COVAL UPDATE 1116
We have some newsworthy topics to share this month. Some development, a few new ideas and a new collaboration/partnership announcement. Let’s just get right to it.
Collaboration & Partnership Announcement
We would like to announce that we have been collaborating with Alex Radzishevsky of TrustedAudio.com and AudioWatermarking.info. Alex is an Audio Engineer who specializes in audio watermarking and is an expert in many other audio related technologies.
Our collaboration started several weeks ago and began as an exploration into the combination of audio watermarking with cryptography, blockchain and cryptocurrency tech. Alex has been a patient guide as we have experimented with various concepts to integrate ɃTC and the ₡OVAL cryptocurrency into the VOCAL audio publishing project in ways that leverage audio as a carrier of secure value. We’ll continue down this road with Alex as one of our primary areas of dev focus going forward. We’re confident that together we can bring new unique features to our projects and look forward to discussing our progress in future updates.
In the meantime, we encourage anyone who has a need for general audio watermarking services to check out Alex’s websites to learn more about his patented solutions and services.
Presentation at All Things Open Conference
Shannon attended and spoke at the All Things Open conference recently and he prepared a presentation called “TOKENIZATION: LIFE BEYOND THE INFORMATION AGE”. We put together a companion web page that you can check out at allthingsopen.odeokee.com which touches on some of the audio related technology that we are working on as well as broader topics of digital content ownership and payments. One lucky attendee walked away with a limited edition & signed audio track with a Ƀitcoin embedded inside. We will be working on an enhanced version of this talk and demo in the coming months that will use VOCAL and odeokee. For the time being, here are the slides
We have worked on a way to make the transition to Counterparty a mostly seamless process via the current legacy wallet. We will post more details on how this process works in next update. Once more testing is done, we will schedule the actual migration timeline window and coordinate with any applicable public exchanges. We hope to have the date solidified and announced in next 1216 update but we cannot guarantee this.
When you convert your balance to the new ₡OVAL tokens, you will get an additional 15% ₡OVAL. This will come out of the legacy pre-mine balance (400m ₡OVAL). We have also decided to burn 1/4 of the pre-mine (100m).
Coval Open Reward Distribution (CORD)
In addition to the 1/4 burn, we have also decided to allocate another 1/4 of the pre-mine (100m) to a program we are calling CORD which stands for Coval Open Reward Distribution. As the name suggests, we will distribute ₡OVAL tokens as rewards to people who use certain other cryptocurrency platforms that we will approve for this program and partner with. Primarily, this will be other content networks but may also include some games and other apps. We have a few projects already in mind that we would like to partner with on this but will not make official announcements yet.
We hope to have some automated processes in place to validate users and confirm that we can read their content and balances of earned funds (ɃTC or other cryptocurrency) on these other platforms. We may also include manual procedures to authorize payments. Details of terms, limitations, ratios and payout schedule details will be available when the program officially launches.
CORD was an idea that came up when we decided to burn some of the original pre-mine and when we were looking at some other projects in the cryptocurrency space. We think it could be mutually beneficial to both our project and the other projects that may end up being involved with CORD as well as any owner of ₡OVAL tokens. A more widely distributed supply of ₡OVAL tokens will result in a healthier market and attract new users to the products, services and redemption paths that we will be offering. It’s also just an added incentive for people to create good content and experiment on various platforms.
We don’t perceive other crypto content projects as competition and instead would like to encourage their use. In a world of only a few big social networks that most people stick with, it can be a challenge to get people to use new types of networks with more innovative features that support independent creators and is a move away from being used for our attention and activity data.
The CORD program is planned to start in early 2017 and continue until all 100m allocated ₡OVAL tokens are given away to qualified people.
Development on the VOCAL webapp has moved forward. Most of the basic features have now been completed and more focus will now be on integrating payments/tipping and wallet features and of course new audio watermarking tech that we are experimenting with (beyond standard functionality).
One new feature of interest is called vocalgram which is a visual version of an audio file… because it gets converted into a themed video file.
Another new feature in VOCAL is the ability to create a content “collection” and optionally associate it with your own Counterparty Asset. A user could create a show or an album or any project that needs to organize content into a single collection. When associating a crypto asset that has been verified and authenticated by the owner within VOCAL, all content in that collection automatically inherits the ownership assertion provided by the crypto asset. The owner could do creative things with the asset tokens or accept ɃTC, ₡OVAL or other tokens to the address that is associated with the asset/collection. Also, any audio file added to the collection will get properly watermarked with a reference to the asset and other metadata. All posts in VOCAL are also anchored and notarized on the Bitcoin Blockchain in a separate transaction.
Learn more about Counterparty Assets here.
Development is currently underway against the GiftBit API to provide a redemption method for COVAL users. Contact us if you are interested in experimenting early with the tools we are building.
Legacy Tech Updates
Minor update to the wallet which allows some users who were previously unable to view their balances has been repaired. Remember always keep a copy of your backup in a safe place.
The legacy coin, block explorer & web wallet are mostly frozen at this point in preparation for the eminent transfer to Counterparty.
This has been low priority but will probably spend some time on creating it this month.