To build SINSO Getway, we initiated three testnets before February 2023, which took a total of one and a half years. Since the official launch of SINSO mainnet, it has attracted over 9,000 nodes deployed by miners worldwide. Among them, more than 5,000 storage nodes have already been staked. We have also fully opened the Validator and Upload Nodes, with dozens of miners currently in the process of setting up for Validator and Upload Nodes. This is a true decentralized network created through crowdsourcing.
If each node is valued at a minimum of $5,000 in hardware, we have established a computing power network worth over $25 million in hardware assets. This is a remarkable achievement. With over 5,000 nodes, we can provide secure and stable storage access for global DAPP developers. Through a basic incentive model, we have proven that a distributed cache network can be built with an incentive model and at a speed comparable to that of a publicly-listed company raising $100 million in funding. This is the charm of blockchain. And the attribute goes to the great SINSO miner community who successfully built a distributed cache network together!
What to do next? Since the launch of SINSO DataLand in September 2022, there have been more than 190,000 NFTs stored on the SINSO network. The DAPP’s daily online users peaked at 2,000 due to generous airdrops that brought in new users. Despite the decrease in daily active users, SINSO DataLand remains a valuable product with many loyal fans.
Like most DAPPs, SINSO DataLand is facing a common challenge — “Enhancement of Visibility.” Traditional promotion methods, such as advertisements and airdrops, have not provided sustained growth for the user base. We have realized there is a gap between the development of the underlying network and the user ecosystem. While our underlying network continues to expand under the influence of incentives, the growth of the application ecosystem has not kept up. This is a common issue faced by many projects working on Web3.0 infrastructure.
Currently, the foundation of SINSO’s network has completed the initial development from 0 to 1. Now, we need to devote all our efforts to expanding the application ecosystem.
How to expand the application ecosystem?
From the very beginning, SINSO team has taken it into consideration in the SINSO tech architecture, and SINSO Donors Network was specifically designed for this purpose. As shown in the diagram below, removing the Donors Network may not seem to have a significant impact on the overall product architecture, but it could significantly slow down the expansion of our ecosystem user base. In transitioning from Web2.0 to Web3.0, we perceive data as “assets,” which is decided by the technical paradigm of SINSO Getway. To accelerate this paradigm shift, we have introduced a series of incentive models in the user ecosystem and data processing and production fields, which gave birth to the SINSO Donors Network.
We divide the SINSO Donors Network framework into several dimensions:
From the diagram above, we can see the role of Donors, who will utilize the staking method to establish resource pools for users and developers. Unlike the traditional Web2.0 ecosystem, where these roles remain separate, developers often face the burden of expensive cloud computing resources. However, our incentive model unites these roles to create a system that benefits everyone, minimizing costs for all participants. Developers can focus solely on research and development, as Donors generously provide storage resources for their use.
In contrast to the token burning mechanism used in some systems to obtain storage resources, we employ a staking approach to unlock these resources. This aspect forms the foundation of the SINSO Donors Network, commonly referred to as the Proof-of-Stake (POS) model.
Similar to the mining ecosystem, stakers and miners may not have geographic or temporal intersections, yet they collaborate closely to achieve mutual success, developers and Donors can seamlessly cooperate in a harmonious partnership. Due to the absence of a burning mechanism, Donors find this process appealing as it allows them to invest, gain profits, and retain their token holdings over a specified period.
In the diagram above, “Data Protocol Stack Creator” actually refers to data organizers and processors. Their primary role is to transform unstructured data into formatted data recognized by communication protocols. Data processing is often automated rather than manual, and developers who contribute innovative automated processing will be rewarded within the system. On the right side, “User” represents the developers in the SINSO Getway network, responsible for creating DAPPs for the platform and end-users. These developers receive computing/storage resources through the generous contributions of Donors, allowing themselves to focus on innovation and development.
SINSO Donors Network breaks away from a single incentive model framework, offering a more comprehensive incentive framework. The incentive token pool in the SINSO Donors Network is sourced from the mining pool. We consider the expansion of the user ecosystem network as a form of “mining.” Under the incentives of the SINSO Donors Network, the mining ecosystem will experience accelerated growth, which, in turn, drives infrastructure expansion in response to user demand. Simultaneously, the infrastructure growth provides the user ecosystem with robust technical support in computing, storage, security, and more. If we reconstruct the DataLand within the ecosystem, we gain powerful momentum for user growth. In the next phase, we will delve into how DataLand can be upgraded under the this incentive network framework.
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SINSO Donors Network is an economic and incentive model based on a deep phenotype analysis model of data and a middleware system for data trading.
It automates the matching of data purchasers to complete data transactions while providing incentives to storage miners and related contributors. Its various NFT data templates for all-industry dynamic data sets aggregate data resources and enable users, research institutions, and others to better leverage and realize data assets. SINSO Donors Network also used SINSO Getway in a more flexible way of cooperation, allowing SINSO Getway to build a complete incentive model.
