Welcome to CoVEX’S Wikipedia. Everything there is to know! CoVEX is the next-generation Blockchain platform that will allow traders to trade and exchange cryptocurrencies, copy trade skills and compete with each other’s trades within their investment groups. It is a digital assets exchange platform. CoVEX is one of the fastest growing cryptocurrency trading platforms. Our system ensures that the funds and data of our users are always protected. It is a one-stop platform withExchange House, Social Trading Platform, P2P Margin Trading and Margin Lending, P2P Loan Service, Prepaid Card Service, Payment Getaway, ICO Underwritings, Tech Incubators/Tech starter club, Smart Contract, Decentralized Exchange and Atomic Swap that enhances overall trading for traders.
- Multiple Coin Support:
- - We provide transaction and settlement services for 15 plus cryptocurrencies including BTC, ETH, USDT and Litecoin, with others to follow.
- Ultra-fast trading:
- - CoVEX offers an exceptional transaction for all trades at a high speed. The fastest cryptocurrency exchange system in the world is simple and can be used at your fingertips. We have some unique features that will surely set a new standard in the industry.
- Security features
- - CoVEX is serious about the safety of the platform. Our trading platform has different security features. We have several security features such as network protection, network backup, advanced monitoring and more.
- Customer care:
- - We have 24 * 7 customer support for all those who need information and advice. Monitored by experts in cryptocurrency. The CoVEX helpdesk ensures that all questions asked by customers are resolved.
- Easy to use:
- - Our cryptocurrency trading platform is built with a special focus on the needs and requirements of the cryptocurrency community. CoVEX offers its customers the opportunity to experience the best trading and trading platform on both websites and mobile devices.
- Exchange designed for your needs:
- - The search for a reliable cryptocurrency exchange platform is a complicated and complicated task. CoVEX is an online bitcoin exchange and cryptocurrency exchange platform that includes some of the essential features such as security, multiple exchange options and high market liquidity.Users can access support in our blockchain community on Telegram and Twitter. COVEX is affiliated to COVEX LAB TECHNOLOGY LIMITED (company registration number: 11238645). CoVEX is a digital exchange platform based in London. Official website: www.covex.io
1: Social Trading
CoVEX is implementing a machine learning and transparent algorithm that will help to analyze any trader’s performance. Based on past performances, the system will automatically generate a portfolio of distinct traders around the universe for the investor. The generated portfolios will make it easy for token holders to separate true experts from novice traders.
As such, all the token holder will be expected to do is to decide on the risk levels and profitability to automatically select the best and the most appropriate traders to copy-trade.
2: P2P Margin Trading/Lending The CoVEX Platform will provide customers with an option of earning interest on their funds by lending it to other users in form of aP2P loan. The system will automatically determine and compute the interest rates based on the principal and repayment period. CoVEX will collect a small percentage of the interest that has been earned.
3: Future undertakings
As mentioned earlier, our platform will continue evolving and therefore, the list of potential features will definitely be extended. Among the future components that will be incorporated include:
- ICO Underwritings We’ll strive to underwrite high-quality, promising token sales that pass strict due diligence, smart contract code reviews, and legal compliance.
- Tech Incubators/Tech starter club: We intend to provide a platform to help new startups succeed through mentoring and training.
- P2P Loan: Very soon, CoVEX will be implementing a decentralized platform that allows lenders to issue loans to borrowers based on a select credit decision package specified by ML algorithms which scores the recommended fraud, identity, and other credit rating agencies.
1: Borrowers Borrowers will have:
- Access to affordable loans as a result of CoVEX’s innovative marketplace model, process automation, and online delivery;
- Enhanced borrowing experience via easy-to-use online application system that has a real-time support;
- Branding opportunities where lenders will provide ratings and other transparent reviews on the blockchain to establish the trusted agents and borrowers; and
- Transparency and fairness where the loan processes are completely handled via a smart contract on the Blockchain.
2: Lenders Lenders will have:
- Access to risk-less investments as a result of accurate customer appraisal systems;
- Branding opportunities where borrowers will provide ratings and other transparent reviews on the blockchain to establish the trusted lenders; and
- Attractive returns by cutting major costs that are associated with administering loans.
