SINOVATE: Web3 Cloud
In 2019, Cloud services were valued at 264.7 billion USD and should reach more than 900 billion USD in 2027. The services provide a fast and comfortable experience, but the centralization of processes and difficulty adjusting the security levels leads to many data breaches. Therefore, decentralizing the operations with cryptocurrency becomes undoubtedly the next milestone for evolving Cloud ecosystems.
SINOVATE thinks decentralizing processes in the Cloud will bring fairness and freedom into data governance based on cost-effective and evolutive blockchain infrastructures. Data governance becomes critical between some giant companies and countries because of the data market growth. People are increasingly aware of the risks associated with the data monopoly of giant companies, the lack of data anonymity, or the risk of data breaches with storage centralization. Therefore, the next decade will show an increasing interest in novel solutions which will handle the quoted issues.
SINOVATE is building the next-generation Cloud using a peer-to-peer network; its infrastructure is decentralized, secure with cryptographic techniques, and scalable with servers worldwide. It is the paradigm of a decentralized Cloud (dCloud), also known as Web3 Cloud.
The Web3 Cloud is the next generation of data storage for users and companies that leverages the power of artificial intelligence, blockchain, and cryptocurrency technologies. Some competitors provide Cloud solutions using a blockchain, but they need help with different technological constraints such as speed, stability over time, and scalability. Despite this and the difficulties in elaborating heavy data storage consensus protocol, Web3 Cloud is worth billion of USD.
SINOVATE decided in 2019 to explore technological solutions to be as efficient as a centralized infrastructure with the benefits of decentralization. The project proposed to achieve this challenging problem with the InfinityNodes and the Incorruptible Data Storage (IDS) powered by the blockchain-based File Transfer Protocol (bFTP). SINOVATE had the ambition to guarantee decentralization, security, and scalability for its Cloud 3.0 with its unique blockchain and infrastructure.
In early 2023, the network faced instability in the maintenance of InfinityNodes, the efficiency of staking, and the need for more support for our mining algorithm. It induces a recurrent update of the wallets by the customers (to the impossibility of synchronizing them), missing rewards from the nodes, or the staking system. We thought of different ways to solve the issue without results in the current infinityNode implementation. It is then necessary for the stability and the users’ experience to figure out these issues. Furthermore, we did some audits of our code, and some critical security concerns mitigated the efficiency of the LockReward proof. We corrected in April 2022 all the security issues we could. However, the evidence of LockReward needs to be more cryptographically correct to satisfy the audit experts. It is critical for the project’s traction and for more developers to use our technology.
On the 21st of February, 2023, at 1 PM GMT+0, the SINOVATE network had a hard fork. Even though staking does not change, the hard fork brought many changes:
Switching the x25x to KAWPOW, removing the DEV fees, updating to Bitcoin core 0.24, and removing the InfinityNodes.
It was a big decision, but the new network cannot pursue the current node implementation.
SINOVATE decided to move forward and keep the pace of developing a reliable Web3 Cloud by building a new network.
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