Covey User’s Trades Are Now Recorded on The SKALE Blockchain
Open, Immutable, and Trusted Track Records For All
To find the best investors, Covey needs to record every trade in an open immutable ledger. Imagine having an anonymous ledger of all trades that is trusted by anyone and viewable by anyone. We would quickly find out who the best investors are and find them jobs based on merit.
Institutional Investors like Cathie Wood, Warren Buffet, or Jeffrey Gundlach have their track records available for anyone through audited financials and SEC disclosure. We know Cathie Wood is an amazing investor because a team of accountants and the SEC have been tracking her trades. We can trust her track record without ever meeting her. At Covey, we believe great track records exist on #fintwit, reddit, and College campuses. The trouble is we don’t trust their screenshots or tweets of their track records.
Giving an open, immutable, and trusted track record to any retail investor was way too expensive until today.
Ethereum Worked…But Not For Long
Covey launched with the dream of posting every trade to a trusted ledger, our first instinct was to use the most popular blockchain for saving data: Ethereum. We launched before the bull run when posting trades to Ethereum cost between $0.10 to $0.15 per post, what we thought was a fair price for open, immutable, and trusted storage.
To the left is one of the first trades we made one year ago, fees were $0.15 for the transaction and ETH was $230 USD. Each investor gets an Ethereum address and we store position level data in the “Input Data” field.
https://etherscan.io/tx/0xa56a939450554fbfcf7d92c9861a8761e206be6b358bdc21280017d75888568b
Ethereum worked but not for long, our cost to post trades shot up more than 10x to $3.00 per trade in under a year. Relative to how much Cathie Wood pays accountants for a trusted track record, Ethereum was still incredibly cheap but we knew we could offer better.
Enter SKALE
SKALE’s purpose is to bring Ethereum to billions of users. SKALE is a network of many blockchains built using the same technology as Ethereum. Much like the internet is a network of networks built using similar tech (TCP/IP), we believe Blockchain will become a network of networks built using Ethereum. SKALE offers a trusted, immutable, open network with a connection back to Ethereum at a sustainable cost.
Our SKALE partnership allows Covey to give all our users an immutable, open, and trusted track record for free!
Covey will have it’s own SKALE blockchain. We are very excited to be selected as one of the first six dApps to go live on SKALE, you can read more about our partnership here.
Everyone on Covey Has Access to Blockchain Posting
As of today, every user on Covey will be posting trades anonymously to our SKALE blockchain. Before Covey, a trusted track record was only available to institutional investors with a team of accountants. The blockchain gives any retail investor the ability to develop a track record that can be trusted and leveraged for benefits like job opportunities and payouts.
All you need is an email, linkedin profile, and investment ideas to participate. Build your track record today at covey.io/open
Up Next
Having an anonymous account for each user to post trades in the format of {ticker : percent} has amazing potential. We can allocate capital to analysts based on merit. We have a trusted open source database of trade data for quant funds or researchers to test. Anyone could monetize their investment strategy without sharing how they did it.
But first up next week, we will show you how to explore all trades on the SKALE blockchain.