Besides borrowers and lenders, our P2P Loan Platform will also be beneficial to the following users:
- - Lawyers;
- - Insurers,
- - Collectors;
- - Portfolio managers;
- - Credit scoring agents; and
- - Investing houses.
- Payment Gateway: The Payment Gateway will act merchant tool that facilitates merchants with the integration of cryptocurrency payments into their online storefronts. Among the features of Payment Gateway that will be included in the Platform include Merchant Listing where the Merchant list will form the CoVEX marketplace where token holders will easily locate merchants that accept payments in cryptocurrencies and the Merchant Platform that will form a virtual marketplace where token holders can search for merchants, their services/products which are cryptocurrency-friendly.
4: Prepaid Card Service At present, only a few merchants accept cryptos whether online or at the point of sale. As of 1st February 2018, only 13 major retailers are accepting cryptocurrencies. Customers must exchange their cryptos into their local fiat currencies to make their everyday purchases. Using existing exchanges to convert to local fiat currencies is both time-consuming, and may be costly. Even though some firms have created products that allow merchants to accept crypto payments, they are only available at selected locations. The CoVEX Prepaid Card Service Platform’s goal is to allow the exchange to take place in real-time, in any location where credit cards are accepted with minimal fees that are comparable to the transaction costs in cryptocurrencies. For instance, the average confirmation time for Ethereum transactions is 24 seconds which can be applied to the prepaid cards.
Payment flow CoVEX Prepaid Cardholders will be able to use any of the Blockchain assets to purchase goods and services from merchants which accept the global credit cards. The Platform will apply the cross-chain payment channels to facilitate the buyer to settle any incoming payment requests from a credit card network in real-time.
Here are steps that illustrate the payment flow:
- The buyer pays at the merchant using his/her physical/virtual CoVEX Prepaid Card;
- The card system sends an authorization request to CoVEX platform for the amount to be spent;
- The buyer receives an invoice from the cross-chain payment channels;
- The buyer selects which Blockchain asset to use for paying the product/service and sends the precise amount to CoVEX platform via the cross-chain payment channels; and
- Upon getting the corresponding value for the invoice, CoVEX Platform approves payment to the merchant.
For every prepaid card transaction that the merchant accepts, the merchant will pay a fraction as a merchant discount fee. The CoVEX platform will reward users with tokens on every purchase to enable them to become token holders. CoVEX token holders will automatically receive a fraction of the entire payment on the platform as an incentive.
5: Decentralized Exchange
Presently, the cryptocurrency markets—including the crypto exchanges—have not been legislated in the majority of jurisdictions in the world. As such, the crypto-exchange platforms are yet to obtain licenses. This means that the transactions on the current centralized exchanges don’t take place within the scope of laws and regulations.
As a result, many crypto exchanges abuse the process and confidence of their clients from time to time. Based on the conditions of an unregulated nature of these markets, the list of unfair practices hinders adoption of cryptos.
CoVEX intends to implement a decentralized exchange which does not depend on any intermediary to hold the token holders’ funds. Rather, trades will take place directly between the token holders in a P2P and automated process. The platform will focus on the establishment of a broad range of services that ensure massive benefits of crypto markets trickle down to users while alleviating sophistications and risks that often arises from crypto ownership, exchange and transfer.
This platform will be created from proxy tokens which represent cryptocurrency or digital assets and decentralized multi-signature escrow system.
6: Atomic Swap At present, thousands of cryptos are existence and continuing to grow at an exponential rate as Blockchain is increasingly becoming adopted in the mainstream industries. As of this writing, the number of cryptocurrencies is almost 1,400. It is a complex undertaking to exchange one crypto for another is the payment needs demand different currencies.
Since crypto transactions are immutable, which requires trusted third parties to make sure that both sides of the transaction are resolved. That is what centralized cryptocurrency exchanges have been doing. But with the ostensibly many centralized exchanges being attacked while others facing unprecedented seizures and shutdowns. Today, centralized exchanges have faced multiple points of failure where hackers and thieves have continued to target them as well their users. Because of these challenges, centralized exchanges may soon be facing elimination as a result of atomic swaps.
