Covey’s Token Launches Today
Incentivizing a Community to Find and Reward the Best Investment Analysts
Intro
The Covey token (CVY) represents the value you add to the community, based on the performance of your investing ideas. The better you perform in our monthly competition, the more tokens you earn. The more tokens you hold, the greater governance you have with respect to CVY. Covey’s community of token holders are encouraged to help to continuously shape how we award tokens in the fairest and most meaningful way to holders. Covey’s tokens are an ethereum based cryptocurrency.
Utility
Governance
Token holders area able to vote on: 1) How we find and reward the best investment analysts, known as our Alpha Algorithm; 2) What assets are included in the Alpha Algorithm, i.e. different types of stocks, debt, cryptocurrencies, so far we have stuck with equity, ETFs, and crypto assets that are greater than a $1bn market cap and trade more than $1 million in a day; 3) Future blockchains to consider for the location of trade data; and, 4) Discount table for any products built off the Covey idea database. More on discounts below.
Staking
Anyone can post ideas to the ledger and potentially earn CVY. Staking prevents spam accounts from receiving tokens and improves manager discovery. Staking is an analyst confidence metric, pushing those ideas with the highest confidence to the top.
Discounts
Our analyst database is open for anyone to build investment products from. We simply ask that you offer discounts to analysts who hold CVY. An example of such a discount table is below.
Technical Details on Our Token
There will never be more than 1 million tokens minted. We wrote that in code when we deployed the contract. The code is actually super simple. We are an ERC20 contract that is burnable (meaning we can reduce supply below 1 million), and our name is Covey with the ticker CVY.
The token smart contract lives here:
Covey IO Corp (the company that owns covey.io) is holding 300k tokens, the rest of the supply (700k) will be awarded to the community of Analysts in monthly installments of 2,500. Right now we have three months of payouts (7,500 CVY tokens) that have been minted and will be airdropped to analysts on September 30th. In October we will mint another 2,500 and the best analysts will be allocated tokens from that pool. If you want more technical details check out our Whitepaper
How to Get Tokens
You need to earn them
The only way to get tokens today is to earn them! Each month we award 2,500 tokens to the best analysts as determined by the Covey Alpha Algorithm. You can track everyone’s ranking on the covey.io/aa1. To compete all you need to do is provide virtual stock, crypto, or ETF picks using covey.io or our smart contract. Once we see a trade, you are in!
All of your trades are posted on chain from your owned wallet. We will award CVY tokens on a monthly basis to relevant analysts’ owned wallets. If you rely on Covey to post on your behalf, be sure to enter an ethereum wallet that you own on your /profile page to be able to receive CVY tokens.
It’s very important that we keep this community packed with the most talented analysts in the world. So we are restricting the tokens to those who can come up with ideas that win monthly rewards. Covey will not support the trading of CVY tokens.
Check Your Wallet
If you have earned tokens on Covey in July, August, or September your tokens will before 8pm EST today! Add CVY to MetaMask in the “Asset” section using this contract address:
0x3C6aCb7764B57003754CE68F11b2A01e24660eC1
