15 insights on Cove Identity
Sep 04, 2017 Posted / 2120 Views
It’s difficult to accurately identify the traditional market segments that Cove is aiming for. Is it file storage? Is it KYC? Is it a social network? Is it data protection? An interesting report that predicts the ‘personal identity management’ market alone to be worth $34bn by 2024. This is one segment that Cove fits into so it shows just how big the opportunity here is. But perhaps even more important is the predicted growth rate that suggests users are becoming more aware of their need to protect their data. It is this shift in awareness that will help drive the adoption of Cove.
It is your safe space online. It offers you end-to-end control of your most important documents and your digital identity. It helpos to effortlessly digitize and securely store digitally-verified copies of your most important documents, and safely share them with whomever you choose. If you’re using Cove, your data is as safe and as private as it can be.
Cove has a fully functioning MVP that is live in both the iOS store and the Android store. The use-case for Cove exists today.Since, they don’t have to wait for users to understand the position, or to catch up to it, or to develop a large enough network of supporting companies to show value for the user, the value exists today.
a. The auto scanner and cropper makes it easy to scan and straighten documents with your phone’s camera. There are even some filters to make the document more readable.
b. A full suite of file storage features and folder management to help you keep your files organised.
c. Files are automatically stored within their unbeatable encryption. The only way to access it is through a 6-digit pin.
d. Encrypted backups are sent to Google Drive or iCloud. Cove understand these are not the ideal cloud storage locations for a lot of the users and will be changing this in due course. It’s important to note that there is no way Google or Apple or anyone else could see what’s in that backup as it would be fully encrypted.
e. Share your documents either securely via Cove or using any other app, which isn’t secured / encrypted.
In upcoming versions they will continue to add powerful features and improve on the UI to make Cove competitive with the UI of the incumbent storage apps but push to differentiate with the USP of being genuinely encrypted, private and secure.
Identity is a very personal concept and it means different things to different people. At Cove they don’t want to limit their users’ definition of their identity, they want to give them the flexibility to determine for themselves what that is and give them the tools to protect their unique identities and share it securely with whomever they choose.
A central requirement for the Cove Network to function and to be widely adopted is for users to be fully confident that their important information is as secure as it canbe when stored within Cove.
The app currently uses the AES256 implementation to encrypt every piece of data with a purely random generated key. The key is completely controlled by the user, using client-end asymmetric encryption.
The secure storage is completely decentralized and distributed and does not link backward to the related user, i.e even if an attacker is successful in accessing the data stored in the data center, the attacker won’t be able to relate/link the data to its owner and read any of it
Each document’s integrity is maintained with their cryptographic hashes being recorded with digital signatures on blockchain transactions. Any verification done by a user certifies the integrity of the document to be as-is using state-of-art digital signatures recorded over ipfs repositories and linked over the blockchain transactions.
Each document on the Cove network gets all the verifications aggregated, thus any user (having a valid access) anytime can see who all has verified the document, blockchain ensures transparency here.
Being decentralized and multi-replicated, the Cove system is highly resilient to DDoS attacks and Cove’s strong authentication would completely reject any intruder requests. Cove is a zero-knowledge storage service, only the user can see their encrypted personal information, not hackers, not governments, not the
team at Cove. Cove will have multi-layered / multi-factor authentication using a quick access pin / Biometrics and other factor auth methods such as SMS
Access Codes / 3rd party authenticators.
To have mass market appeal, Cove needs to be as simple to use as possible. Users can simply point their camera at a document they want to digitise and their powerful digitising engine will take care of the rest. The engine will automatically crop, straighten and neaten up the document removing creases and marks, making it easier to read on smaller screens.
33% of the funds will be used for marketing, 39% of the funds will be used for Product development (Including infrastructure), 3% of the funds will be used for Legal & Compliance, 25% of the funds will be used for General & Admin, Busines Operations, Community.
The pre-sale starts on 21st September, for maximum of 1 week, where the goal is to sell a maximum of 100 million SHELs and a minimum of 5 million SHELs contribution through their presale. In the pre sale 100 million Shells will be available for purchase, amounting to 10% of the total supply. The pre sale will be conducted in four phases of 25 million Shells each.
The pre-sale will be held on the Cove Token Sale website:
'https://coveidentity.com/tokensale' using an Ethereum based smart contract.
The crowd sale will start a few days after the completion of the presale. The terms of the crowd sale will be announced after the pre-sale and discounts/bonus will not be superior to the sale terms of the presale. A total of 410 million Shells will be available for purchase. Shells will be made available on all major exchanges within a few weeks of the crowd sale ending. The first phase of the crowd sale will be the power phase, during this period Shells will be offered at a 40% discount. Phase 2, 3 and 4 will have 30%, 20% and 10% discount respectively. Additional Bonus tokens will be awarded if purchases are made over 3 ETH or equivalent in BTC according to the bonus table that will be announced a few days before the date of Pre Sale.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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