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 models. Transactions consist of both individual tokens and "wallets" (containers of tokens) which are represented by sidechain assets called Emblems. Emblem Vault is our dedicated product using the COVAL Platform that is under development. Visit emblemvault.com
emblem is defined as…
Something which represents a larger whole.
It is also synonymous with “token”.
Emblem Vaults 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.
The COVAL 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 and oracles to enable interoperability and integration capabilities, the primary activity is for transacting among nodes and users within the COVAL Network and adhering to the LAW Protocol (Ledger Assigned Wallet).
The COVAL Platform and LAW Protocol involves the following general components:
- Distributed Ledger Environment (DLE)
- Secure private and public COVAL API Endpoints
- P2P secret sharing and file storage/transport (DAT Protocol)
- HD Wallet Creation Service
- Multi-Factor Authentication/Authorization (MFA)
- User devices running apps such as Emblem (mobile, desktop, web)
The COVAL Platform uses a network of blockchain ledgers. We refer to these ledgers as Sidechains since the COVAL Platform base cryptocurrency is on the Bitcoin Blockchain (Counterparty Platform) but leverages purposeful ledgers that enable core platform functionality and service integrations.
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 as well as atomic swap methods that are becoming more common and standardized.
The Distributed Ledger Environment is tightly integrated with other Coval Services, some of which use zero knowledge Serverless Architectures.
To understand the purpose of each type of COVAL Sidechain, it helps to view them in their domain name format with descriptions (these may change and are examples of current project concepts):
Details on how the token economics will work have not been published yet. The info below is a general acknowledgment that there will be fee distribution model for nodes reliably running in the network.
LAW Node Runners
The COVAL Network model involves incentives for running nodes. The most critical and core node type is the LAW Sidechain. This is where the fee and incentive model is introduced. A percentage of fees are directed to all LAW Node Runners who participate in validating blockchain transactions.
DAT Node Runners
A secondary type of node in the COVAL Network is the DAT Node which is for p2p encrypted data transport (archives of files). DAT Node Runners are essentially super peers in the cloud to provide more speed and reliability of transferring data that is contained within an Emblem Vault.
The token economic model applies here as well and a percentage of fees get directed to DAT Node Runners.
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. See the LAW Protocol section.
The COVAL Platform and LAW Protocol enables value transfer by facilitating the assignment of vaults containing crypto wallets and other data to users. The vault’s contents are effectively sent to another user who would also inherit the capability to send the vault to yet another user and so on and so forth. MFA and blockchains are leveraged in this user-to-user system and no single entity or user has full control and access to the funds or files in these sendable vaults. The intended benefits of the COVAL Platform are:
- Transfer multiple types and amounts of assets and tokens in a single transaction
- Fast transactions
- Less public blockchain fees and transaction clog
- Privacy via encrypted p2p channels and transactions in a permissioned ledger network
- Uses trustless models where feasible and bank level security at minimum
- Can leverage fiat based value networks (i.e. digital gift cards)