ECONOMIC MODEL OF SINSO GETWAY
The overall concept of SINSO, the infrastructure of Filecoin Layer 2, is to create a solid operational assurance for the web3.0 ecosystem. This article explains the first of SINSO’s four main economic models, SINSO Getway. SINSO DAPP Cube, SINSO Donors Network, and SINSO DAC are the other three components. The foundational and central component of SINSO economics is SINSO Getway.
WHAT IS SINSO GETWAY?
SINSO Getway is the distributed-cache secondary network based on Filecoin. It is built for current need scenarios required by Gamefi, VR, AR, video streaming, as well as high-speed CDN and DAPP response. Inaddition to ensuring decentralization, user data privacy and security, SINSO Getway meanwhile focuses on improving efficiency. With wide applications in the Metaverse ecology, it is the key infrastructure contributing to the Filecoin ecosystem by seamlessly integrating data and smart contracts.
The various parties involved in the overall SINSO system are node suppliers, data protocol stack node verifiers, node candidates, node guarantors, and users, each with a distinct division of labor.
The creators of SINSO Getway are node providers. By giving consumers’ nodes access to bandwidth resources and services for cache storage, they get advantages. The SINSO Getway network nodes that package and create blocks are referred to as data protocol stack node verifiers. The SINSO Getway network’s node candidates are data protocol stack nodes competing without currently meeting the verification qualification requirements. The account that offers a guarantee for any one or more nodes in the SINSO Getway network is referred to as the node guarantor. And the term “Users” refers to users of the SINSO Getway network’s storage and compute resources who can pay for resource services with SINSO tokens.
SINSO is a useful token that realizes the value of the full SINSO Getway network. The main uses are that it can be staked to maintain the SINSO network’s vPoS consensus, used as a guarantee and commission for the provision of resource services, used as a guarantee and transaction fee for using the network, used to pay for resource service purchases, and used for the election and voting of the on-chain governance mechanism, which is reflected in the SINSO DAC system where proposals are presented.
The demand for SINSO will increase as more people use the network, and vice versa. SINSO tokens derive value from the network in two ways. One is when it is used in the network (being locked or occupied) in which case its total amount in circulation is decreased, such as when it is used for node staking and paying guarantee fees, purchasing storage services, chain voting on governance, other different staking, etc. The other is when it is destroyed while being used, like as a transaction fee, which results in a less overall amount of the token.
SINSO ECONOMIC MODEL
How to fairly distribute the advantages of all parties on the promise of preserving the security of the network protocol is the main issue that the SINSO economic model seeks to address. To maintain the system’s ability to grow sustainably, the economic model encourages all participants to sign up for the network and utilize the SINSO token as a means of exchanging value. Meanwhile, it increases the system’s value, strength, and safety.
The first phase of SINSO will complete the market for storage resources, enabling traders between suppliers and consumers of storage resources, and will subsequently introduce the market for compute resources.
Hot Data Storage Resources Market, File Caching and CDN Distribution Services, File Retrieval Service, Computing Resources Market, Token Trading Market, and On-chain Governance are the means by which this will be accomplished.
Hot Data Storage Resources Market :- File storage services and file retrieval services are the two main types of services offered in the market for storage resources. In the SINSO network, a merchant is a provider of storage resources, and both node verifiers and node applicants are eligible to become merchants.
Users of storage resources include those in the Web2 centralized cloud storage ecosystem as well as decentralized users in the Web3 ecosystem who demand huge data storage. Resource providers must be available around-the-clock in order to match the service standards of the storage industry.
In the network access agreement, SINSO has created comparable processes for node verifiers and node candidates, and they have established conditions in the trade market for merchants to be online.
File Caching and CDN Distribution Services:- When users want to keep files in the SINSO network, they must pay a fee computed by the system’s announcing the storage order to the entire network using the pricing algorithm. The order sends the fundamental information about the file, like as its hash value and size, to the blockchain. After the shopkeepers in Upon receiving the broadcast order information, the network can look for the relevant file in the SINSO network, download it, and then store it on the node server for the merchant.
File Retrieval Service:- SINSO must be able to both store files and give users an easy way to access them if it is to function as a storage network. Therefore, retrieving files is a crucial feature of the SINSO network. Additional incentives are offered by the SINSO network to encourage businesses to offer users retrieval services. Such retrieval services are free under the current system architecture. By offering retrieval services, merchants can increase the amount of effective staking and distribute more network rewards while also obtaining more reliable data.
Computing Resources Market:- A significant component of web3.0 is the distributed computing cluster network that SINSO Getway nodes have provided to the Computing Resources Market. The Computing Resources Market will have extraordinary significance whether it is used to develop decentralized computing in the hot data system, carry out decentralized computing in Filecoin’s Layer 2 framework, or carry out collaborative filtering.
Decentralized cloud computing will be supported by SINSO network in the future. Users must directly pay for computing services in the form of fees, unlike the storage market, which typically sets long-term pledge assets. In later iterations, this sort of trading market’s design will be modified.
Token Trading Market:- SINSO will offer a decentralized coin in order to serve all users of the network. exchange market. Users in the storage sector include Web2 centralized cloud storage, as was already indicated. Users and decentralized users in the Web3 ecosystem who want huge data storage.
Traditional Web2 customers prefer to buy storage services like Stablecoins using stable value currencies as consumers. Additionally, users of the Web3 ecosystem can easily buy storage services with their own project tokens. The assets that nodes that offer storage resources are willing to accept in order to price their services.
On-chain Governance:- Using DAC technology, SINSO created an on-chain governance mechanism known as the SINSO DAC On-chain Governance Voting Function in the SINSO system. It enables SINSO token owners to take part in the network’s development and guarantee that important decisions are regulated by proposals. the management SINSO DAC’s on-chain governance system is still being developed.
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