- 1 Overview of COVER Protocol
- 2 Blockchain
- 3 Network
- 4 Support
- 5 How Does Cover Protocol Handle Claims?
- 6 How are Fungible Cover Tokens used?
- 7 How do I buy COVER Protocol?
- 8 DEVELOPING STORY: $COVER exploit/hack?
- 9 How to use Cover Protocol?
- 10 Hello! What’s your background, and what are you working on?
- 11 What is Cover Protocol?
- 12 What coins are similar to COVER Protocol?
- 13 What hashing algorithm does COVER Protocol use?
- 14 What is Cover Protocol?
- 15 What is COVER Protocol?
- 16 What are your future thoughts for the DeFi market?
- 17 What is COVER Protocol?
- 18 AdMad at your Computer?
- 19 What is the value of COVER Protocol?
- 20 Why would value accrue to COVER?
- 21 What’s your position on the regulatory landscape today?
- 22 Want Daily COVER Price Updates?
- 23 What went into building the Cover Protocol?
- 24 How does Cover help Defi users?
- 25 How can I maximise my chances of being published?
- 26 What makes Cover different from other Insurance Projects?
- 27 What’s your business model?
- 28 Stock Buybacks: Why Would a Company Reinvest in Themselves?
- 29 How does the claim process work?
- 30 Where can I find more general advice?
- 31 What is a Credit Default Swap?
- 32 What led to the new COVER token and compensation plan?
- 33 Where can I get COVER Protocol wallet?
- 34 What are your goals for the future?
- 35 What’s Cover Protocol backstory?
- 36 History of COVER Protocol
Overview of COVER Protocol
We are currently focused on expanding our network of partnerships across crypto as well as building meaningful relationships with protocols that we believe are the future of decentralized finance.V1.1 and V2 of Cover Protocol will allow us to expand into even further horizons beyond just DeFi and hope to encapsulate the coverage space.
In a community-driven effort to mitigate the damage, Leo Cheng of CREAM has sent out a “call to action” on behalf of COVER and available developers from the yEarn Ecosystem have come together to lend help and support to the Cover Protocol team.
How Does Cover Protocol Handle Claims?
Allegations are a normal occurrence in insurance-focused products.The network provides a petition filing window of 72 hours after an incident.Although Cover is a decentralized platform, it handles contentions in four simple steps.
How are Fungible Cover Tokens used?
Fungible Cover tokens are minted on the platform, when users interacts with the smart contract.Cover determines the protocols to be covered, type of collateral needed, amount of collateral, and insurance length.
How do I buy COVER Protocol?
It is not possible to buy all cryptocurrencies with U.S.dollars.Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S.dollars using Coinbase or BlockFi.Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including COVER Protocol.
DEVELOPING STORY: $COVER exploit/hack?
On 28th December 2020 an attacker exploited a bug in the protocol’s smart contracts.The exploit appears to be an abuse of the minting exploit where the attacker managed to mint 40 quintillion COVER tokens and sold around USD$5 million worth of COVER tokens.Several hours later, one of the attackers returned the stolen funds (i.e.4,350 ETH) with the message “Next time, take care of your own shit.” and burned the remaining tokens.
How to use Cover Protocol?
The main Cover Protocol interface allows users to view the marketplace for coverages we support, mint coverage, buy and sell covers, as well as participate in shield mining.
Hello! What’s your background, and what are you working on?
Hi, I’m Alan, one of the co-founders of Cover Protocol.
What is Cover Protocol?
Cover Protocol is a blockchain-based peer-to-peer coverage market for decentralized finance.The platform allows DeFi users to hedge against risks due to smart contracts’ fallacies (especially useful when farming or staking).Thanks to fungible cover tokens and letting the market itself set coverage prices, the protocol shifts from the need of relying on a bonding curve to determine the cost of being insured.
What coins are similar to COVER Protocol?
The following coins use COVER Protocol’s ETH Token algorithm and proof-type: Chainlink, THETA, Binance USD, DREP, DREP [old], PancakeSwap, Aave, Maker, FTX Token, Huobi Token, Crypto.com Coin, Dai, Polygon, Chiliz and Holo.
What hashing algorithm does COVER Protocol use?
COVER Protocol is a coin that uses the ETH Token algorithm.
What is Cover Protocol?
Cover Protocol is a peer-to-peer coverage market that allows DeFi users to be protected against smart contract risk.It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users.By bridging the gap between decentralized finance and traditional finance, Cover Protocol will open the doors of DeFi to all investors.Cover Protocol provides peer-to-peer coverage with fungible tokens.It lets the market set coverage prices as opposed to a bonding curve.The process starts when market makers (MMs) deposit collateral to cover a product.MMs will receive two types of fungible cover tokens in exchange for their deposit.MMs can choose to sell the fungible token(s) to earn a premium, or provide liquidity in Balancer pools with the fungible token(s) and earn fees.Coverage seekers can then buy the coverage they need.The long term vision for Cover Protocol is to allow anyone to buy coverage on anything.
What is COVER Protocol?
COVER Protocol features shield-mining and SAFE2 token will be converted to COVER token.
What are your future thoughts for the DeFi market?
While cryptocurrency has been gaining large traction globally, I believe DeFi is still mostly untapped in its potential.Many of the protocols I currently see in DeFi are truly game changers, protocols that are capable of disrupting and erasing the inefficiencies that are rampant in traditional finance.The fact that some governments are afraid of DeFi’s advancements and are pushing regulations just signals that the protocols being built are a threat to currently existing financial instruments, which makes me a believer of DeFi ever so more.
