So recently, covalent.ai has been having a lot of success reports and important news and most recently, one that has happened is the partnership that happened with Terra, A top Korean blockchain project. So who are the terra?
Terra, a top Korean blockchain project that can boast of having a large influence in Korea and Asia blockchain community as a whole with more than 15 of the largest e-commerce project in Korea and Asia. Some of these project include Woowa Brother, Qoo10, Carousell, Pomelo, and Tiki. These 15 blockchain projects boast of over 40 million customers and a $25 billion annual transaction volume. Cova here has landed a major player that will help them influence the e-commerce market in Asia, especially Korea. Back to Terra, they have a very strong cryptocurrency backing them and they plan to use their strong cryptocurrency to bypass the high fees they are forced to pay on the existing payment platforms like visa and co. So basically with terra, high transaction fees is not the issue.
The partnership between cova and terra was done to solve the data privacy issue in all the e-commerce platforms under the terra network or watch. Both the founders of cova and terra made a statement about the partnership which was all related in Cova bringing in security to the data of users on all the e-commerce platforms. Which is a good deal for both blockchain project with terra giving the needed security to all their e-commerce partners and cova having a full coverage and influence in Asia.
This new partnership is going to be an addition to the other big projects that have recently associated themselves with Cova which are, Huobi Capital, FBG Capital, Zhenfund, BlockVC, Kenetic, Alphabit, Node Capital and Metropolis VC.
Last week also, Cova held an AMA session in which the user with the top 5 questions will be rewarded 1000 cova tokens each. The five questions chosen were announced today and the top 3 questions are:
- Other than medical, which fields could Cova privacy-preserving protocol be applied to?
Cova Answer wast this. Cova wants their solution to be universal and applied to any kind of data, no matter the area in which the data was gotten from. They want to be able to protect any kind of data as long as it is data.
- How do you intend to displace existing internet protocols and what is your time frame for that to happen?
Cova reply is summarized as follows: They don’t plan on displacing any existing protocol but act as an addition to the existing protocol.
- Is COVA mineable? Does it operate on its own chain? Is this computation CPU based or GPU based? Do the system's capabilities play a role in rewards earned?
Cova reply was that for the cova mining, it can be done through the TEE network, and on the cova chain, they are on two chains at the moment, the eth network and the cova chain. For the computation, cova has said that it is just a CPU based computation. I initially thought it was gpu based, this was an eye-opener.
You can have a look at the other questions asked and full answers to those questions, follow this link to the team's medium channel https://medium.com/@covatoken/result-of-1st-covaama-6da64165d307
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