Covesting ICO Overview.
Presale Date: Over.
Public sale Date: 24th November 2017- 24th Dec.
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 platform allows its users to replicate trading activity of a chosen model directly into their segregated account at Covesting.
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.
Problems being solved:
- The learning curve for investing in crypto assets is extremely steep. Investors may evaluate options of trusting money to a private crypto trader or a fund, in order to gain profit in newly established markets. Such decisions can be very risky due to lack of regulations and the high possibility of fraud. With such huge interest and capital migration into crypto markets, it creates a perfect environment for investor scamming, “Ponzi”, and pump and dump schemes.
- For asset managers, launching a personal fund requires technical knowledge, programming skills, legal paperwork as well as marketing costs and other expenses. Only several digital asset funds have gained the reputation necessary for backing, while private crypto traders and newly established funds tend to look for investors in online forums, social networks or amongst their friends.
How it works.
For model managers.
- Setup a trading model and start performance tracking from day one. Trading models can be easily created by linking an existing trading account at an external digital currency exchange through an API. From that moment, tracking of all trading activity starts and the model becomes available for subscribing.
- Describe the trading strategy, expected volatility and returns.
- Acquire investors to follow your trading Model through your performance.
- Earn success fees on all profits made by Model-following accounts.
- Build a solid track record to acquire more followers.
- Earn reputation and get reviews from previous and existing investors.
- Interact in a safe environment, make new contacts, and grow professionally as a trader.
- Keep a blog, post news, trading ideas and market analysis.
- 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.
- Individual cryptocurrency traders.
- Professional fund managers.
COV token uses.
- Used to follow trading models.
- It is also used to pay success fees for traders, who are allowing other members to follow their accounts.
Review/ICO Scoring Metrics.
Industry: Trading/copy trading/crypto trading
Similar projects: Investfeed, Astronaut, Tokenbox, Iconomi, Taas, Swissborg, Protos, Genesis Vision, etc.
Existing companies: E-Toro, Covestor, expertoption, IQOption
Level of competition: Very high.
How is it different from other projects in the space?
- Copy trading.
- Investors are in total control - they can start or finish following an asset manager whenever they want.
- For investors, there is no need to transfer funds to the model manager. All trades are executed in their personal Covesting account.
- Covesting offers its members a newsfeed, which enables them to receive updates from other traders. Each trader can post relevant information, explain an investment decision, or share any other kind of knowledge with the Covesting community.
Difference scale: High
Securities Token: No. It’s a utility token.
Market dynamics: The combined market capitalization of all cryptocurrencies together is currently only around $240B USD, which leaves lots of room to expand. The overall cryptocurrency transaction volume has grown significantly in the past few years for the speculative purposes of gaining capital profit or by supporting projects that are built on decentralized platforms. During the first half of 2017, transactions surpassed the $325B USD mark, despite “financial experts” once deeming blockchain and cryptocurrency a “niche market”. This increase in transaction volume is mainly driven by Bitcoin and Ethereum. Bitcoin and Ethereum are both inching closer to creating a scalable ecosystem, interesting things are bound to happen in the future. According to Juniper research, total cryptocurrency transaction value may surpass $1 Trillion USD by 2022.
Sources of revenue: There is a 2% entry fee that applies every time a user deposits funds to his account. This commission accrues to the COV Asset Contract increasing the value backing COV tokens; 10% of all profits from successful trading models will also be automatically credited to COV asset contract.
Use cases: Copy-trading.
Regulatory risks: It’s not a securities token; it has passed the Howey test; the company is incorporated in Gibraltar.
Members with past experience in this industry: 3
Members who are past company CEOs/Founders: 2
Members with technical experience: 3
Members with previous blockchain experience or experience building an open source community or platform on a large scale: 1
Advisors from other blockchain projects: 3
Advisors with past experience in this industry: 6
Advisors with technical experience: 0
Advisors who are company CEOs/Founders: 2
Advisors with previous blockchain experience or experience building an open source community or platform on a large scale: 0
Popular advisors: N/A
Any previous activity related to the project: Key team members are former managers and traders at Saxo. With all experience gained in one of the fastest growing online-trading banks.
VC funding: None
Actual alpha, beta etc. available on website: No
Token expected usage date: 2018 Q1
Working product: 2018 Q1
Roadmap ends: 2018
- Blockchain leverages.
GitHub presence: Low
Smart contracts: Used to execute and mirror trades, distribute requested funds and provide detailed performance data to users on the backend.
Removal of third parties: None
Any centralization aspect: N/A
- ICO Structure.
Bitcoin talk pages: 55
Bitcoin talk interactiveness: Normal
Presale absent: No
Whitelist absent: Yes
Bonus for whales absent: Yes.
Bonus for early participants absent: No
No Registration required: Yes
Token scarcity: 20M COV; Unsold tokens burnt; There is a token buyback and burn using 50% of platform earnings.
Lock-up period for founders’ tokens: 3 months.
Presale token percentage: 7%
Token price: 1 USD
Presale Hard cap amount: $1.8M
Presale Soft cap amount: $732k
Presale progress: Over $1.1 M raised.
Public sale token percentage: 75%
Token price: $1.5-$1.67
Public sale hard cap amount: $30M
Public sale Soft cap amount: $3M
Public sale Progress: Not started yet.
ICO Timeframe 1 month: Yes
No ICO extensions: ICO not started yet
Minimum amount: 0.1 Ether during presale
Individual cap: None
Smart contracts already audited: N/A
Get the overall score of this ICO as well as other ICOs here