What is COVER Protocol?
Cover Protocol provides peer to peer coverage with fungible tokens.It lets the market set coverage prices as opposed to a bonding curve.Cover Protocol allows DeFi users to be protected against smart contract risk.It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users.By bridging the gap between decentralized finance and traditional finance, Cover Protocol aims to open the doors of DeFi to all investors.The COVER Token and Migrations (SAFE2 to COVER) The exact token distribution can be found here.In our original plans, we had a tentative amount of 55,000 $COVER to be migrated.However, the amount of $COVER eligible in the snapshot for claiming (for those who missed the $SAFE =>$SAFE2 migration) was lower than expected by 150 tokens.For now, this difference of 150 $COVER will be minted to the treasury and we will hold a vote for $COVER holders to decide on what we do with these tokens.On release, $SAFE2 holders can migrate to $COVER while those who missed the $SAFE -> $SAFE2 migration will be eligible to claim a partial amount of their snapshotted balance.There will be a MIGRATE button on the left bottom of the side nav.This page refers to the updated version of COVER.Historical data prior to the update can be consulted here.
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What is the value of COVER Protocol?
One COVER Protocol (COVER) is currently worth $593.29 on major cryptocurrency exchanges.You can also exchange one COVER Protocol for 0.01087786 bitcoin(s) on major exchanges.The value (or market capitalization) of all available COVER Protocol in U.S.dollars is $36.42 million.
Why would value accrue to COVER?
The value proposition of most governance tokens is a promise of future cash flows.
What’s your position on the regulatory landscape today?
In today’s climate, it is becoming more and more evident that cryptocurrencies have begun to get more exposure and attention by governments across the world.
Want Daily COVER Price Updates?
What went into building the Cover Protocol?
Building the beta for Cover Protocol took roughly 2 months and an extra couple weeks to do beta testing and finally release on mainnet.During our development time, we witnessed more protocols getting exploited and outright scams, which really made us all realize how badly DeFi needed a way for users to easily buy coverage.Since Cover Protocol is a coverage provider, the safety and security of our own protocol is our number one priority.We got all of our smart contracts audited by PeckShield and later on, by Arcadia Group as well as keeping the underlying structure very simple and straightforward, which allows us to implement many sanity checks which prevents issues that more complicated contracts suffer from.
How does Cover help Defi users?
Coverage protocols are the solution.These are platforms incentivizing DeFi users and developers to provide decentralized insurance.An excellent example of such a platform is Cover Protocol.
How can I maximise my chances of being published?
BMJ Open will publish all submissions judged to be technically sound after peer review.Asking yourself these five questions will help maximise your chances of a successful submission.
What makes Cover different from other Insurance Projects?
Cover Protocol is not the only project users can refer to when looking at ways to protect their investments.The leader in this space is probably still Nexus Mutual.
What’s your business model?
Our business model consists of charging a redemption fee upon redeeming back covTokens.This way, the network is able to sustain itself and generate revenue, which COVER token holders can later vote on what to use these fees for (either buybacks, distributed to token holders, etc).
Stock Buybacks: Why Would a Company Reinvest in Themselves?
The rapidly improving economy and stocks at record highs may be fueling a flurry of stock buyback activity in 2021.
How does the claim process work?
Multiple claim options are available, depending on the circumstances of the user.COVER, YETI and YPIE holders, COVER-ETH liquidity providers and unmigrated SAFE and SAFE2 holders are all eligible to claim new COVER tokens.
Where can I find more general advice?
The pages above all contain useful information for anyone preparing a research article for BMJ Open.The following links provide more detailed information on how to perform and report research.The links are not exhaustive and if you know of any good resources we have not listed, please let us know.
What is a Credit Default Swap?
As you may be aware, the Credit Default Swap is the financial tool Michael Burry used to short the mortgage CDOs in 2007, made famous by the movie “The Big Short”.
What led to the new COVER token and compensation plan?
On December 28th at approximately 8:08am UTC, an exploit was carried out which took advantage of a token-minting function in the COVER protocol.The bug resulted in the attacker – now revealed to be developers of a project called Grap.Finance – minting themselves 40 quadrillion of the original COVER tokens.
Where can I get COVER Protocol wallet?
COVER Protocol produces its own wallet software that is available for download on its website, which allows you to store COVER Protocol on your computer.For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X.If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.
What are your goals for the future?
Our future goal is to be the backstop coverage provider for DeFi, crypto, and real world binary events.The coverage industry is ripe for distruption and we believe Cover Protocol will offer a better alternative that solves many underlying issues with the current industry through decentralization.We are currently focused on expanding our network of partnerships across crypto as well as building meaningful relationships with protocols that we believe are the future of decentralized finance.V1.1 and V2 of Cover Protocol will allow us to expand into even further horizons beyond just DeFi and hope to encapsulate the coverage space.
What’s Cover Protocol backstory?
In the summer of 2020, I was shocked by the lack of coverage options to stay protected against exploits/rug pulls.Almost every day, there were random forks of popular protocols being deployed, a lot of which turned out to be scams and ran away with millions of users’ deposits.At that point, I really wanted to create a competing coverage provider that would solve many of the underlying issues that current coverage providers had: KYC, non-transferable tokens, NFTs etc.