Decentralisation in a Post COVID-19 World.
Cryptocurrencies, along with every other financial asset have suffered from the current world market as investors seek liquidity in these uncertain times. The world is facing a medical emergency unlike any seen in modern times and the economy is grinding to a halt.
At Sinovate, our first thoughts are with the health of all our community and team members and we hope everyone is following the advice given to protect themselves and others.
The absolutely, critical advice the world must follow now to avert this from progressing is to follow the simple instructions — Stay home, Save lives.
Epic bailout initiatives are being instigated by countries across the world that are resorting to extreme measures to keep the economy going. Such as, the US effectively announcing uncapped quantitative easing and the conservative UK government issuing policies that would have made the most ardent socialist blush a few months ago.
The implications of what this will do to the world economy with inflation increasing is yet to be determined. Sinovate, with its hard grip on inflation, demonstrates in stark contrast to this, a different model.
This situation is also exposing weaknesses beyond monetary policy and one of the main is centralisation.
We at Sinovate are obviously huge proponents of decentralisation and readers can rest assured the team continues to operate, dispersed across the globe and are using technology to collaborate as always. We continue to strive towards data decentralisation for everyone.
Many industries are affected by this, many have had no choice but to shut down because of the nature of the work but there are also many others who should be able to handle this situation but were ill-prepared.
Data Centre Redundancy
Many companies across the globe rely on one or two data centres to host their data. If access is stopped to these, this leaves the company vulnerable to outages.
Take practically all financial institutions and large enterprises across the world. The general resiliency model taken by most is known as N+1.
From Wikipedia:
N+1 redundancy is a form of resilience that ensures system availability in the event of component failure. Components (N) have at least one independent backup component (+1). The level of resilience is referred to as active/passive or standby as backup components do not actively participate within the system during normal operation.
Many large institutions and companies go beyond this, such as using Active/Active setups that balance load across multiple environments however this very rarely ventures beyond N+3.
In practice, what this means is that many companies have a primary data centre and a secondary data centre if the first fails. Many have a further site that lies dormant known as the Business Continuity Site that is only sprung into life if the first two fail.
This sounds pretty robust right? COVID has changed that.
Business continuity companies across the globe are refusing invocation, citing protection of their staff as a valid reason in these circumstances. Data centres are refusing access, as they too look to protect their staff. As the situation has developed, procedures have been introduced to ease this situation, however, at best it has led to delays in resolving major business incidents and at worst, has led to operations having to shut down functions for periods of time.
Suddenly, N+ options are dropping.
Decentralised Data Centres
Having data stored in decentralised locations across the globe, spanning many data centres, reduces this risk substantially and we at Sinovate are huge advocates of this.
Our Incorruptible Data Storage protocol, known as IDS will allow users to store data, securely held in the Infinity node network. Data is stored in the many Infinity nodes using an algorithm powered by the blockchain to constantly ensure the data is spread amongst many nodes, dispersed across the globe with a constant level of redundancy that goes way beyond the current models’ used today.
Whilst these are challenging times for everyone, we look forward to a post-COVID future and intend to ensure that data storage capabilities across the globe are better prepared if something of this magnitude happens again, or for any other circumstances, that may affect the traditional data centre model.
We wish everyone good health and please, remember the advice — Stay home, Save lives.
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