We are partners of SINSO, a Filecoin Layer 2 and infrastructure focused on the Filecoin Web3 ecosystem!
In January, we announced our partnership with SINSO on Twitter. As the first Layer 2 network on Filecoin, SINSO has important utilities. In this article, we’ll explain more about our partnership with SINSO, as well as more information about the project.
BCAi x SINSOAs a first mover, SINSO is building a Filecoin Layer 2 and an infrastructure that is focused on the Filecoin Web 3.0 Ecosystem. As the Filecoin storage network continues to grow, a platform like SINSO, which makes complex and high-performance applications possible thanks to Layer 2, is needed.
That is why we are happy to have partnered with SINSO, a project with a strong use-case and an experienced team.
Why SINSO?The SINSO infrastructure is important for dApps (decentralized applications) on Filecoin. After the capacity of Filecoin is built, a series of infrastructures needs to be developed so that the dApps can fully transition to Web3 (which is not complete in the Filecoin ecosystem). SINSO enables developers to quickly & efficiently build applications in Filecoin.
SINSO’s vision is to kickstart a new generation of decentralized apps that seamlessly integrate storage.
The $SINSO token
The native token, $SINSO, has multiple utilities. Below, some significant utilities are listed.
- Liquidity medium for production, storage, transactions, audits and more.
- Service and discount rights.
- Liquidity pledge.
Using the SINSO token$SINSO has important use cases within the ecosystem. Below, four use cases are described.
- Mining nodes bound with valid data protocol stacks will be rewarded 1 to 5 times. Developer nodes that provide valid data protocols will also be rewarded 1 to 5 times. To upload real business data to the nodes, $SINSO is required to be consumed as gas fee. However, token rewards can be obtained during the LDN (large datacap) promotion period.
- With $SINSO, the NFT of the dynamic data set can be published on the FVM (Filecoin Virtual Machine) sidechain. If the NFT is to be issued, a part of $SINSO must be pledged. The sharing transaction of the data set corresponding to the NFT will burn some SINSO tokens as a handling fee. Also, the regular contract execution will use $SINSO as a gas fee.
- SINSO encourages valid data to be sorted in the Filecoin ecosystem, and provides the construction of distributed cache nodes. Node builders need to lock a portion of $SINSO for staking.
- Data DAO, an organization with data governance as its core, will be governed by SINSO tokens. It will obtain voting & dividend rights by staking $SINSO.
With this article, we have provided more insight on our partnership with SINSO, what SINSO does, and what the token’s most significant utilities and use cases are. We are happy to be supporting SINSO!