If recent events are anything to go by, then atomic swaps are here to stay. Charlie Lee— the developer of Litecoin—recently made a successful atomic swap using Litecoin to exchange for Bitcoin, Decred, and Vertcoin. Simply put, atomic swap allows2 users to exchange cryptos from different Blockchains in a trustless way.
In such an instance, each party agrees to the terms prior to the commencement of the transaction. Afterwards, both parties will use their private keys to sign a copy of the transaction. Once this is done, the exchange occurs instantly.
CoVEX community fully understands that the future of currency exchanges is the atomic swaps. We will implement an Atomic Swap Platform that generates a hash-time-locked contract where the smart contract utilizes time locks and multi-signature addresses to secure the transaction at an acceptable value. In a 2-party transaction atomic swaps with different Blockchains, a private code will be shared by both participants.
Using a private code by one participant will only complete the transaction when the other participant also uses a similar private code. Any failure by one participant to send his/her private code and the agreed amount of currency will result in the transaction being canceled. When this happens, funds will be returned to their original location.
7: Tech Incubators/Tech starter club CoVEX will provide a platform that helps startups succeed in launching crypto products via mentoring and training. We intend to be a hub of tech innovation that will encourage and support startups to design, create, develop and commercialize innovative technologies.
ICO Terms &Conditions
Refer to the Token sale agreement at www.covex.io for terms and conditions regarding CoVEX ICO.
The crypto markets are still in their infancy. As you are aware, the majority of ICOs are unregulated and risky. As a result, some commissions such as the SEC in the US have swung into action to institute measures to maintain public interest and safeguard investors.
However, we also know that many jurisdictions are yet to institute proper regulatory framework regarding the conduct of ICOs. Because such processes could take several years, we do not believe waiting for a regulatory framework to be instituted is in the long-term interest of willing investors.
We are still exploring suitable jurisdictions where to launch the ICO. At present, we have the following jurisdiction in mind: Switzerland, Singapore, United Kingdom, Estonia, Gibraltar, BVI, Cayman, Cyprus, and Malta. We intend to incorporate a reputable firm with experience in these matters to help us launch an ICO that is compliant.
Regulation & Risk We believe that participating in an ICO does come with some risks. The firm’s operations are subject to various regulations and laws in the jurisdictions where it intends to trade.
There is an inherent risk that particular activities of the firm could be deemed to be in violation of such regulations or laws. The penalties for such infringements would be unknown. Also, changes in the prevailing regulations or laws or emerging interpretations of the existing law could, in some instances, raise compliance costs and capital expenditures.
This may affect profitability, or even impede CoVEX’s potential to execute the business model and the CoVEX token proposed in this document. Besides the regulatory challenges, we also understand that crypto markets are not just volatile; but also prone to frequent attacks which can cost colossal money.
However, as has been demonstrated, there are many reasons to be optimistic about CoVEX’s prospects. CoVEX will try as much as possible to mitigate these to protect your funds. Because we started to implement this technology nearly 6 months prior to initiating the ICO process, we believe its actualization is more likely.
Other measures that we will institute include:
- We will incorporate a reputable firm with experience in launching complaint ICOs to help us launch an ICO that is free from risks;
- The source code will be open and public to any investor;
- The source code will be independently audited by certified cyber-security experts to ensure it is foolproof;
- You will have voting rights on the platform to offer advice about major decisions.
Cryptos provides many benefits for traders over classical assets in the sense that they are transparent, decentralized, and borderless and can be transacted 24/7. Whereas this unlocks limitless potentials to practically any person in the Universe, it also creates many risks due to lack of regulation, control, and liquidity resulting in poor mass adoption rates.
We are certain that the problem of poor user adoption and experience can be addressed mindfully via a one-stop solution approach. CoVEX is the next-generation Blockchain that will democratize and take Exchange, Social trading, Margin trading/Lending, P2P loans, prepaid card services and payment gateway to a transparent, decentralized and trustless Blockchain.
In a sense, CoVEX is set to be the future of trading and we want you to be part of that future by participating in this ICO.