COVA is a Smart Contract protocol for data. It allows data, the most untapped resource in the world, to be used as capital while protecting it from improper usage.
Problems & Solutions
The internet is made up of a suite of protocols, such as transport layer protocols like TCP/IP, and application layer protocols such as FTP, HTTP, SSH. Together, these protocols make sure that your data is properly packetized, addressed, transmitted, routed, received, and interpreted — they make sure that your data gets to the right destination.
However, the current suite of internet protocols does not regulate what happens to data after it has reached its destination. Data on the internet is mindless, exposed, and abused. Data silos, data breaches, intellectual property infringements, unwanted advertisements, election manipulations, digital footprints, and spam are all negative effects from a lack of enforceable data usage policies.
The world needs a new internet protocol of smarter data that remembers, knows when to keep a secret, learns from its users, and more. COVA is this new internet protocol.
With COVA, the owner of a data package can attach a data usage policy that dictates how the data may be used, and makes sure programs operating on it obey the policy. The team calls this machine-enforceable data usage policy a “Smart Policy”.
Just as the “Smart Contracts” powered by Ethereum are machine-enforceable contracts that was otherwise only enforceable by law, COVA “Smart Policies” is a machine-enforceable data usage policy that was otherwise only enforceable by law.
Features & Highlights
Military-grade Privacy for All: All data and models on the Covalent network are confidential. The military-grade security and privacy provided by Trusted Execution Environment (TEE) are propagated throughout the entire computational network. Furthermore, Covalent’s scheduling system supports both High Throughput Computing (HTC) and Low-Latency Production (LLP). Users can train a Caffe RNN with the Apache Hadoop setup, or they can provide a pickled pre-trained L1 Regression for financial prediction as-a-service.
Pushing the Boundary of Scalability: The Covalent smart contract scales massively through off-chain computation. Covalent separates consensus from smart contract execution and performs massively parallel execution smart contracts. The computational power of the Covalent network is the sum of that of all its nodes.
A Trustless World Database: The TCP/IP protocol solved the data transfer problem and created the internet. The IPFS protocol solved the data storage problem and create and world data network. The Covalent protocol will solve the data utilization problem and create a trustless world database. In Covalent’s trustless world database, anyone can utilize other’s data without infringing on their privacy. Developers will choose to build their dApps on Covalent because of this incredible shared data layer.
Token Sale & Economics
Token Utility & Use Cases
COVA is the native protocol token of Covalent, serving as a unit of exchange for transactions between network participants. COVA is also the reward mechanism for miners that host hardware enclaves, produce blocks and verify transactions. Network users will make payments and deposits with COVA, which can serve as a stake against malicious behavior. COVA will initially be released as an ERC20 token until launch of the mainnet.
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