SINOVATEâ€™s Incorruptible Data Storage (IDS) dCloud network is providing game-changing decentralised cloud storage to the market â€“ and to do that, the network needs reliable, distributed hardware and dedicated servers which will provide it with the stability and longevity needed to run this ground-breaking service.
2020 â€“ What a Year for Crypto
From rampant COVID-19 market uncertainty, to 350% BTC price appreciation since March, and now to the return of Crypto to the mainstream media spotlight â€“ itâ€™s been a roller-coaster of a ride. As we approach the year end, we have seen innovative responses to the pandemic born from blockchain â€“ the often-touted supply-chain use case has found good application in helping to alleviate the issues resulting from over-subscribed retail and commercial supply chains. Not to mention the use case for distribution of a COVID vaccine, which requires rigorous quality control and traceability, two elements handled succinctly by blockchain application.
Perhaps too, the rise in price signals that people are once again searching for an alternative to the traditional financial system which has failed them â€“ one which is part of a world of indecision, and of grim outlook. Comparatively, sentiment in the crypto industry is up. PwCâ€™s estimate on big moneyâ€™s presence in the industry doubled from $1bn in 2019, to $2bn this year in 2020. Whatâ€™s more interesting to note is that 42% of those hedge funds were involved in cryptocurrency staking â€“ or to those familiar with industry terms, DeFi.
And the market truly has taken DeFi in its stride. In February of this year, a total of $1bn was locked in DeFi contracts. And a short 6 months later in August, that figured had risen by more than 400% to a total of over $4bn. And as of 20th November 2020, that figure approaches a staggering $14bn, which represents 1400% growth in commitment this year. It does not take a great stretch of the imagination to understand that there is a link between the fantastic returns offered by DeFi and the general uptick in the Crypto industry.
DeFi: All That Glitters is not Gold
In the crypto industry, we are used to hype. We saw plenty of it in 2017, when the ICO craze first hit, and for DeFi, staggering numbers aside â€“ you donâ€™t have to look far to see the same issues. Never far from the headlines is news of bad actors, scams, pump and dumps, exposed through Telegram groups, and if youâ€™re lucky â€“ even executed on exchanges, where funds can be returned.
And with an eerie warning coming from a mysterious whale touting 99% of DeFi as a scam, weâ€™ve got to look at the possibility that repeating our past mistakes â€“ that is, committing undue amounts of wealth to projects with no tangible backing, no history, and no team â€“ Is inviting trouble. It leaves investors at the mercy of the market, and at mercy of the DeFi bubble popping.
Deterministic Infinity Nodes: An Alternative to DeFi
It comes at a perfect time, then, that a solution to the latent shortcomings in the world of passive income should become apparent this month. With the present hardfork in the SINOVATE projectâ€™s code, comes the release of the Deterministic Infinity Nodes, or DIN for short â€“ And there are some impressive returns being offered for operating nodes on the SINOVATE network.
In short, SINOVATEâ€™s Incorruptible Data Storage (IDS) dCloud network is providing game-changing decentralised cloud storage to the market â€“ and to do that, the network needs reliable, distributed hardware and dedicated servers which will provide it with the stability and longevity needed to run this ground-breaking service.
To start a node, users stake their choice of SIN coins as collateral. The collateral is burnt at the start of the 12-month period, and returned over the course of the year by daily rewards â€“ Which provides the financial incentive to wait the full year out, and also reduces inflationary pressure. SINOVATE is rewarding users at the following levels:
- MINI DIN (100,000 SIN Collateral) â€“ 130% returns
- MID DIN (500,000 SIN Collateral) â€“ 30.6% returns
- BIG DIN (1,000,000 SIN Collateral) â€“ 27% returns
And the best part is, no tricky masternode setup â€“ SINOVATE have implemented their one-click node setup to allow users to get their node running automatically in a matter of minutes, instead of hours usually associated with node setup.
No Node? No Problem â€“ Introducing HCO
Even though running a node is easy, SINOVATE still wanted to make great rates of passive income available to everyone, no matter their level of wealth. Thatâ€™s why they are introducing the HCO (HODL Coin Offering) â€“ Where users can get up to 15% APY from locking up to 75,000 SIN for up to 1 year. The full breakdown can be found below:
- 12-Month Lock â€“ 15% APY
- 6-Month Lock â€“ 6% APY
- 3-Month Lock â€“ 3% APY
Whatâ€™s more, is that the SINOVATE team is funding this initiative directly from the development budget, meaning that there will be no new tokens minted, to neutralise inflationary impacts resulting from the initiative â€“ But hurry, because there are only 64 days left of the initiative!
It is true that DeFi has changed the financial landscape this year â€“ and it is true that we expect more from our money â€“ however what is also apparent is that scam projects and bad actors are running amok in the market at the moment. SINOVATE is a project with a game-changing proposition, a dedicated and community-focused development team, and the potential to go further than any project has before their hardfork just released, and there are many more updates on the way in the next 6 months, and now, they have an answer to DeFi.
When will you head to infinity? Visit the website to learn more or set up your node today.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.