August 16th, 2017 – Version 2
Definition from the Latest Medium Update July 27, 2017
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 federated and p2p models. Transactions consist of both individual tokens and wallets (containers of tokens) represented by native sidechain ledger assets called Emblems.
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.
Community Enthusiasm – 2 out of 5
- The Slack is Regulary active with 430 members… high for a coin this obscure.
- The devs are hard to find and are often not available for days.
- The Bitcointalk thread is out of date and unused.
Active Development – 3 out of 5
- The devs are working in the background.
- The devs are providing updates using Medium as progress is made.
- The devs currently have no detailed Roadmap or Whitepaper published.
Exchanges – 1.5 out of 5
- Trading reestablished on Bittrex April 1, 2017.
- Price fluctuating between 100 sats and 150 sats.
- A spike to over 600 sats happened in June 2017
- The link above is an Online wallet currently for BTC, XCP & COVAL.
- IE worked for me, Opera did not. Try a different browser if issues.
- Website – https://coval.cc
- Slack Invite – http://synrgslack.herokuapp.com
- Blog – Best Place To Go For Info – https://medium.com/coval
- Bitcointalk – Out of Date – https://bitcointalk.org/index.php?topic=1594565.0
- Block Explorer – https://coval-explorer.mybluemix.net
- Roadmap – None
- Whitepapers – None
- GitHub – Private, you cannot see updates to it.
Video Review – Added June 23, 2017
August 16, 2017 Summary (v2)
If you have been around Crypto a while, you might remember RBR, or RibbitRewards, from the past. COVAL is the rebranded version of RBR. For a long time there was no news and the wallet on Bittrex, the only remaining exchange, was inactive. Late in 2016 there began to be rumors of a reemergence, and now in early 2017 we have seen some activity.
While very few actual details have been made public, one of the first steps is to make a multi-coin wallet and to have COVAL be able to transverse between chains. The following statement comes from their April 2017 Update.
“We will strive to achieve our goal of making ₡OVAL a useful currency that can be transformed in ways that allow it to permeate into apps, services, games, reward programs and many other incentive based and value transfer systems.”
It is still hard to figure out what Coval’s plans are ultimately. This may be because the devs are unwilling/unavailable to answer questions, or maybe they just have not come up with the answers yet. The July 2017 Update went into more detail, but did not clarify much.
With Coval being so incomplete and with the devs mostly unwilling to publicly give detailed information, I am surprised it is still over 100 sats… especially with a billion coins. Still, some people really are excited about this coin. I think we will be surprised at how unique it is when updates actually start being delivered, but I don’t expect to be informed of any dates before it happens.
Still, for some reason, when you hang out in their Slack and read their blogs, you get the feeling these guys know what they are doing… almost like they think their idea is so good they don’t want anyone else to know what it is until they are done to keep bigger teams from stealing it. That’s just my feeling.
At the moment investors are desperate to find any new low priced coin to make a quick buck, and the price of COVAL is certainly benefiting from that. At some point when there is a roadmap and whitepaper, it may be worth over 100 sats, but I think even the developers would tell you there is a lot to do before the basics are completed.
Can you make money from COVAL? Sure, if you become familiar with the pumps and trade short term you can take advantage of the volatility. It may even turn out to be a profitable long term hold. I would caution about it only being listed on Bittrex. With rules for tokens becoming more strict, if it gets delisted you could lose everything.