AscendEX
Published in

AscendEX

BitMax.io conducted successfully the AMA session with COVA project. You can read the article for more details

George: Hi everyone,I will have an AMA together with COVA founder Raymond in a few minutes,I come a bit early to warm up :) We are making tons of progress.

Also for the AMA,we will pick 3 people who ask the best questions and reward them with 1000,800 and 500 BTMX accordingly.

Q:I am hoping for a sincere answer and I hope it is. Is BitMax user-base growing?

George: Yes,we see steady growth everyday ! In daily active Users and new registrations.

Let’s welcome Raymond from COVA.

Raymond Gao: Thank George and our strategic partner BitMax for hosting this.

Q:Hello Raymond ! Can you tell the recent developments on test-net?

Raymond Gao: Several months ago, we launched our private test-net and over 50 developers joined. We will make our test-net public very soon.

George: That’s great news. Can you tell us more about COVA, what does COVA do?

Raymond Gao: Sure. COVA is a smart contract platform for data. With COVA protocol, you can get back the exclusive control of your own data and protect the data privacy.

George:We will initial list COVA. Yeah~

Q: I have been going over the docs and the explainer video COVA is building amazing stuff ! Does COVA has partnership with companies to extend the user-base :real user-base ?

Raymond Gao: Definitely. We are fundamental infrastructure and many application could be built on it. We are now partnering up with many companies in financial, medical, retailing industries.

George: And BTMX community will have various benefits including but not limited to airdrops.

Q:Can you tell us more on that ?

George:I can tell you we will have decent size of airdrops.

Q: Nice project, I just wonder how to land.

George: For example, a credit loan company can use our platform to calculate the credit score of a customer without knowing the detailed info like her bill.

George: We always partner with great projects.

Q:More BTMX we hold the more airdrop we receive?

George: BTMX holders will have more airdrops if your holding is greater than a threshold. Private sale investors are qualified too.

Q:Hello I wonder what do you guys are planning to make synergy by partnership.I’m pretty sure that just listing COVA isn’t all for partnership.

Raymond Gao: That’s a good question. In short term, the partnership is listing for sure. In long term, COVA can help protect the customer data on BitMax. Also, in the future, BitMax may not only be a crypto currency exchange, and we can also buy data on it through COVA protocol.

George: Exactly. In the trading world everything is about data. As an exchange we produce and consume large mount of data on daily base

Q:Very fair solution not skewed to the rich :)

George: Thanks. But in general we encourage hold more BTMX as we will have a series of benefits.

Q:How can COVA make the data more valuable.

George: As in a legit report, only 1% of total data is used now, mostly because of the data privacy issue. If we can solve this problem, we can monetize and liquidate more valuable data. COVA is to solve this.

Q:COVA core : Encrypted key storage on COVA! So how will the storage provided ? As far as I know COVA is not more of data storage project. Integrating with other data storage project like IPFS or lambda?

Raymond Gao: Yeah, we don’t do data storage. Partnering up with these storage projects is a good idea.

Q:Can you also tell us more about storage on TEE routing nodes

Raymond Gao: We use TEE nodes to do the verification of computation. It will give us a “trusted” computational network. And the encryption key is not stored by COVA. Technically, it is stored in TEE.

Q:Will there be incentives for running test-net?

Raymond Gao: Sure, will have some incentives. Please stay tuned!

George: We use TEE nodes to do the verification of computation. It will give us a “trusted” computational network.

George: And the encryption key is not stored by COVA. Technically, it is stored in TEE.

Q:What are some long term dream goals of the partnership between COVA and BitMax?

George: Good question. From tech part ,there are certain type of data we generated as a exchange can be used for research purpose. How do we store and exchange is a topic we would like to explore.

Q:What’s the price of private sales? Does it end now? Can have some quota?

Raymond Gao: Private sale price is 1 eth = 32000 COVA.It ended in August.

