Coinvest
Investing in cryptocurrencies is getting a more popular and relevant way of keeping personal funds safe and profitable. Every day the cost of popular cryptocoins like Ether and Bitcoin grows exponentially, more and more people want to buy cryptocurrency due to its high demand. The problem is that an average user cannot easily figure out the nuances of investing in digital currencies without having the technical knowledge about blockchain tech.
Consequently, many new investors are simply afraid of new and obscure technologies of the cryptoworld, worrying about the safety of the invested funds and not fully understanding how security is ensured in a system that is not controlled by centralized systems and managers. Therefore, for the development of cryptomarkets, building a simple decentralized platform for new cryptoinvestors is vital. Such service can provide a reliable, safe and convenient platform that can be used by every user, without any exception.
Project’s goals.
Coinvest is a decentralized platform based on Ethereum blockchain and smart-contracts. The platform is designed to help regular users to invest and trade their money on global cryptomarkets. Also, this service will provide a set of tools aimed at giving professional tips and recommendations to new and experienced investors.
The main goal is to make a user-friendly service for investing in cryptocurrencies. It should be as simple and accessible as possible – both for experienced market players and newcomers who do not know anything about cryptocoins. The creators of Coinvest will provide a single platform, a single wallet (user account) and a single currency that will be used for conversion of all received investments in an automatic way. At the same time, no third parties will participate in the investment process of Coinvest. Such approach reduces the cost of the service and ensures a higher security of transactions.
The best thing is that decentralized Coinvest service is developed by the same-title commercial company that is quite successful. Coinvest platform is designed to become an independent cryptocurrency market for traders and investors – accessible absolutely for everyone. At the same time, if public crowdsale of tokens turns out eventually to be successful, they will also add an option of investments in index funds and many other digital assets.
How does it work?
The platform works in the simplest way possible. To invest money via Coinvest service, a user needs to perform a number of simple actions:
– create a virtual portfolio of a Coinvest investor with a set of preferred cryptocurrencies;
– trade and withdraw ROI money directly from this account using the safe and reliable smart-contract technology;
– spend the funds converted into tokens (COIN) by applying the debit card account.
The working algorithm is very simple. A user must initiate the process of purchase of a selected asset (for example, Bitcoin) by means of Coinvest App. At the same time, the user’s wallet needs to have enough funds for the application to start a new transaction. The amount and price are fixed in USD. Once approved by the application, the service must send the user’s tokens from his wallet to purchase the selected asset. Smart contracts receive user tokens, the transaction record is kept in a ledger of smart contracts, and the user’s wallet is automatically updated.
Benefits for the users.
First and foremost, anyone can become a user of Coinvest service. Secondly, being a user of Coinvest is quite profitable due to two factors – getting bonuses and reduced commissions for the active use.
How to get bonuses to your Coinvest wallet:
– each user’s transaction on the platform brings him a small bonus depending on the sum of the transaction;
– you can become a SuperTrader and profit from the transactions in your virtual investment portfolio;
– you can launch a personal investment fund and receive up to 50% of the commission income from user transactions that have decided to become investors of your fund.
The platform’s token is supported by the total volume of transactions, adaptation of the service and withdrawals.
Working product.
All transactions on Coinvest platform are performed thanks to the individual smart contracts and COIN tokens. Smart contracts have already been partially developed by Coinvest team. The website has a video explaining the work of Coinvest APP and Coinvest Wallet – main applications of the platform.
Coinvest works by means of a few smart contracts:
– Standard Ethereum contract based on ERC20 protocol (for COIN tokens) to execute transactions on the platform;
– Investment contract for investing in digital assets, using and deleting wallets. This contract includes the history of all transactions;
– There is also a separate contract for storing all platform funds in a kind of a “reserve bank” the access to which is only available for the team’s members;
– There is an Oracle contract based on the Oraclize protocol. It is used to extract the data on market prices within the platform. This contract downloads data from Cryptocompare every minute to update the prices in real time so that users can invest in the most profitable way.
