SINOVATE (SIN) is a “Peer-to-Peer (P2P) digital currency and ecosystem which creates unique and modern Blockchain products, services and solutions.” According to CEO Tamer Dagli, SINOVATE “was created to introduce new, unique technologies for mass adoption of cryptocurrencies and to implement decentralized blockchain solutions for various market segments.”
Today, I’ve chosen to not focus on SINOVATE’s unique features, such as Delayed-Proof-of-Work developed in partnership with Komodo; the ASIC-, FPGA- and Quantum-resistant X25X consensus method; and Proof-of-Burn-based Masternodes that allow for transaction speeds 75 times faster than Bitcoin transactions.
What does SINOVATE actually do?
A major focus going forward for most cryptocurrency researchers should be the business model, services, and products a project is not only planning to develop, but actually delivering. As in, “How does this project plan to make money?”
Reviewing the SINOVATE Light Paper, one sees “Incorruptible Data Storage” (IDS), “Datasend” and “SINOVATE Document Verification” (SDV) as three primary services. What are these?
Incorruptible Data Storage (IDS)
IDS is a Private Networking mechanism with several functionalities. Interestingly, users can choose the level of encryption desired, from 256 to 1024 bits, and IDS delivers five levels of data storage – from 1.5 mb at level one to unlimited storage at level five.
- Designed to allow users to store files for future retrieval and verification
- Allows users to store digital documentation or data, time-stamped with metadata
- With data stored and secured, at any time a local copy of the document or data can be compared with that stored in the blockchain
- SINOVATE cryptography and blockchain provide underlying trust and empirical truth to enable the data stored to be validated
- Allows private messaging between users
- Designed to allow users to send encrypted files to one another anonymously
- SINOVATE blockchain guarantees the validity of the data
SINOVATE Document Verification (SDV)
Blockchain finds itself uniquely prepared to deal with document verification processes. Industries such as education, healthcare, and law, and services such as payments, identity management, and trading, see easy application of blockchain technologies. SDV provides four primary benefits to users:
- Increased security of personal information
- Control of data in the hands of users and recipients
- Privacy of data
- Alleviation of hacking and disruptions that centralized databases are prone to experience
“The ‘SINOVATE Document Verification’ (SDV) service works hand-in-hand IDS and DataSend, combining features to give users a trustworthy and secure system to appreciate.”
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