Cryptocurrencies are growing rapidly. Probably faster than even before. The number of cryptocurrencies now in the market have reached outstanding numbers. Just under Initial Coin Offerings (ICOs), more than 1,000 new currencies and digital tokens have seen the light in the different exchange markets this year.
Many of these ones can be traded on daily basis. This main trait ICOs possesses allows investors to access them with relatively eagerly. They can therefore invests in new startups or ideas using centralized currencies and through exchange market, and in return, they get a token from that new company.
Although ICOs are flourishing as one of the most used funding forms,and it has proved its value, investors might get lost trying to navigate between these maze of new cryptocurrencies and its volatility.
Besides, there is a lack of harmony in the blockchain currencies-led system that might go against it in the near future, compromising possible investment schemes.
A platform to navigate in the crypto-maze: Convesting
It is at that point where new startups and companies are putting their effort. That is the Convesting case. A new startup developing a new platform that will help that investors and crypto currency traders can find each other.
They focus on that idea in their white paper.
“Investors can easily browse through dozens of trading strategies, provided by professional asset managers, and subscribe to the ones matching their goals. Thanks to technology-based solutions and smart-contracts, the Covesting platform allows its users to replicate trading activity of a chosen Model directly into their segregated account at Covesting.”
Basically, the plan at Covesting.io seems to be to take the popular technique of copy / social trading and “p2p Asset management” from the FX trading world to digital currencies.
And they have got a point. According to According to Covesting CEO Dmitrij Pruglo:
“Copy-trading is a widely used technology which is successfully implemented and time-tested on FX and CFD markets. With increasing transactions value and growing popularity of crypto currencies – it’s a perfect time to bring peer-to-peer asset management solution into the blockchain world.”
Convesting’s ICOs set for 24th of November
As leaprate.com has covered in an article, Covesting plans to have the prototype version of its platform released by the end of November / early December, with the first copy traders on board and API testing during December. A full beta version launch is targeted for February 2018.
As far as its own ICO goes, the company stated that the pre-ICO for Covesting is scheduled for the 20th of October (minimum contribution 0.1 ETH), and the ICO is planned on the 24th of November.
The Covesting token is an ERC20 token and smart contract system built on the Ethereum blockchain, and designed to be used by members within Covesting platform. A total of 20,000,000 Covesting tokens will be generated, including 1,500,000 to conduct Pre-ICO, and 15,000,000 to conduct ICO. Another 2,500,000 will be shared between the founders of the Covesting platform and locked in a smart contract for 3 months, while the rest will be generated for advisory, bounty and PR pools. Unsold COV that were created for sale during pre-ICO and ICO will be burned. Covesting tokens are not mined by users or any other companies.
The Crypto trading “headache”
They grow their idea upon the enormous development of cryptocurrency and blockchain technology. The combined market capitalization of all cryptocurrencies together is currently only around $160B USD, which leaves lots of room to expand. The overall cryptocurrency transaction volume has grown significantly in the past few years for the speculative purposes of gaining capital profit or by supporting projects that are built on decentralized platforms. During the first half of 2017, 4 transactions surpassed the $325B USD mark, despite “financial experts” once deeming blockchain and cryptocurrency a “niche market”.
This means a lot of investment opportunities for those who dare to enter in this world. As it has a sticky point behind it. Cryptocurrency trading takes place on multiple exchanges, all of which have different rules and regulations, and often require a lengthy verification process. Most potential Investors are lost at this stage. Another problem is volatility, which can negatively affect the overall trading result of any inexperienced private investor.
Problems that digital asset managers must deal with are equally challenging. Launching a personal fund requires technical knowledge, programming skills, legal paperwork as well as marketing costs and other expenses. Only several digital asset funds have gained the reputation necessary for backing, while private crypto traders and newly established funds tend to look for investors in online forums, social networks or amongst their friends.
The Convesting social network solution
Like any other social network, Covesting points to offer to its members a newsfeed, which enables them to receive updates from other traders. Each trader can post relevant information, explain an investment decision, or share any other kind of knowledge with the Covesting community. By following successful traders, our members can become more knowledgeable and make better investment decisions.
For that, the Covesting platform shows itself as a solution. It will allow everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. After an investor subscribes to the most suitable strategy – the system will automatically synchronize all trading activity from the chosen investing Model into their segregated account at Covesting, providing the convenience of asset management along with the safety of funds.
At last but certainly not least, Convesting will set a new beginning inside the cryptocurrencies world. Its platform will connect all ICOs and different cryptocurrencies and it will share it with investors. Furthermore, it will bring transparency, security, and efficiency to the digital currency investment industry, characteristics really needed in an always growing sector.
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