Q:What are the chemical reactions of data and block chain,how to ensure privacy,and how to make data valuable at the same time.

Raymond Gao: Block-chain is one of the tech we use to solve the data privacy issue. We also use TEE and programming language, etc. If we can solve this problem, then we can release the potential of our valuable data.

Q:If someone stores private data on COVA, will there be any way to recover it if keys are lost? Or is it going to be completely personal? What if a company loses its keys? Will there be custodian services?

Raymond Gao: It is completely personal. Maybe custody service in the future, but now we cannot recover the private key.

Q:TBH and FBG disappoints me a lot , from a investor point of view. FBG is known to wrecked retail investors.

George: Why? They invested in good projects as well as bad ones.

Q:If COVA can trade with BTC, ETH and USDT?

Raymond Gao: Sure, BTC, ETH and USDT.

Q:What’s your expectation of the COVA’s opening price

George: I don’t think Raymond can comment on that :)

Raymond Gao: Haha, top secret.

George: But to be honest with you all,I personally don’t like to support eth trading pair.

Q:If you can tell us the reason?

George: For a trader’s perspective, multiple quote currency means additional risk and uncertainties.

Q:But as you say COVA doesn’t store the data, it means you only provide the result not the data?

George: Yes,exactly.

Raymond Gao: No one in the network can see the raw data except for the data owner.

Q:Was there any bonus for private sales ?

Raymond Gao: No bonus.

Q:Will COVA tokens have any velocity sinks? Burns, lockups, holding incentives?

Raymond Gao: Currently no. Since it will be considered as a security.

Q:hello,George, how much is user-base of BitMax platform at the moment ?

George: We have almost 200k registrations.

Q:What ways will COVA take in the future to promote the commercial implementation of its projects?

Raymond Gao: When we launch our main-net, we will also have some dapps launched together. Now we already partner up with some companies in finance, medical and retailing industries.

Q: So you will launch a main-net with real company dapps on-board from day 1?

Raymond Gao: Main-net may be launched next year. And around that time we will have some dapps.

Q: Can you give some example of landing?

Raymond Gao: I mentioned the financial use-case before. Another example is medical. We can share our medical imaging data or health record for research purpose without leaking the raw data with COVA’s technology.

Q: Instead of https use COVA

Raymond Gao: Correct. https only deals with data transfer, but COVA deals with data usage.

Q: Is Canada Exchange still on pace to release ?

George: It’s better than that. We cleared the path to USD fiat trading.

George: In Q1 2019 we will launch our US trading.

Q: Means a new exchange or through BitMax ?

George: It is a new one but we will have consolidated flows. Also in the long run we hope to share the revenue once legal is clear.

Q:Consolidated flows means ? any timeline for revenue share on that exchange as well ?

George: Share order book. Timeline we don’t have for now as there are legal uncertainties.

Q:Does it mean that some volume will go through BitMax and so in fee pool?

George: Yes,that’s exactly what’s in my vision. Takes some time to get there though.

Q: Are you planning to margin trade USDC/USDT ?

George: Yes,but prob not mining mode.

Q: I hope you guys can work on more utility for the token.

George: Yes,we are working on it. You can use BTMX to pay for margin interest at a great discount. So it will create continuous buying needs

Q: But still volume will go into pool right ?

George: Of course.

Q:How’s the COVA distributed? What percentage are in the hands of team?

Raymond Gao: 15% for team.

Q:Will margin allow reverse mining instead of normal mining?

George: Not at the beginning.

George: Our reverse mining percentage is close to 40%. 40% is the maximum theoretically.

Q:Will there be cross promotion with among the COVA community and other projects when BitMax release new features and do marketing campaigns?

Raymond Gao: Yeah, we would love to do that with BitMax. BitMax’s community is awesome!

George: I am happy with the current mining speed,will speed up after launching margin.

Q:If you speed up mining, does reverse mining rate also go up?

George: Yes.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store