Covesting trading platform first social mirror

What is Covesting?

They plan to launch the first social mirror trading platform on the crypto currency market. Similar to etoro, the platform will involve letting investors watch and automatically copy the crypto currency traders who trade in real time.

Crypto currency market

The crypto market has grown enormously in 2017, with a combined market share currently above $ 140 billion. With the development of blockchain technology, the initial launch of ICO (initial coin offering) is simple to start up, which has resulted in more than 1000 coins available and dozens of new currencies rolled out every month.

But there is still big room for growth in the market, the company market following the dwarf cover of the whole crypto currency market still:

* Alphabet (Google): $ 650 Billion

* Microsoft: $ 566 Billion

* Facebook: $ 495 Billion

* Alibaba Group: $ 437 Billion

This shows that Alphabet's own market share is four times that of the entire crypto market, which suggests that there is still room for growth.

Merchant problem

Digital asset managers also face their own problems:

It requires a lot of technical knowledge to launch their own platform and programming. Complicated legal issues. Must market themselves, a new world for many people. The main problem is acquiring trust, in the crypto currency market it is even more difficult because many scams occur because of their anonymity. Because of this problem, many private traders continue to trade on their own with limited initial capital. With the market growing so fast, their whitepaper estimates that their 300 crypto funds will be managed in just 2 years.

Solution

The new platform aims to connect investors with professional traders, while providing a safer environment.

features

Every investor on the platform will have the option of diversifying and lowering their risk by copying up to 20 merchants at a time.

The model manager will receive a commission of 18% of the profits generated by their followers.

The platform will collect 10% commissions, which means that investors will be left with a 72% commission, just to choose which merchants they want to follow.

Model managers will not realize how much capital follows their trade, only the number of investors they follow. Investors on the platform are allowed to use aliases as screen names to hide their true identities.

This new platform will allow private traders to start their own career as digital asset managers and compete with others to get the best track record on the platform to attract more investors to follow them.

The history of mirror trade

Mirror trading allows users to automatically perform 'mirror' trading by other traders. Tradition claims that they became the first company on the market in 2005 by allowing users to copy their strategies for trading. Trading mirrors are often also called cop trading, but copy trading is slightly different because asset managers often have access to direct investor funds. eToro is one of the most popular social trading platforms with more than 150 employees.

New platform

 Covesting aims to have a new platform prototype ready on November 20, ready for investors to check before the ICO starts on the 24th.

Here are some of the features they want to get when they are live:

Registration: It will be easy to register just by providing an email address or login through a social media account.

Accounts and wallets: The new platform will have their own wallet that all users can use. Each wallet will contain BTC, ETH and COV addresses. It's only possible to use their own COV token to subscribe to merchants.

Exchange fee: COV can be purchased from the platform, it will cost 2% to generate a new token.

Model manager: Model managers only need to connect their external exchange accounts to the platform using the API, then all the transactions will be posted on the platform for users to follow and copy.

After trading: When an investor decides to follow a trade, all merchant trades will be copied with the percentage of investor funds they can charge.

Separate accounts: To improve security, platforms offer separate accounts, model managers will not have access to investor funds.

Not following a trader: An investor may decide not to follow traders any time, once they do so their funds will be transferred back to their account, less the commission fee incurred. If a trader decides to stop using the platform then all the funds they follow will be returned to the investor.

Commission advantage: Investors will receive 72% of the profits earned their capital, 18% of the cost of success is given to the model manager and the 10% fee is charged by the website.

COV Token

The new site will use a COB token that is an ERC20 token built on the Ethereal blockade. The COB sign will be fast and easy to transfer between the ERC20 wallet.

The token will have a total supply of 20,000,000, 1,500,000 will be sold during the initial sale, 15,000,000 sold during ICO, 2.5 million distributed to the founders who will be locked into a smart contract for 3 months, with the last 1,000,000 distributed to the advisor and gift participants

These tokens will be used by investors to enable them to follow traders, this will create a demand for COV that will depend on the success of the new site.

COV will be generated by smart contracts when investors buy them using ETH or BTC which means that the new currency will be backed by Ethereal.

How to profit Covesting?

The new company will have 2 main revenue streams:

Exchange commission: Every time a user wants to buy COV, they will be charged 2%.

Platform commission: 10% will be charged on all profits that investors make by copy trading.

Prizes for holding tokens

Instead of issuing dividends that create additional regulatory issues, Tim plans to use 50% of revenue generated on 'burning tokens', this means tokens will be purchased from the exchanges and extracted from the available inventory. This should then increase the token value.

Pre sale details

The first opportunity to purchase tokens will be during the pre sale which will run from the 20th of October until the 19th of November. Buying tokens early will be at the discounted rated of 1 ETH=300 COV.

Covesting state that they have the funds available for development but the funds raises from the initial sale will allow them to grow their team and guarantee that the prototype website will be ready before the official ICO.
The pre sale goal is set at 2000 ETH with the max cap at 5000 ETH.
The funds raised will be split, 65% for the product development team and 35% for additional marketing.

Roadmap

October 2017: Pre ICO

November 2017: ICO and platform prototype.

December 2017: Finalizing development of the website.

January 2017: Exchange listings of the new COV token.

February 2017: Beta version of the website launched.

March 2018: Continuing to acquire new investors and traders to the website.

2019 and beyond: Goal of having over 4000 users of the website

For more details.

Official Website: https://covesting.io  

Official Facebook: https://facebook.com/covesting  

Official Twitter: https://twitter.com/covesting  

Official Telegram: http://t.me/covesting  

Profil Bitcointalk saya : https://bitcointalk.org/index.php?action=profile;u=1150447

by Berita Anyar

my ETH address : 0x9B5fEe1D5Bcf9456099cD09d3C6f35474eFfEEc4