Welcome to the 17th Bi-weekly Updates of COVA. In this bi-weekly update, we will recap what we’ve done in the past few weeks.
Migrate to Binance Chain
COVA revealed that it would integrate part of its tokenized privacy-preserving ecosystem with Binance Chain, a blockchain software system developed by Binance as well as the community .
Under this migration, COVA will convert a portion of its uncirculated ERC-20 token to become BEP-2 token, which is native to the Binance Chain ecosystem. These converted ERC-20 token will be burned, and COVA’s total token supply will stay at 6.5 billion.
COVA Management Team has released an open letter detailing our strategy and schedule of mainnet. The mainnet is scheduled to go live on Aug 15, 2019.
Our tech team has worked extremely hard on making this possible, and we are excited to showcase some results here:
In this cool sneak peek video, we can see that COVA mining nodes are rewarded for their work with ERC20 COVA tokens.
We have open sourced 16 critical components underlying this technology on https://github.com/covalent-hq.
On the business side, we will be ramping up enterprise sales efforts in order to recruit both enterprise mining nodes and enterprise platform users. The drastic makeover of our website reflects this shift in business focus.
On the technology side, security and deployment, as is common with enterprise software, will become front and center, and in order to make this transition, we have made significant adjustments in our technical personnel and will continue to recruit enterprise technical talents heavily.
Listed on Binance DEX
COVA has received positive votes from all the Binance validators & prepared to run the list command to create the pair on Binance_DEX . COVA/BNB pair has opened for trading since 17:00 on June 24th (SGT).
Partnership with Origo.Network
COVA and Origo.Network revealed today that they had reached a deep strategic cooperation and signed a blockchain cooperation framework agreement. This agreement will promote the development of distributed technology.
5,000,000 COVA Token Holder Competition on Binance DEX
As a celebration of COVA’s launch on Binance DEX, we hosted a token holder competition to reward DEX users.
For the duration of the competition and until the next campaign, only 15 million COVA-BEP2 was circulating on Binance DEX. At the end of the competition on 5:00 PM on June 27th (SGT), the top 50 COVA-BEP2 holders with at least 200,000 COVA-BEP2 will each be rewarded with 100,000 COVA-BEP2.
Announcement Regarding COVA’s Token Metrics
We’ve received a number of feedback regarding our last open letter, and would like to make a few clarifications.
When COVA got listed on Binance DEX, the Management Team locked 50 million ERC-20 COVA token permanently (we call it “burn”), and issue 50 million BEP-2 COVA token on Binance Chain. We did this to ensure the total token supply to stay at 6.5 billions. The TX hash for the ERC-20 COVA burn is here: https://etherscan.io/tx/0x59b079404f703d32c675fa364c55c758ee257cdb3f43365c7fdb8087e403b15d
Also, as we stated in the open letter, since COVA is a layer-2 protocol, we will not release a token native to our own blockchain, even after our mainnet launch.