Covesting - Bringing a copy-trading platform to the crypto currency markets



  • The Covesting platform helps investors and crypto currency traders find each
    other.
    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!

    Mission

    To help investors from around the world enjoy professional asset management services, by bringing a copy-trading platform to digital currency markets.

    Platform specifications

    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.

    Registration

    All users must be registered on the platform to carry out any activities.
    Registration is a standard process through email, or through Facebook, Google,
    and Twitter.

    • 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.

    • Entry fee

    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
    COV tokens.

    • Model Managers

    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.

    • Investors

    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.

    • Marketplace

    The platform allows users to search, rank, filter and compare all of the available
    trading Models.

    • 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.

    • Segregated Accounts

    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
    terminated Model.


    Profit Sharing

    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
    investment.

    • Anonymous Mode

    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.

    • Users Privacy

    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.

    Covesting Token

    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.

    • COV Emission

    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
    PR pools.



    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


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    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.

    Platform Earnings

    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.

    Asset Contract


    The COV Asset Contract is an essential part of
    how the value will be created for COV token
    holders.
    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
    Contract.
    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
    token holders.
    We will continuously monitor the regulatory environment closely and possibly
    introduce alternative methods of value distribution according to market
    guidelines.

    Pre-ICO

    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
    24th.
    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
    project.

    Additional funds would help Covesting run a solid, full-scale international
    marketing campaign.

    Our 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
    finished.


    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
    America
    • 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.

    ICO

    The public ICO will be held on the Covesting.io website starting on November
    24th.
    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.


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    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
    development etc.

    • 25% – Marketing expenses, PR and Customer Acquisition, presentations
    and region-specific roadshows. Digital currency trading exhibitions
    participations etc.
    • 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.

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    Exchange Listing

    Covesting is actively working to list COV tokens at the leading crypto exchanges.
    COV will become traded on crypto exchanges shortly after the ICO.


    Road Map

    By 2019 Covesting aims to become the leading copy-trading platform for the
    cryptocurrency market.

    - 2017 Q1 – Concept design & research

    - 2017 April – Analysis of traditional copy-trading platforms for stocks and
    foreign exchange. Features testing. Demand research. Growth
    projections.

    -  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
    functions.

    -  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
    Models.

    -  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.


    Team:



    dsa

    Links:

    Whitepaper:https://covesting.io/Covesting...

    Website:https://covesting.io/

    Blog:https://medium.com/@Covesting

    Facebook:https://facebook.com/covesting

    Twitter:https://twitter.com/covesting

    Telegram:https://t.me/covesting

    Github:https://github.com/covesting/c...






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