Through a combination of AI and blockchain, CoVEX labs looks to bring the next generation of crypto exchange to the market. Their goal is simple – make crypto trading lucrative for seasoned and novice traders alike. For such a lofty goal, CoVEX will turn to a mix of traditional services offered by exchanges, and new features that will reward and incentivize their user base.
Even in recent down months, the crypto currency market has seen a staggering amount of growth relative to its standing merely one year ago. This growth has piqued the interest of many people looking to learn and try their hand at trading/investing. This unfortunately results in many new traders losing their investments due to inexperience. CoVEX see a solution to this in what they call Social Trading. One of the many features that their exchange will offer, is a reputation (based off of their trading history) being awarded to profitable traders. These successful traders are incentivized to share their trades with novices by rewarding them with the native ERC-223 CoVEX token. Not only are the proficient traders rewarded for their efforts, novices will have the luxury of learning to interpret markets and the lucrative benefit of doing so.
The CoVEX token being used is commonly referred to as an incentive token. For those that hold enough of the token, a reduction will be seen in trading fees. These users are essentially staking their tokens, and being rewarded for doing so. This passive reward has been shown to be effective in the past on other exchanges, and should serve CoVEX well.
Another standout feature that the team plans to add is an ICO underwriting service. These are services that companies launch and host their own ICO. The services often offer assistance with public relations, technology development, legal needs, and listing the token on an exchange. By offering a service such as this, CoVEX really will be a one-stop exchange for everyone’s needs.
According to their roadmap (which can be found in their whitepaper), CoVEX plans on an exchange launch in Q4 2018. Features such as margin trading, payment gateways, and prepaid card services will be added throughout the succeeding year.
To date, the team has successfully stuck to the timelines given on their roadmap, and had great success. If they can continue to do so in the coming months, look for CoVEX to become a commonly used exchange and mainstay within the industry.