After completing the registration on Coinvest website, each user receives a single wallet, an investment’s portfolio, a broker’s account and a debit account. With the help of the platform’s application, Coinvest users can invest in options, futures and margin.
Safety.
The platform is aimed at providing the absolute security, supporting and implementing the following technologies: SSL, ENS Domain, 2FA, keeping the reserve fund’s money on “cold” hardware wallets, keeping the ledger of user accounts to prevent the appearance of counterfeit websites, CaptCHA support, a regular automatic change of corporate passwords, regular email correspondence with users during public crowdsale.
How do they play to earn?
Founded in 2017, Coinvest operates as a licensed and legal commercial company in the United States. The company supports and develops the community of its users, along with applications and services. Their goal is to create an independent cryptomarket for selling and investing in e-trading of digital assets, estimated at $400 million (the annual income). While the company keeps growing, the team plans to earn money on commission fees.
The commission fee, according to the project’s whitepaper, is fixed at $ 4.99 per transaction. For instance, the popular cryptoexchange services always take a percentage from 0.25 to 5% per transaction based on its sum, which can result in rather large commission fees.
Another interesting fact is 25% of all received investments and fees Coinvest will send to the reserve fund to build the liquidity pool. 50% of the total profit volume Coinvest plans to invest in purchase and storage of its own tokens in the reserve fund. The remaining 25% will be reinvested in the development of the platform.
Competitors.
The project’s website has the Comparison table comparing platform’s functions with popular cryptoexchanges and investment funds that users apply for deposits in cryptocoins. Te comparison indicators – fiat, intermediaries, verification of KYC, storage of cryptocoins, limits of applications, various types of trading, the variety of available assets for trading.
Coinvest also names Coinbase, Poloniex and Binance as its closest competitors. Ethos project (formerly known as Bitquence) is named as the only decentralized competitor of the platform. But this service works as an intermediary for the implementation of digital asset trading. The downside of Ethos is that you need to completely trust the project’s team with managing your investment portfolio, despite the decentralized approach, you have to wait for the execution of transactions due to the Ethos exchange’s issues.
Unlike Ethos, Coinvest is a completely decentralized service, with instant execution of transactions, a more experienced team and well-known blockchain advisors. It can also be ranked among the competitors of Kyber, but they are oriented to experienced traders who are familiar with all the technical nuances of cryptotrading. They do not have debit accounts, unlike Coinvest.
Coinvest emphasized its main advantages – complete decentralization, the storage of user funds on Escrow accounts, the absence of intermediaries, the lack of access to user’s money, in addition to the reserve fund and liquidity pool, transactions via a few smart contracts, etc. Users immediately get an access to their funds stored on the wallet, without a necessity to wait for confirmation. Speed, convenience, low commission fees, high functionality, diversification – these are the major pros of Coinvest platform.
Token:
COIN is the official token used for the transactions on the platform, with a fixed emission. It is based on ERC20. The total fixed volume of COIN tokens is 107 million ($33 million).
The total volume of COIN will be distributed in such way: 5% for the reserve fund and bonuses during the private sale for the whitelist’s participants; 4% for the reserve during the public crowdsale; 25% – for the team’s reserve fund of COIN (storage in smart contracts); 10% – for the ecosystem’s development with partnership; 15% – for an optional pool (only for the team’s members and advisors).
Token holders can:
– create investment transactions and portfolios on Coinvest platform;
– receive funds from their portfolios, including ROI income and commissions;
– buy goods and services from the trading partners of the service;
– buy and sell digital assets on supported cryptoexchanges.
COIN are not property tokens. They don’t provide the rights for the company’s profit; they only prove the Coinvest protocol and give the right to vote in the case of changes in the platform’s protocol.
You can buy tokens during the public crowdsale held on February 2018, and then during the following few months on the cryptoexchange services partnered with Coinvest.
