Decentralized technology may have started with the birth of bitcoin, but the blockchain technology that underpins the world’s largest cryptocurrency is gradually becoming the basis for the most seismic technological shift since the birth of the Internet.
At the heart of any technological advancement is a set of principles that govern its success, and blockchain technology is no different. The digital ledger supporting Bitcoin has evolved from an open-source cyberpunk-era experiment into the foundation for the industry’s next great innovation.
Blockchain technology is gradually being introduced unique ways in many industriesincluding technology, e-commerce, media, telecommunications, life sciences, healthcare and government – all of which see the potential benefits in terms of governance, security, scalability, transparency and stability. These attributes have finally created a clear space between blockchain’s potential future use case and the limitations of its centralized predecessors
To climb a mountain
The recent meteoric rise of mobile devices, the tremendous growth in the use of consumer applications and the increased demand for big data are just some of the factors contributing to the global need for data storage. To make things worse, the new interconnected markets of Blockchain, Artificial Intelligence (AI) and the Internet of Things (IoT) will all require massive amounts of data as they continue to grow.
Like the universe itself, humanity’s need for secure, scalable data storage is constantly increasing, and now only the cloud storage market will witness an acceleration of growth in the next 5 years, from $ 50.1 billion to $ 137.3 billion, this trend will only pose more challenges in the coming years.
Big data, small security
Today most of the big data is stored on huge cloud servers such as Amazon AWS and Microsoft Azure, which account for a whopping 51% of the cloud storage market. While temporarily meeting this increasing demand, these larger data storage providers are now falling victim to more data leaks and hacks than ever before. Successful unauthorized login attempts revealing the personal information of hundreds of thousands of people.
Centralized cloud data networks are more vulnerable to these types of attacks because the encryption level does not match the new industry standard. Data is not always sent encrypted, exposing a glaring vulnerability as that data can be intercepted quite easily via the cloud.
September 2020 saw more than a dozen privacy and civil rights organizations demand that Amazon disclose information about violations election data to increase public transparency of the company. The group cited an incident previously reported by Reuters where voter data, stored on Amazon’s centralized cloud servers, was left online when expressing concerns about the industry’s largest provider.
These kinds of stories, while not exciting enough to make headlines, are becoming more common. One source claimed that equally as 70% of businesses use large cloud storage were subject to some form of hack, which completely exposed sensitive data such as logins, passwords and IP addresses. With two cloud data providers covering more than half of the market, that’s an incredible amount of unsecured data at risk.
As if this weren’t enough, these networks are also plagued by network congestion, slow transactions that result in increasing costs, as the data often has to be outsourced to a third party, complicating the whole process.
dCloud data storage
The decentralized nature of Blockchain offers a range of potential benefits to the data storage industry, including more privacy, less file loss, cheaper storage costs, superior security through node data storage, transfer speeds and user incentives. These benefits are all due in large part to what is mentioned data sharding and swarming: Two technologies that enable the process of breaking data into small pieces, encrypting it and uploading it to the blockchain.
With blockchain technology disrupting nearly every industry, the data storage market has also attracted new innovators, with dCloud becoming the new primary focus. Despite newly strengthened blockchain-based dCloud platforms such as Sia, Storj and Filecoin, their market share is just a drop in the bucket (insert link / stat) compared to the stranglehold of the top providers, and some still don’t even have a finished product.
In addition to the slow progress being made in this sector, there are new issues with the tokenization of the dCloud platform; with more tokens being created for network rewards, projects are prone to token inflation, and mint dumping. Without a clear solution to stand out, there is now a huge market for any project that can address the old problems that have not been resolved by the big data leaders and alleviate these new concerns in the dCloud data industry.
SINOVATE: a new solution
A newcomer to the space that is gaining prominence recently is SINO, a decentralized platform for data storage in the cloud propose a completely unique answer to these persistent problems.
SINOVATE (SIN) is an open-source state-of-the-art community-driven digital cryptocurrency and open source data storage solution built on a deterministic network of infinite nodes. All aspects of the project’s technology are all internally designed with a primary focus on security, scalability, anonymity and stability.
SINOVATE’s network is supported by Deterministic Infinity Nodes (DIN) that work seamlessly with Incorruptible Data Storage (IDS) via a new protocol called bFTP (blockchain-based File Transfer Protocol) to provide unparalleled levels of security.
Strong storage – stable network
So where does SINOVATE’s technological advancements match in real terms? Unlike Masternodes, DIN technology provides a more efficient node network protocol, requiring less communication between nodes, resulting in a more secure, seamless solution.
Do you remember those data breaches and successful unauthorized submissions we talked about? Well, with deterministic infinity nodes that would be a thing of the past. DIN data is stored across multiple nodes, and in the unlikely event that one node fails, the data is backed up across all other nodes. This design guarantees everything except “incorruptible and unbreakable” data storage. SINOVATE’s network is secured by a Schnorr-based scheme with multiple signatures.
But what about those rising data storage costs? The SINOVATE ecosystem is perfectly balanced by its node operators and enhanced e-governance, maintaining self-sufficiency to keep costs extremely low. Judging by the recent monthly price cut for running a node and the simultaneous DIN rewards getting a 300% increase by allowing more nodes on the network, it looks like SINOVATE is the perfect solution for the world’s growing dCloud needs.
Another question is: how can SINOVATE avoid inflation and maintain the stability and growth of the network? Node operators are rewarded with SIN coins for a 12-month period, so by locking and burning SIN, the amount in circulation is limited, negating inflation and promoting DIN retention and network stability. And finally, any concerns about network congestion can be alleviated by SINOVATE’s blockchain, which implements all recent components of blockchain technologies to be scalable.
Value in the numbers
SINOVATE took a giant leap forward with its November 22, 2020 hard fork, which saw the launch of its Deterministic Infinity Node 1.0 network. The network already has more than 1,450 nodes in use and is on track to reach the target of 5,000 nodes by the end of 2021. With so many new nodes already being created, it is quite conceivable that the SINOVATE network will see hundreds of thousands of nodes in the next few years or so.
However, the Decentralized Autonomous Organization (DAO) is certainly not resting on its laurels, as it continues to work on a host of exciting IDS-based solutions. Just some of the things in the works are the Cloud 3.0, a network that allows for fast retrieval of protected files, with completely anonymous P2P file sharing – and the SIN Messenger app, with private-focused messages. (no data stored on SIN servers)
You have heard the phrase “knowledge is power,” and the same is true of data. Advertised as the ‘new oil’data is becoming increasingly valuable, and so is the company that offers the safest, fastest and most efficient data solution in the future. Imagine you’re an oil investor, you can put your money into an aging refinery that does the job, but starts to have a few more leaks and machine failures increase. Or you can invest in a brand new refinery with equipment that suits the direction of the industry.
By keeping its vision internal and building its solution based on the same attributes (governance, security, scalability, transparency and stability) that have taken over blockchain by the industry, SINOVATE has created a viable solution for decentralized data storage on a large scale. Scale.
Everything is custom coded by the SINOVATE team and the project has a top 100 Github community with plenty of room for further growth. The combination of DIN and IDS technology has created a unique, ultra-secure foundation on which any data-centric business can thrive and proposes a more optimistic vision for the future of big data.
To join the dCloud revolution, visit the SINOVATE website today