With data saved on online servers, we sleep soundly knowing that even if our phones die, our precious memories are backed up. For professionals and corporations, cloud storage means there’s no need to lug around heavy computers or carry USB drives that can be easily lost. Anyone can use the computer at the office, save their file, head back home, boot up their PC and start from where he left off, it’s that easy!
Not only being easy to use, Cloud is cost effective too - there’s no need for dedicated equipment and a team when all of it can be outsourced. The events of this year have only fueled the rising need for cloud storage, with people the world over now working from home, requiring the accessibility of office data from their homes. Recent figures tout the cloud storage industry increasing some 2.75 times over in the next 5 years from $50 billion to $137.3 billion by 2025. Storing data on the cloud is not just a necessity - is becoming a way of life.
Time and again, we have witnessed centralized solutions bearing their own set of issues. First and foremost, it's custody which lets centralised networks down. You may own the data, but it’s the service provider who holds it on their servers, with the ability to sift through it and exploit your information for their own needs. Not to mention the security vulnerabilities from external hacks and breaches, and internal leaks.
Downtime and data loss are another important factor. With centralized servers, there’s always a chance that there will be disruption at the service provider’s end, which we saw with the Salesforce outage in 2019. The sales management “software as a service” was down for a day and companies who depended on the Salesforce cloud were unable to access their data or even upload their workings, resulting in cumulative losses of millions of dollars.
Data losses occur not only due to equipment failure, but as mentioned earlier, security breaches. Centralization and security are not synonymous. Sure, the latest tools can help thwart hacking attempts, but centralization means there’s a single point of failure and it can, and does, fail. In 2016 Dropbox’s user database was hacked and 60 million logins credentials were distributed on the internet from the breach. The cloud storage industry is in dire need of a solution which can keep the data safe and readily available. Who will answer the call?
SINOVATE is a blockchain-based, decentralized cloud storage company which has the answer to the current dilemmas of the industry and more. Instead of using centralized servers, SINOVATE has opted to leverage the decentralization power of blockchain and offers Deterministic Infinity Nodes (DINs). These decentralized nodes allow for storage of data across the network and provide uninterrupted service through SINOVATE’s Incorruptible Data Storage (IDS) using blockchain File Transfer Protocol (bFTP).
The use of decentralization means that data stored on SINOVATE is encrypted, secure, without the fear of either loss or breach. A distributed network also means that the stored data is always available online. The speed of pulling data from the servers is also lightning fast as there is not one, but multiple DINs through which any user can access their data. In the event of one DIN going down, there will be many, many more to take its place.
Be Your Own DIN
Anyone can become a part of the SINOVATE network in a matter of minutes by running their own DIN through its innovative one click setup. With this, SINOVATE allows people to easily join and massively increase the reliability and security of the network. DIN operators stake the native SIN token as collateral, which are burnt on receipt. Not only does this ensure the deflation of supply in the short run and increasing token value, it ensures node operators remain active for the 12 month duration to receive their collateral back with rewards.
Over the course of 12 months, operators are not only compensated for the burnt tokens periodically, but are rewarded for their commitment. At the date of the article writing, a minimum of 100,000 SIN will give an estimated 100% return after a year, with 500,000 SIN giving 30.6% and 1,000,000 SIN giving an astounding 27% return.
The DIN rewards are much better than your average DeFi networks, but not everyone is able to come up with the SIN required to be a part of the cloud revolution and earn at the same time. To that end, SINOVATE is offering a unique HODL Coin Offering (HCO), letting SIN holders stake up to 75,000 SIN for rewards: 3 months (3% APY), 6 months (6% APY) and for 12 months (for 15% APY). To know the complete details of the HCO check out their medium post here.
SINOVATE in Numbers
Disrupting the current cloud storage industry, SINOVATE has already made leaps in its network development, such as the availability of its mobile based wallet and introduction of its improved algorithm (from X22i to X25X). SINOVATE has already conducted its hard fork in the last days of November, which saw IDS 1.0 being launched, with 1550 nodes already up and running.
All of these improvements mean that decentralized cloud storage is getting more secure and reliable. The year 2021 holds much more as along with the mainnet launch, SINOVATE will also go ahead with next iteration of IDS that include enterprise solutions and P2P networking, and push sharding and schnorr signatures for future scaling of the network as it grows.
Cloud storage providers have a strong and growing environment, but their refusal to address their issues will quickly push users towards secure alternatives like SINOVATE. A dedicated development team and future upgrades makes it the logical choice for storing confidential and valuable data, giving peace of mind to individuals and firms alike that their data is there whenever they need it.
Become a part of the decentralized cloud storage network, become a DIN operator today by visiting the SINOVATE website.