Blockchain technology is now increasingly recognized and adaptable by people and companies for business purposes. the technology that is touted as the second largest discovery after the internet is increasingly trusted to be applied to various business sectors. Take for example, today many companies are fund-raising for their project development using blockchain technology, by utilizing this technology, faster fundraising and every transaction is transparently recorded.
The fundraiser is called ICO (Initial Coin Offering), for developers they will get funding from people to speed up the projects they develop so that they can be enjoyed by many people. For investors will get a token or coin which later coin can be traded freely in the market exchangers. but there are some problems for investors to participate in an ICO such as:
- There are number of projects failed,
- A perfect environment for investor fraud, “Ponzi” schemes, and pumping and dump schemes.
- Coin / tokens does not exist in the exchange market
Cryptohouse introduces Covesting based on blockchain platform technology. it is the ultimate venue where successful digital asset managers or developer meet new investors, while creating a transparent, safe and efficient investment environment. The Covesting platform allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. After an investor subscribes to the most suitable strategy, the system will automatically synchronize all trading activity from the chosen investing Model into their segregated account at Covesting, providing the convenience of asset management along with the safety of funds.
Trading Models can be easily created by linking an existing trading account at an external digital currency exchange through an API. Later, the Model manager will be able to decide whether he wants to “list” his Model at the Covesting platform instantly or keep it private for a while and build a solid track record first. Each investor can diversify their investments by following up to 20 different Models (traders) at the same time. Such diversification allows investors to be uniquely positioned to record gains across multiple crypto trading strategies and protect themselves against massive losses in any single cryptocurrency. More importantly, investors are in total control, they can start or finish the following whenever they want.
Model Managers are rewarded with 18% success fees from all profits generated by the followers, the platform commission is additional 10%, while investors receive the remaining 72% of income, which is available for immediate withdrawal or reinvesting. Platform commissions of 10% will accrue in the COV Asset Contract, the rights to which will be kept by community members holding COV tokens.
For security reasons, Model Managers will never know the amount of capital which is currently following their strategy, only the number of investors. All participants can choose to publish their real names or remain anonymous by using a screen nick name.
Covesting in Four Simple Steps
- Join. Register at Covesting by filling a simple form and use Fiat Currency, COV, BTC or ETH to fund your account.
- Find top traders. Compare the performance of hundreds of successful Model Managers and find the one or many matching your goals.
- Copy trades. Once you found the strategy or strategies you wish to follow, simply click “Subscribe”. You will be asked to specify the percentage of the funds you want to allocate to the Model. The amounts for the replicated trades will be calculated proportionally.
- Monitor and control. You can now sit back and watch professional traders do the job for you. All trades from now on will be replicated automatically. Most importantly – you are in control. You can manage your portfolio by subscribing to new strategies or stop copying a trader at any time.
Covesting platform infrastructure includes four main elements:
- Investors account section, which provides multi-currency wallets, portfolio overview and statistics.
- Model Manager account section, which allows Model Managers to create up to 10 trading Models by linking external trading accounts through our API.
- The Marketplace of trading Models, where each investor can search and compare all of the strategies provided by Model Managers. From here, investors select most suitable trading Models and can start subscribing.
- Covesting segregated trading accounts, which are used for replicating trading activity from the Models. Covesting will use API connections, smart contracts and other development to execute and mirror trades, distribute requested funds and provide detailed performance data to users on the backend.
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 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.
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.
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written by Aba