Pre-ICO(Private Whitelist). Instead of the presale, initially planned for 14.01.2018 with a 5-day period, the company decided to limit the demand by creating the whitelist and the following private sale. The early investors of the whitelist received the bonus up to 25%. The investment funds were accepted in ETH, BCH, LTC and BTC. The price of the token will change during the different sale stages. For the private whitelist investors: 1250 COIN = 700 USD. Hard cap for this stage was $ 3 million (it has been already raised).
ICO. The public crowdsale was postponed several times. According to the information from various sources, ICO will eventually launch on February 8, 2018, some other sources name the further date – February 16, 2018. All participants will get the bonus of 10%. Crowdsale will use only 59% of the total volume of tokens – 52.5 million COIN. The investments are accepted only in ETH. The minimum personal investment is 0,01 ETH. The hard cap is $ 30 million. The price of COIN during ICO: 1100 COIN = 700 USD. After ICO the price of COIN on third-party cryptoexchanges will be: 1000 COIN = 700 USD.
If ICO succeeds, the raised funds will be distributed in such way: 50% for the secondary reserve fund of COINs; 30% – for development; 10% – for the marketing campaign; 10% – for legal, administrative services and transactions.
Bounty campaign.
There is the total bounty pool with 300K COIN. The bonuses of bounty campaign will be distributed in such way:
– active participants of social networks – 40%;
– for signatures on the forums – 20%;
– for translations – 15%;
– for the creation of unique content – 10%;
– for finding bugs – 15%.
Facts:
Now the website has a video and a link to download the alpha version of the demo product.
The code of open source smart contract is located on GitHub. There are 4 followers and 8 stars. The demo version can be tested via Testnet. But you need to know how to use the technical interfaces AB/JSON. Fully the open source code of applications and smart contracts will be posted on GitHub in the first half of 2018. The company will issue financial and technological reports about the platform’s activities every quarter.
Whitepaper. The technical document contains 41 pages . it is only available in English for now, the technologies and advantages of the future platform are described in detail. There is no much information about the legal side, although risks for investors are explained. There is no a detailed financial plan, the roadmap is described in detail, although, in general, the goals of the team are disclosed.
Website. Unlike whitepaper, the website is available in 4 languages - English, Russian, Chinese and Korean. Bounty campaign intends to translate the site and documents in more languages. The website design is very simple, there are a lot of links and infographics, there are working videos and links to the alpha version of the product. All links work properly, the team actively chats and shares information with the community. There are the detailed documents – FAQ and Howie test results. All documents are currently (16.01) available in English.
The legal address is not specified, but the whitepaper says the core team is based in Dallas (Texas), USA.
Social media hype. Twitter – 2135, Facebook – 1323, Telegram – 4040, Medium – 451, YouTube – 171, Reddit – 99.The team needs to talk more about the project in social media, but the upcoming crowdsale can fix this situation.
Roadmap:
Since Coinvest is already a legally existing commercial company, the team managed to develop most of the platform’s applications and service with their own budget. Also during 2017 many legal issues have been resolved, competent advisors and employees who are able to work with the blockchain technologies were hired. After the completion of ICO in spring of 2018, the team plans to release a private beta version of the product, but it is unclear who will be able to test it. In the second half of 2018, they will launch a full version of the platform for everyone, launch a mobile version, create debit accounts and launch Coinvest Wallet API.
Team:
According to the site, the team has 14 people and 2 advisors. But the staff will definitely expand, the site has a separate section with the list of job vacancies. There are no links to LinkedIn or Facebook profiles of team members. But the team is very experienced – almost all employees come from the largest American IT companies (Microsoft, Verizon, MoneyGram, AT & T, etc.).
1) Damon Nam (Founder and CEO) – can boast 16 years of experience in the IT department of Microsoft. Now he is the founder of Coinvest, develops the platform and he is responsible for finding new partners.
2) Byron Levels (CTO) – 23 years of experience as an IT administrator. He worked with more than 500 companies, including Microsoft, AT & T, American Airlines. At the moment he is an engineer and an application designer of Coinvest.
3) Taylor Rieckens (Business Development Director) – previously worked in Microsoft (more than 10 years), signed major business deals and financed big IT projects. She does the same thing in Coinvest.
Advisors:
1) Tony Scott – previously worked for the US government, and also worked as CIO in such companies as VMware, Microsoft, The Walt Disney Company. He organized Tony Scott Group, which offers IT consulting and administration.
2) Pete Cashmore – is a technical/financial author and CEO of the popular Internet website Mashable. He was included in the list of Forbes as one of the most influential people up to 30 years.
Pros:
– simplicity and convenience of the platform designed to become user-friendly for all categories of members;
– no long-term authorization because of KYC;
– fully decentralized platform for cryptotrading, the payments from users are not accepted directly;
– secure storage of users’ funds through a variety of protocols and smart contracts based on Ethereum blockchain;
– single wallet;
– fully digital investment portfolio;
– low commission fees;
– ability to choose flexible options for traders and investors;
– ability to invest in index funds without actively buying digital assets;
– full control over your own investment fund;
– ability to close the trade and withdraw its funds as quickly and easily as possible;
– loyal and fast-growing community;
– ability to use a debit account;
– transparent legal structure;
– very experienced team and authoritative advisors;
– risks for investors are mentioned in the whitepaper;
– no need for presale, since even during the stage of private sale for the whitelist they managed to raise the hard cap of $3 million.
Possible risks:
– website is available in several languages, but all documents are in English only;
– financial plan of the project is not specified;
– it is unclear why unused tokens will not be burned after the ICO’s sale, instead they will be stored in the reserve fund- if one day the reserved tokens will be eventually released on the market, then the demand for COIN and its price may collapse dramatically;
– using only COIN to perform operations is a good idea, but you need to look at the practice of how quickly the exchange will be exchanged for other currencies within the service;
– big difference between the hard and soft cap goals. This means the team is not sure how much money they will raise and how the tokens must be distributed;
– more than 50% of the funds raised during the ICO will go to two reserve funds for already issued and unused during ICO tokens;
– team is experienced, but previously the members did not create successful blockchain platforms for trading cryptocurrencies and digital assets;
– founders claim that they are supported by major partners, but there is no information on this in the public domain;
– there is a risk that the platform will not be sufficiently reliable or popular among ordinary users, there are possible legal problems and, it seems, the team understands this.
Potential growth:
Coinvest is a project with the great potential, because in the nearest future the team can create a simple and convenient for all services where it will be possible not only to trade platform’s tokens, but also to make deposits in various digital assets and cryptocurrencies. You can even create your own investment funds and manage different assets from a single wallet and portfolio, linked to a debit account.
Potentially, even a senior person, who does not understand the technical nuances of cryptotrading, will be able to trade via Coinvest service. Whether he will earn or lose his investment – this is another question. But the idea of a simple, fast and convenient decentralized service for trading and investing in cryptocoins and other digital assets sounds very good.
The team is very ambitious, plans to raise the price of 1 COIN to 1 dollar. The managed to create the platform with low commission fees. There will be a lot of tools and recommendations for new investors.
Conclusion:
The service explores a great idea. Nowadays a lot of people are interested in an affordable and inexpensive service for trading cryptocurrencies without the deep knowledge of blockchain technology. For now this is one of the biggest blockchain projects of 2018 – a lot of cryptoinvestors are interested in its ICO. There is an alpha version of the working products – the application and smart contracts. The team is very experienced technically and advisors are well-known blockchain experts. It is strange that unsold tokens will be reserved in some special fund. Also, there is no a detailed financial plan and the team does not disclose the names of major partners. But the project’s potential is huge, the demand for COIN tokens is huge. The attitude to the project is rather positive.
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