The COVAL Platform is being developed with a primary purpose of moving value using “off-chain” methods. In other words, native crypto assets and tokens from other public and private blockchains (including ₡OVAL itself) enter the COVAL Network of distributed ledgers (COVAL Sidechains) where they can be flexibly and securely transacted using trustless p2p models. Transactions consist of both individual tokens and "wallets" (containers of tokens) which are represented by sidechain assets called Emblems. Emblem Vault is a dedicated project to this concept in the form of mobile and desktop/web apps that is under development. Visit emblemvault.com
Emblem is defined as...
Something which represents a larger whole.
It is also synonymous with “token”.
Emblems can contain multiple types and amounts of tokens bundled into a single sendable asset. They also can contain arbitrary data and files that represent other forms of value.
This off-chain network is intended for apps and services built on the COVAL Platform and is considered to be a permissioned blockchain network. Though the platform is capable of reaching out and into other networks to bring interoperability features to users, the primary use is for transacting among nodes and users within the COVAL Network and adhering to the LAW Protocol.
A blockchain network protocol and the platform that implements it succeeds in part by having a token incentive model in place. This is normally referred to as a network token. COVAL’s network token is the same as the core cryptocurrency (₡OVAL) that we voluntarily apply to all of our projects and services.
Fees would apply to every wallet assignment transaction and other types of transactions related to cross-chain interoperability features of the COVAL Platform. ₡OVAL is used to purchase credits and may be the exclusive token but other currency may be accepted as well. ₡OVAL, however, would always provide more purchasing power than other currencies making (i.e. 2x or 3x discount value).
The fees would partially be used to reward eventual transaction validators (running sidechain nodes). A percentage of fees could be destroyed/burned if the economics of lowering total token supply would add to the overall health of the ₡OVAL cryptocurrency as determined by a Proof of Stake consensus layer (concept still under consideration).
We will provide “free credits” during early roll-out and also in an on-going manner to help on-board new users and developers.
₡OVAL is a locked asset with a 1.2B total supply. No new tokens can be minted.
₡OVAL is an ERC20 Smart contract built using the ZeppelinOS Security Framework allowing for upgrades as well as other features.
COVAL uses other blockchain platforms and deploys purposeful sidechains on them. Our default ledger technology is Multichain (multichain.com) because it is based on Bitcoin which is also what Counterparty platform is integrated with. In other types of sidechains, we use Kadena (kadena.io) a highly scalable BFT consensus blockchain platform that includes smart contract support. And in some other cases, we use Ethereum. There are also various second layer solutions that we can leverage if deemed logical. COVAL is blockchain agnostic.
All COVAL Sidechains interoperate with each other and can also interface with other public and private blockchain networks using various methods including a continuation of the work described here.
To understand the purpose of each COVAL Sidechain, it helps to view them in their domain name format with descriptions.
The LAW protocol describes off-chain wallet assignment transactions where a distributed ledger network (COVAL Sidechains) is used to log the assignment of wallets to users and the status of those wallets as Owned or Unowned. This simple concept is the basis for a secure and trusted wallet transport system and is at the core of the COVAL platform.
LAW uses a concept of Owned and Unowned Wallets as well as users that are either the Owner or Holder of wallets. The LAW Sidechain ledger handles the assignment of wallets to users. An Unowned Wallet can be “held" by a user. Wallet Holders are able to:
A Wallet Holder does not have direct access to the wallet/private key while the wallet status is Unowned but they control the ability to own the wallet by making a request to the LAW Sidechain ledger API which confirms if that user is the current Wallet Holder or not. Only the current validated Wallet Holder is able to make this wallet ownership request. Once the request is validated and approved via the ledger’s consensus algorithm, the user becomes the Wallet Owner and now solely controls the private key and ability to unlock the wallet and move any tokens inside it. Once an owner of a wallet, that wallet can no longer be sent to anyone else as it is effectively a private personal wallet at this point. Wallet Owners are able to: