COVAL Custom Currency

Custom currencies can be created by using ₡OVAL as the "parent" currency. A project can leverage COVAL technology and the ₡OVAL cryptocurrency rather than only use an internal accounting database or creating a new cryptocurrency that would not be easily added to open markets via exchanges. It may be appealing to some to have the guarantees of a 1:1 ratio with ₡OVAL as a way to move the value out of the application or game and into the open markets.

When a user who owns 100 COVAL.MYGAME tokens can redeem them for 100 COVAL tokens and trade/sell them on Bittrex or elsewhere, that makes the MYGAME tokens more useful without any heavy lifting or expenses incurred by the project's creators. The project's users would be more satisfied with their in-app/in-game currency because they can extract the value in a more broad market rather than be restricted to trading with only fellow users/players of that app or game.

COVAL will also provide a sidechains component called Circuit Jumper to handle additional movement of these custom tokens into other blockchain networks such as Ethereum.

More info on how to create custom COVAL tokens will be published soon.

More Info: View Diagram
Related: COVAL VERB

COVAL Custom Currency & Circuit Jumper Sidechain

COVAL Sidechains (Circuit Jumper)

COVAL makes use of the concept of sidechains in order for tokens to jump from one network to another. There are various approaches on how to achieve this under the "sidechains" umbrella term. Our sidechains technology is called Circuit Jumper. A Circuit Jumper sidechain component is a delegated ledger that logs all transaction data and escrows ₡OVAL and derivative tokens (subassets).

These sidechains are interoperable with each other and with larger distributed ledger networks such as Ethereum and private permissioned blockchain networks such as Loyyal. In the future, COVAL may offer incentives for expanding the Circuit Jumper network in order to make it more robust and secure. Circuit Jumper hosts could earn ₡OVAL rewards or other redeemable tokens.

We will be publishing more details and diagrams on how COVAL's Circuit Jumper Sidechains work soon.

We will also be using the sidechains.com domain to host a companion website with block explorers and other pertinent tools and data views for each sidechain that COVAL deploys and uses.

More Info: View Diagram

ODEOKEE Audio Wallet Technology

COVAL is working on new technology and methods for generating "audio wallets" as a way to achieve the movement of value in a media container. Here is an early concept diagram.

subvocals

As a service, COVAL will provide deployment and hosting of Mastodon servers (instances) that are fully compatible with COVAL and VOCAL components and apps. These subvocals can also be setup with their own subassets (custom COVAL tokens) and other branded options including either a subdomain of vocal.vc or a custom domain name, logo, theme and a simple content management system for static content pages and other areas of the interface where content other than posts appear.

₡OVAL is used to pay for this service and like all services offered by COVAL, these fees will be burned/destroyed indefinitely until the total supply is economically adjusted to an acceptable level.

We have only begun the exploration and strategy of this particular service as of April 2017 and we will need some time to prepare and launch this service for beta users. We will announce more details when we are closer to launching the subvocal service. If you are interested, use the contact form on this website to get in touch with the COVAL team.

COVAL ZERO - ZeroNet Domain Name Service

COVAL controls the Counterparty Asset "ZERO". We will be introducing a new naming service to the ZeroNet community (zeronet.io) using the ZERO asset and Counterparty's new "subassets" feature which enables asset names like ZERO.SULL. Currently, ZeroNet supports Namecoin for custom .bit domains that resolve to ZeroNet decentralized sites/pages/apps. The same functionality will be available with ZERO subassets.

What is ZeroNet?

We have followed the ZeroNet project since the beginning and are big fans of this very innovative project. ZeroNet uses Bitcoin and Bittorrent technology as the backbone of a new p2p decentralized web. Learn more at zeronet.io.

The ZERO asset and zero.network website

This COVAL service will be available on zero.network where users can register ZERO names. Pricing is undetermined but will require payment in ₡OVAL only and these tokens will be burned by COVAL as this is the business policy for all COVAL services. Further announcements regarding total ₡OVAL token supply and the economics of ₡OVAL will be published in the future.

Benefits of COVAL ZERO

Unlike .bit Namecoin domains, COVAL ZERO names have the added benefit of being tokens on the Bitcoin Blockchain. This means that when you have a COVAL ZERO name, you also have your own supply of ZERO.YOURNAME tokens which you can use in any creative way that you want. This being a COVAL service, it has the added benefits of all things COVAL including the ability to instantly swap 1:1 ZERO.MYNAME tokens for ₡OVAL tokens and move the value on the open market via Bittrex Exchange and others that support the ₡OVAL cryptocurrency. Likewise, COVAL's Circuit Jumper Sidechains can get your ZERO.MYNAME tokens into other blockchain networks.

More Info: View Diagram

COVAL VERB

Apps and games contain many user and player actions. Some are social and others are functional. Commonly in social apps you can FOLLOW, SHARE, LIKE, FAVORITE, BLOCK, MUTE etc. In games you can SWING a sword or HIDE or FIGHT and so on.

COVAL will be experimenting with tokenizing such actions, or verbs, and creating a token economy around this concept. Only ₡OVAL can be used to purchase these tokens which could then be earned, purchased or traded by an app's users based on the app owner's rules and terms. Pricing has not yet been finalized. We will also be using these within VOCAL.

The tokens will be Counterparty Subassets of COVAL's VERB asset. For example, VERB.INVITE, VERB.FOLLOW etc. COVAL may also offer premium non-subasset names that COVAL controls.

If the app or game project owner allows the COVAL VERB tokens to be owned by it's users (i.e. users control private key to a wallet) then the tokens can be traded on the Counterparty decentralized exchange (DEX). However, it may be preferred by app owners to use a withdrawal system that allows COVAL VERB tokens to be exchanged for ₡OVAL (keeping the COVAL VERB tokens inside the app's own ecosystem) which would allow the app users to then take ₡OVAL to exchanges (currently only Bittrex.com) to sell/trade them.

It is up to the app or game owner how tokens are controlled. It is also feasible that all redemption options stay within the app/game in a circular economy. In this case, the use of crypto tokens is mainly for leveraging a trusted ledger to log all token activity rather than letting users take advantage of the open markets.

More details are forthcoming.

COVAL PACK

Create a collection of your Blockchain trading cards or tokens representing anything such as music tracks or exclusive videos inside a COVAL PACK (i.e. PACK.MYCARDS) and the pack will be published and viewable online and in apps/games. Reveal either all, some or none of the cards and optionally configure purchase options (buy now, auction, pwyw, free etc).

The COVAL PACK service will facilitate secure transactions of bundled tokens that represent trading cards from projects such as Spells of Genesis or Rare Pepe or access to music and other media. A token card can represent anything you want. Your registered pack name and associated wallet can be reused and is not transferred with the cards in the pack when it is purchased. You can optionally issue and use your COVAL PACK tokens for accepting auction bids or as vouchers to redeem the pack's cards.

COVAL PACK names (i.e. PACK.MYCARDS) can be registered as a Counterparty Subasset using COVAL's PACK Asset on the pack.cards website when the service launches.

COVAL is designing this service to be efficient and secure and avoid unnecessary transaction fees and long confirmation delays.

More details are forthcoming.

COVAL ZERO - Overview Diagram (Draft)