The COVAL team believes that more flexibility is needed for managing the ever increasing types of crypto tokens, digital assets and cryptocurrencies. Most wallet apps, even those that support a variety of cryptocurrencies and tokens, are limited in how users can organize and move these assets. We see a future where advanced features are going to be needed to keep pace with the adoption of blockchain and token creation technologies. This is not an easy challenge (just ask Shapeshift!). Providing the types of features that users will need and want and doing it with the same level of security or purities of the inherent "on-chain" cryptographic and algorithmic capabilities that have been experimented with for decades is not entirely feasible without adding frictions and trade-offs that turn off normal people. This is why there has been more work done on ancillary off-chain solutions to remedy the issue of UX design and performance. This of course has it's own trade-offs but context matters and we think that a large amount of use cases and transaction types are considered acceptable for being handled by off-chain systems.
The COVAL Platform is designed to bridge off-chain and on-chain layers by leveraging known trust models and design patterns that can still provide "bank level security" mixed with newer features of distributed ledgers, consensus algorithms and end-to-end p2p encrypted data transport channels. The objective is focusing on pragmatic strategies that take advantage of different technologies and bringing them together in a secure system that introduces efficiencies that users can experience the benefits of. This approach also yields more flexibility in general and allows us and other developers to build projects on the COVAL Platform that would have otherwise been obstructed by too many points of friction.
One of the most important new capabilities that we propose be introduced to the blockchain space is the concept of sending and receiving multiple types and amounts of crypto tokens as a package. Just as ZIP files have obvious benefits to users to send many types of files in a single container, so too can containers of crypto tokens. The COVAL Platform and our implementation in the form of an app called Emblem aims to provide this functionality front and center. We have even created a new blockchain protocol to help facilitate this. The LAW Protocol (Ledger Assigned Wallet) will be at the core of the COVAL Platform and the Emblem App. This protocol formalizes the concept of managing transportable "baskets" of digital assets using a distributed consensus ledger.
We already have multiple project concepts that would take advantage of the COVAL Platform as envisioned and we are sure that other project developers will also see the value in COVAL. It might not fit every case but as this industry moves forward, more and more use cases are emerging and it is not difficult to imagine how the COVAL Platform can be useful.
As COVAL also has it's own base cryptocurrency that is actively traded today, we are able to apply various economic models to the COVAL Platform with it. Network token models provide incentives for adding security robustness, avoiding platform abuse (anti-spam) and potential revenue for services that run on the platform and network. Our efforts in building the COVAL Platform will have an impact on the utility and usefulness of the ₡OVAL cryptocurrency. As a business, we also have conceptualized Currency as a Service models that would leverage the new capabilities of the COVAL Platform and Network of Sidechains to offer other projects and businesses solutions for adding their own currencies, tokens and digital assets into their existing systems and economies. Whether that be a video game, a utility app or service, a social network or even for a localized complementary currency for a community... COVAL can be a viable solution.