Covesting - Bringing a copy-trading platform to the crypto currency markets
The Covesting platform helps investors and crypto currency traders find each
Investors can easily browse through dozens of trading strategies, provided by
professional asset managers, and subscribe to the ones matching their goals.
Thanks to technology-based solutions and smart-contracts, the Covesting
platform allows its users to replicate trading activity of a chosen Model directly
into their segregated account at Covesting.
While Model Managers benefit from success fees generated by profitable
trading – investors enjoy peace of mind knowing that their funds being managed
by industry professionals.
Beat the markets by replicating top performing asset managers and let
hundreds of professionals’ trade for you!
To help investors from around the world enjoy professional asset management services, by bringing a copy-trading platform to digital currency markets.
At Covesting we aim to develop an easy to use, secure and efficient solution for
both investors and digital asset managers. Our dedicated development team is
working hard to deliver a prototype version of Covesting platform as early as
November 20th, right before the scheduled ICO on November 24th. This would
allow all contributors to get familiar with the interface and core features of the
platform and experience how easy, useful and powerful the platform is. Below
we provide concept specifications of the platform as well as a brief explanation
of the core features.
All users must be registered on the platform to carry out any activities.
Registration is a standard process through email, or through Facebook, Google,
Covesting Account and Wallet
All users of the platform will have their own unique wallet created automatically.
After registration with Covesting platform, each user shall have BTC, ETH and COV
addresses in their Wallet. By depositing any of these coins, it is possible to make
internal exchanges from one currency to another. However, only COV token can
be used for trading strategy subscriptions.
There is a 2% entry fee that applies every time user deposits funds to his account.
This commission accrues to the COV Asset Contract increasing the value backing
A Model manager is a user who created a trading Model in Covesting platform
and linked it to external trading accounts at any supported exchange, through an
API. From that moment, tracking of all trading activity starts and the Model
becomes available for subscribing.
The investor is a user who is following (subscribing to) a chosen Model in order
to benefit from the profitable trading of a Model manager. Each investor can
follow up to 20 different trading strategies.
The platform allows users to search, rank, filter and compare all of the available
Subscribing to a Model
When an investor finds a suitable strategy and starts subscribing – all trading
actions of a Model will be replicated in their segregated Covesting account with
a proportional amount of funds, predefined by the investor.
To provide security and peace of mind to all investors – we offer segregated
accounts for each user within the Covesting Platform. None of the funds go
directly to Model Managers, which avoids trust and security issues.
Unfollowing the Model
At the point when an Investor unsubscribes from a trading Model – funds are
immediately returned to their wallet minus success fees and commission in case
of any profit they earned.
Each user can stop subscribing to a trading Model whenever they like. The only
occasion when following stops automatically is when a Model Manager decides
to terminate it. Funds would then be returned to all of the subscribers of the
In case a trading Model resulted in profits for the subscribed investor, income
distribution will look like this:
Success Fee - 18% of all profits will be transferred to the Model Manager’s wallet
Platform Commission - 10% of all profits and will be automatically credited to
COV Asset Contract
The remaining 72% shall be credited to the investors wallet along with the initial
All users of Covesting platform can choose to publish their real names or remain
anonymous by using a screen-name alias. However, we believe that providing
real names can be beneficial, especially for successful Model Managers.
No personal user data is available to other users or moderators working on the
platform. This list includes but is not limited to: emails, wallet IDs, or funds
available to users, as well as direct links to accounts in social networks, even if
they are specified in the user's form. All users can remain completely anonymous.
Speed of Execution
At the initial launch, we will offer only manually-traded Models. As soon as our API becomes “bullet-proof” tested – we shall launch algorithm-trading strategies as well. By implementing smart contracts and technology, we will automate the digital asset management processes, bypass trust and insecurity issues while making investments transparent, simple and secure as they are supposed to be. The Covesting team will continue working to develop new tools, which enables each member of our online community to become both a successful trader on their own, and contribute from their knowledge and experience to other traders.
The Covesting token is an ERC20 token and a smart contract system built on the
Ethereum blockchain, and designed to be used by members within the Covesting
platform. Following this standard, Covesting tokens are easily transferable
between users and platforms using ERC20-compatible wallets and can be
smoothly integrated into exchanges.
A total of 20.000.000 Covesting tokens will be generated, including 1.500.000 to
conduct a PreICO, and 15.000.000 to conduct a full ICO. Another 2.500.000 will
be shared between the founders of the Covesting platform and locked in a smart
contract for 3 months, while the rest will be generated for advisory, bounty and
Unsold COV that were created for sale during Pre-ICO and ICO will be burned.
Covesting tokens are not mined by users or any other companies.
COV Token growth
Members buy COV tokens in order to follow one or several trading Models,
provided by the Model Managers on the platform. Demand for COV correlates
with the copy-trading volume at the Covesting platform. The more investors and
traders on the platform, the higher the value of COV token rises.
Demand for COV Tokens
As the platform develops over time; more investors and Model Managers will join
our community. We estimate that by 2020 there will be over 5,000 active users
and $50M USD+ of capital replicating trades from Model Managers. User growth
will automatically create strong demand for COV tokens and position it for
multiple digit price growth.
Amount of capital replicating trades at Covesting platform
The acquisition of a large number of participants on the Covesting platform
(Investors and Model Managers) is the basis for the growth of the Covesting
token. At the initial launch of the Covesting platform, we will aim to onboard
several established cryptocurrency funds and dozens of professional traders, so
even early users of the platform would have the ability to choose between many
suitable trading strategies. As the platform grows, new users will register their
Models and a variety of strategies will drive diversification, and create healthy
competition among all Model Managers.
Estimated number of active members
Successful mirror-trading in the platform will achieve many positive outcomes:
investors will make a profit, Model Managers will be rewarded with success fees
as well as reputation points, positive reviews, and higher rankings. Successful
trading will attract more investors and positively influence the reputation of the
Covesting platform and the price of the COV token.
Besides natural demand for COV, there are two types of commissions in the
Covesting platform used to back COV value and reward COV token holders:
• Entry commission 2% - charged every time an investor deposits funds to
their account, in order to start subscribing to trading Models.
• 10% platform commission on all profits realized by mirror-trading.
These fees will automatically accrue in the COV Asset contract which in turn
increases the value of COV tokens.
The COV Asset Contract is an essential part of
how the value will be created for COV token
With all commissions accrued in the Asset
Contract, it creates a sufficient pool of funds to
support consistent growth of COV tokens.
Rewarding Token Holders
As soon as the Covesting platform starts performing – we aim to reward all COV
token holders by distributing part of accrued commissions in the COV Asset
Today, there are two main mechanisms to return value to the contributors:
dividends and buybacks.
Dividends create a variety of problems in the digital asset space. One of the
primary concerns is paying dividends to tokens held on an exchange. Dividends
would be sent to the exchange’s custodial address, not the individuals who
should own them, as they are the custodian(holders) of assets on their
exchanges. To allow for a dividend disbursement to an exchange holding address,
all exchanges would have to agree on how to handle the dividends, the exchange
could potentially just keep all distributed dividends.
Having a dividend payout almost guarantees that the COV token would be
considered a security according to regulators - which means heavier regulation
concerns and government interference. There is also the transaction cost of
sending dividends to thousands of COV holding addresses.
We decided to choose a more efficient (and likely a more regulatory favorable)
value disbursement method – Buyback and Burn. Technically speaking, we will
systematically buy COV tokens on exchanges and “Burn” them. “Burning” means
that purchased tokens will be taken off the market, with the consequence that
the total supply of COV tokens will decrease. This should effectively improve the
value of COV over time.
We aim to allocate at least 50% of all platform earnings to systematic Buyback
and Burn programs. This form of repayment program sets best practices for the
COV token economy, and simultaneously serves in the best interest of Covesting
We will continuously monitor the regulatory environment closely and possibly
introduce alternative methods of value distribution according to market
There will be a token presale arranged for partners willing to purchase COV prior
to the public ICO.
Pre-ICO will occur from 20th October – 19th November, 2017
1 ETH = 300 COV
Only 1.500.000 COV will be issued at a special price for the limited number of
contributors who managed to discover us early.
We are sufficiently funded for continuous development, however a successful
Pre-ICO will help Covesting to enlarge its team of engineers and boost
development speed of the Covesting platform. With extra funding obtained from
a successful Pre-ICO, we would be able to release a prototype version of
Covesting platform in mid-November, right before the official ICO on November
By disclosing our platform early, we are confident in the extremely positive
outcome of ICO, which will be incredibly beneficial for early contributors to the
Additional funds would help Covesting run a solid, full-scale internationalOur goal for the Pre-ICO is 2,000 ETH and limit is set at 5,000 ETH
On October 20th, we will publish the ETH-address of the Presale smart-contract
on our website Covesting.io. Personal e-mail invitations will be sent to everyone
who subscribed via our page.
The Pre-ICO shall be executed on a first-come, first-served basis, therefore we
can’t guarantee the availability of tokens for all interested participants.
COV tokens will appear in contributors ERC20 wallet several days after the ICO is
Pre-ICO funds distribution:
65% - Product development team
• Additional backend developers
• Front end developers, designers
35% - Additional PR & Marketing expenses:
• International marketing campaigns
• Promotional partnerships in 4 regions - Asia, Europe, Russia, Latin
• Conferences and media partnerships
• Aggressive social media promotions
Pre-ICO participants will largely benefit from the early discovery of the Covesting
project, which provides a fantastic opportunity to purchase Covesting Tokens at
a significant discount.
The public ICO will be held on the Covesting.io website starting on November
The token sale will last for 30 days.
Covesting aims to accept up to 100,000 ETH from our initial token contributors.
The COV smart contract will stop accepting commitments when the 100,000
hard cap has been reached.
It is possible to take part in ICO only with Ether (ETH).
Below is a table representing each COV price increase depending on total
number of ETH committed during ICO.
All proceeds from the token sale will fund the product launch, continued
platform development, and user acquisition:
• 40% Development team with approximately 15-20 engineers. Platform
development, new features, data-testing for HFT operations, mobile app
• 25% – Marketing expenses, PR and Customer Acquisition, presentations
and region-specific roadshows. Digital currency trading exhibitions
• 15% Strategic partnerships. Substantial costs largely associated with b2b
API integration from multiple partners-exchanges. Latency optimization.
• 12% Operational spends, employees (excl. developers), office etc.
• 5% Legal, compliance fees
• 3% Owners and developer’s bonus
Why Purchase COV Early?
All early contributors will benefit from almost guaranteed profits related to
substantial discounts during both the Pre-ICO and ICO. As soon as the Covesting
platform is launched – COV tokens will be available for purchase only at a much
higher price 1ETH = 100 COV.
This means that if you take part in the Pre-ICO now, it may easily increase your
capital at least three times, with a very probable increase to about 30 times as
soon as COV starts trading on the exchange and the first copy-trades start
generating commissions in the Asset Contract.
Covesting is actively working to list COV tokens at the leading crypto exchanges.
COV will become traded on crypto exchanges shortly after the ICO.
By 2019 Covesting aims to become the leading copy-trading platform for the
- 2017 Q1 – Concept design & research
- 2017 April – Analysis of traditional copy-trading platforms for stocks and
foreign exchange. Features testing. Demand research. Growth
- 2017 May – Team formation. First steps in development of architecture
of Covesting platform.
- 2017 July – Held a meet-up with 60+ private crypto currency traders and
investors. Clearly visible demand for a platform with mirror-trading
- 2017 September – Landing page and white paper disclosed.
- 2017 October 20th – Pre-ICO begins for a limited number of contributors.
The proceeds will be used for adding new development team members.
- 2017 November 24th – Prototype version of the platform released.
- 2017 November 24th -- Public ICO begins
- 2017 December – further front-end and back-end development. API
testing. Test mirror-trades executed. Latency test. Liquidity aggregator
setup. New features integration.
- 2017 January - Exchange listing of COV Token.
- 2018 March – Beta version launch. Investors can replicate trading
- 2018 May – Platform improvements. Continuous acquisition of users.
Growing community. Mobile App.
- 2019 and beyond – Covesting platform has over 5,000 active users and
$50M USD+ of combined AUM. Algorithmic trading and arbitrage bots
are now available for subscribing on the platform. New features available.