SINOVATE: What to expect from the Hard Fork

After months of hard work and dedication, the keenly anticipated SINOVATE (SIN) Hard Fork will officially go live on 1st June 2019 at approximately 09:00 UTC. Implementation will take place at block 170.000, which directly coincides with the SINOVATE Blockchain switching algorithm from X22i to the brand new, energy efficient X25X. Pool Stratum Operators will also make the switch to X25X, immediately following the Hard Fork. Wallet users will largely remain unaffected, though sending transactions is not recommended for the first 2–3 blocks. Once the Hard Fork goes live, previous versions of the SIN and SUQA Wallets will become obsolete, and therefore must be upgraded to the SINOVATE Mainnet Wallet.

All transactions carried out via the new Wallet are immediately burnt, creating an ecosystem which successfully addresses and controls high inflation. The first 50 blocks (500 SIN) after the Hard Fork will only be rewarded to miners, with no Development Fees or Infinity Node rewards initiated during this period.

Development Fees will commence at block 170.050, and will remain at 1.1% for the foreseeable future. This represents a significant reduction from the 9.090909% fee, which was previously distributed for development and innovation purposes. Infinity Node rewards will begin from block 170.100. 2750 SIN will be rewarded per block, and will be split between all Infinity Node tiers. The block reward allocated to each Infinity Node tier is distributed across all individual nodes associated with that tier. For instance, a reward of 155 SIN from one block will be shared between Little SIN node owners:

Community members will be given a maximum of 100 blocks to set up an Infinity Node, which at 200 minutes provides ample time to resolve any issues experienced and initiate the coin-lock. The SINOVATE Team, as always will be readily available to assist would-be node owners as and when they require.