COIN Protocol and Smart Contracts V2.0
The blockchain industry has proven to be fast moving with rapid adoption and evolution. With the advances of technology and innovation, previous standards and protocols are being replaced resulting in increased performance and efficiency.
At Coinvest, our goal is to develop and deploy solutions as quickly as possible in order to gather feedback and continuously iterate. A repeated cycle that ensures that we are collaboratively working with our partners and overall community to develop solutions that meet our customer needs. Ultimately, to push the envelope against any or all competition.
When we first started development of the Coinvest smart contracts and the COIN protocol seven months ago, the tools and standards available to-market enabled us to deploy an initial version of our protocol that achieved unique innovation — one that is still unparalleled in the today’s world of cryptocurrency investing (by removing the requirement to physically hold cryptonized assets to retain asset value). With advancements in BIP and new standards, we have advanced our technology to optimize performance, efficiency, and simplicity.
Welcome to COIN V2…
COIN V2 is an upgrade to the existing COIN protocol and smart contracts. These changes include an upgrade with standard ERC865 while downgrading the token from ERC223 to ERC20.
In the world of Ethereum, Ether is the fuel to execute transactions on its blockchain. Thus, requiring users to have Ether on hand to execute transactions regardless if the platform only uses one native token. Therefore, requiring two tokens to execute one objective. The ERC865 standard enables the payment of transfers in tokens instead of gas; therefore, eliminating the need to posses Ether and another token to execute single transactions. Thus helping Coinvest realize our vision of investing in hundreds of cryptonized assets using only one COIN.
ERC223 is a token standard to prevent the loss of funds when sending tokens to a contract that is not intended to handle ERC20 tokens. As a result, the tokens will not be rejected and are stuck in the contracts balance leading to loss of funds for the sender. At Coinvest, we implemented this standard as one of our blockchain engineers, Dexaran Derat, was the founder of ERC223. Additionally, because we wanted to prevent any loss in funds as well as lead in innovation. Unfortunately, being on the bleeding edge of technology has not favored us as a number of exchanges have yet to upgrade and support the ERC223 standard. As a result, they are not able to support COIN at this time. To rectify the situation and offer COIN to masses, we understand the importance of aligning with current supported standards. Hence our decisions to downgrade our token standard from ERC223 to ERC20.
The technical constructs and details are each standard can be found below:
So what do these upgrades mean for Coinvest and our users?
- No User Registration or Account
Users can trade on the Coinvest investment trading platform anonymously using their wallet address without having to create an account or supplying any personal information
- Simplicity Using One COIN
- Users can invest in other assets using the Coinvest smart contracts and COIN protocol directly from their wallet using only COIN
- Users can invest or transfer funds in the Coinvest ecosystem without requiring Ether to pay for gas
- Compatibility on Exchanges
Improve compatibility for exchanges that only support the ERC20 standard
COIN V2 includes improvements with security, privacy, performance, and efficiency. In addition to these improvements, COIN V2 would have full compatibility and support with current exchanges on the market today.
COIN V2 upgrades require a fork of the existing COIN token. Collectively, we have agreed that a fork is most beneficial now as opposed to the future for the following reasons:
- Seamless distribution using a smart contract with no user interaction. New COIN V2 would automatically be sent to the wallet addresses of those that are currently holding OLD COIN (rendering OLD COIN with no value). Forking in the future would require a token swap and manually require token holders to be involved in the process.
- Coin V2 upgrades reduce complexity and decreases the time to bring the platform to market
COIN V2 would be distributed after our token fork and audit via a token distribution script within the following timeline.
- Completion of the new COIN V2 smart contracts (3/5–3/30)
- COIN V1 token hard fork and deployment of new smart contracts to COIN V2 (4/2–4/13)
- COIN V2 token professional security audit (4/16–4/27): Completed by Authio
- COIN V2 security audit fixes and revisions (4/30–5/4)
- COIN V2 community security audit and revisions (5/7–5/11)
- COIN V2 token swap and distribution (Week of 5/14)
Please note that this decision was made in favor of improving Coinvest technology for the benefit of our users and overall business. We are extremely excited about these upgrades as they ultimately provide for a better end-user experience. We strongly believe that this short-term impact has favorable long-term implications that will help with Coinvest adoption and growth.
Join our Discord to join our community conversations or say hi to us at any of the channels below:
- Telegram: https://t.me/CoinvestHQ
- Discord: https://discord.gg/ZAyB8VV
- BitcoinTalk: https://bitcointalk.org/index.php?topic=2381017.0
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- Twitter: https://www.twitter.com/CoinvestHQ
- YouTube: https://www.youtube.com/c/CoinvestHQ
- GitHub: https://github.com/CoinvestHQ
- Medium: https://medium.com/@CoinvestHQ
- Reddit: http://reddit.com/r/Coinvest
- Email: firstname.lastname@example.org