I've talked about the testnet in my previous post. As with any project, its value can be measured by its progress. Let us explore what Cova has been up to lately.
The biggest news so far has been with the exchanges. Cova has entered the Huobi NEXT voting program. The top two projects to hit their targets would get listed in the exchange. According to CMC The exchange is one of the top three exchanges in terms of volume. As of the day of writing Huobi exchange was more than $379 million in daily volume.
In the voting program, Cova was able to land more than the voting target with a total of 788844 votes. In the crypto world landing a major exchange before the end of the ICO is a massive step and an important one for investors; For me personally, it helps to know if the token can be easily sold if I decided to sell. Usually, a good indication is an exchange with volume. Many ICOs are struggling to list in proper exchanges.
The other major news is that recently Cova has announced a partnership with Terra a Korean e-commerce. Terra is a stable coin that is used on various eCommerce projects like Carousell. Given they aim to replace existing payment solutions that are costly in fees. Terra would make a great use for Cova to manage customer's privacy over its network.
What I mean by a use case is that this actually could be a very handy application for data privacy and could set an example for other e-commerce projects. E-commerce has a lot of data circulating and a sensitive one too; customer address and payment details are an example.
Cova has also been busy with getting the right minds on board. In an article published in Yahoo Finance titled "Cova Welcomes Harvard Professors to its Board of Advisors" it is mentioned that Professor Stratos Idreos and Professor Elie Ofek both joined Cova. Their background is on Data exploration systems for Prof Stratos and technology product strategies for Prof Elie. The Harvard professors coming to Cova adds both the knowledge and the reputation of prestigious University to Cova.
Along with these updates, Cova is also progressing nicely with the development of the platform. As mentioned in my previous article that one of the major components of the architecture Cova is building is called Centrifuge which is the standard language Cova is creating to write smart policies; these policies would be attached to the data generated and controls it according to the rulings it define. Cova has mentioned that they finished implementing the filehash policy and compiled bytecode hooks which I am guessing allows for better debugging and faster manipulation of code.
They have also deployed their ERC20 token to truffle testnet; With this, they will be able to trade the token in various exchanges easily as soon as they deploy to the mainnet. Also, they have moved from Nodejs to python; the latter has better support for SGX.
On this note, Cova has also published their token distribution and the big news is that there is no public sale planned yet. However, the total supply is set to 6.5 billion tokens. 20% of which will be for the private sale. 15% of which will be for the team; this percentage will be vesting for 4 years. Marketing will be taking 10% and another 4% will be distributed to voters in the Huobi vote as part of the voting rules. Advisors will be getting 7% vesting over a year. The block rewards and the ecosystem cumulatively will be assigned 44%.
Personally, I've been following the project for quite sometime now and I think they are progressing nicely and are making all the right decisions so far; they've also just updated their website to present more information. If this got you interested here are more resources if you would like to know more:
Technical Whitepaper: https://docsend.com/view/dvvb75n
Generic Whitepaper: https://github.com/covalent-hq/wiki/wiki
Telegram Group: https://t.me/covalentofficial