so they will earn extra passive income by storing the data.
STay tuned for more innovations because this is just the beginning.
Why is SUQA/Sinovate is superior/different to/from its competitors?
The intrinsic advantages of Sinovate over other crypto projects are first of all our vision in the learning of a crypto project, our foundations being innovation and the development of technical solutions resulting from it. We give ourselves the means to achieve our goals as the development team is very homogeneous and has a large workforce. Today we present a number of new products that we believe will be revolutionary on the scene of technological developments around the blockchain.
We have always respected our deliverables and been very honest so far, we have demonstrated it again with the very recent hard fork. When one thing is finished we move on to the next, all good ideas are studied, that’s the SINOVATE way.
Which projects do you like the most in cryptos? why ?
All projects that keep hard working even in bear times is my favorite 🙂