SINGAPORE, Singapore — Jun. 14th, 2019 — COVA today 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.
As the world’s first running decentralized Trusted Execution Environment (TEE) network, COVA powers data usage policy written in smart contract that defines and enforces how data can be used. Data in COVA is safely transacted and processed inside a secure enclave by a swarm of decentralized TEE nodes, motivated by a tokenized mining program rewarding the provision of computation power with COVA token.
Since the inception of The EU General Data Protection Regulation (GDPR), governments have been tightening the grip on privacy protection, and China made the latest move. Recently, the Cyberspace Administration of China issued Measures on Administration of Data Security, which is expected to pose a significant impact on the data compliance performance of network operators once in force. COVA has been focusing on this topic for a long time and devoted itself to develop usable data compliance’s solution for potential business clients. With this integration, COVA will be able to enjoy the high performance from Binance Chain, making privacy protection accessible to everyone.
Vincent Li, COVA’s Co-founder, said, “We are thrilled at joining in Binance Chain ecosystem as one of the early adopters. COVA is created to set the next-generation standard of data transfer. Instead of centralized servers which claim data will be safely computed and stored, COVA democratizes the policy-making process, making users’ preference the most important rule for internet service providers to abide by when processing data.”
Not only is COVA the first running decentralized Trusted Execution Environment network in the world at the moment, it also supports many exclusive features. According to Vincent, COVA’s TEE network has the following features: full support of Python and the entire scientific computing stack of Python, high scalability of TEE network, data scientist/developer-friendliness, Cryptographically Secure Key Storage System, Framework for data access control enforced at runtime via python ByteCode evaluation, Permissionless TEE ComputeNode.
Raymond Gao, COVA’s co-founder, said, “So far it has been a fruitful year for COVA, both in terms of technical and business development. Our tech team is working hard to refine our mainnet launch, which will allow individuals to mine and stake COVA token, and provide computation power for our decentralized ecosystem. The mainnet will support both ERC-20 and BEP-2 COVA token, and we are excited to know how Binance Chain will empower our performance.”
The initial conversion of COVA from ERC-20 to BEP-2 is estimated to finish by 12:00 PM, June 18th, 2019 (Hong Kong Time).
Once the conversion is completed, COVA team will submit a listing proposal to Binance Chain community, in attempts to be listed and traded on Binance Decentralized Exchange (DEX). Note that ERC-20 COVA held in users’ wallets or on other exchanges will not be impacted.
About Binance Chain
Binance Chain is a blockchain software system developed by Binance and the community. Binance Chain is a community-driven development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain. https://binance.org/
Funded by world-class crypto funds, COVA powers Smart Policies, a machine-enforceable data usage policy, which enables data to be transacted while prohibiting undesirable privacy-compromising inferences. Learn more at https://covalent.ai