SINOVATE (SIN) Mainnet Upgrade on Block 262000 (October 14th)

SINOVATE (SIN) Mainnet Upgrade on Block 262000 (October 14th)

Mining News

The SINOVATE (SIN) project has announced a plan for a mainnet upgrade at block height 262000 or somewhere around October 14th that will introduce a number of changes, including ones that are very important to miners. There is a new wallet version available that you need to download prior to the fork happening in order to continue to use the wallet after block 262000. The upgrade will include a difficulty retargeting algorithm change from DGW2 to LWMA for more security and 51% attack protection, the reorg solution of Ravencoin with 55 blocks for 51% Attack protection, removal of Shadowsend (PrivateSend) anonymity option because of the regulations with Dual-Key Stealth Address Protocol (DKSAP) currently under consideration a an alternative, 375 node limit across all tiers and additional bug fixes for increased stability.

The most important change however, regarding this upcoming fork, is the adjustment in the Bock Rewards. The Treasury Reward will increase from 1.1% to 10% for further project development, marketing and funding of large exchanges while the Proof-of-work (PoW) mining rewards will be decreased from 250 SIN to just 25 SIN. This means that out of 3052.5 SIN generated every two minutes (every block) only 25 SIN or roughly 0.8% will go to miners (ten times reduction of the block reward for miners from 250 SIN). So out fo 3052.5 SIN: 25 SIN for PoW miners, 2750 SIN for Infinity Nodes and 277.5 SIN for the Treasury. This will essentially make mining SIN pretty pointless with such a low reward and result in significant network hashrate reduction, down to just 1/10 is expected from the current level and hence the additional measures against 51% attack being implemented. How will these changes affect the project we are yet to see in a week time.

For additional information regarding the SINOVATE (SIN) block reward changes…