BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.
Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel
Introducing SINOVATE: The Future of Decentralized Cloud Storage
Decentralized 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 offers 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 v. 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 Signatures to retrieve that data from IDS. bFTP, allowing 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 steps 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 an 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 Bitcoin core 0.21 and by delivering a fourth generation of Proof-of-Stake (PoS4) built in-house that will allow the addition of 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 an answer to network sustainability and inflation, while offering everyone involved a chance to benefit from 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.
Media Contact Details
Contact Name: Alex Thurston
Contact Email: firstname.lastname@example.org
Disclaimer: 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.
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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar
Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.
Taxing Crypto Gains
According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018.
This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day.
Over $25 Million Daily
Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders.
Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.
Declaring Bitcoin Profits As Capital Gains
Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”
Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies.
However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.
Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update
To say that this week was interesting would be an understatement. It had a little bit of everything.
Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.
Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.
The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.
Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.
Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.
In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.
Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%
BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)
Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.
Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.
Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.
Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.
Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.
Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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