$COVAL, an entire wallet inside a NFT. Combining different blockchain tokens into a single token. (Legit Project)
Circuits of Value and Emblem Vault 🔒
Emblem Vault is the first product of the Circuits of Value ($COVAL) ecosystem, it allows the wrapping of multiple digital assets (e.g. digital files, NFTs, crypto, games) inside a single NFT – enabling the creation of an entire blockchain-agnostic wallet inside one tradeable token.
Some use cases of this NFT primitive include:
Cross-chain Trading on Ethereum – This allows tokens from any blockchain to be traded for any other token using the Ethereum network.
- Atomic Swaps on Ethereum – Trade multiple tokens from any blockchain in one transaction (think of gas savings).
- NFT Trading – Trade any or multiple NFT’s for any other NFT or multiple NFT’s.
- Portable Liquidity Pools – Hold multiple liquidity pools inside a token (e.g. Balancer, Uniswap)
- Tradeable Portfolios – Trade entire portfolios in one transaction (i.e. ETF’s)
- Create Hedged Tokens – Combine tokens inside an Emblem Vault to create a composite token.
- Digital Entertainment – Video, games, and music inside an NFT (anti-piracy).
- Tokenization – Tokenise real-world assets for supply tracking or trading.
- Blind Transactions – Send tokens to a Vault and hide contents within with a password, the vault can be traded many times but transactions will be hidden on-chain unless you have a password.
- Store Encrypted Data – Stored Value (e.g. gift cards), software keys, coupon code.
What are the Tokenomics?
$COVAL is the utility token used for the purchase of products and services offered by the Circuits of Value ecosystem, it can be used for Emblem Vaults and future products. $FUEL is a utility token used within the Emblem Vault Platform for discounts.
The total supply of $COVAL is 1.77B and the circulating supply is around 1.48B.
Staking Plans
They have some interesting plans lined up for the $COVAL token, one of which I can describe here.
Imagine if you will an ERC20 token that allows you to deposit a token, and earn yield. When you spend your earned token, the equivalent of your deposited token will be burnt. You can later withdraw the remaining deposited token, keep your yield, but your balance of the earned token will be reduced by your withdrawal amount.
This system will allow staking, and yield without withdrawing your earnings, so gasless on mainnet. Shadowstaking is another term.
Why should I care about Emblem Vault?
The entire cryptocurrency space has taken the concept of “money” from a very small set of possible currencies all controlled by centralized governments, to an infinite set of possible ways to exchange value.
The crypto space opens up endless possibilities for party-to-party exchange, almost like we have gone back in some ways to the days of bartering, where you could trade bananas for chickens and the act of building a barn for a horse (I might have been watching Little House on the Prairie recently …)
But the problem with the barter space and the problem with the crypto space are the same:
how do 2 parties quickly and efficiently negotiate how many bananas are worth a chicken, or how many hours of barn work are worth a horse, or how many chickens PLUS hours of barn work are worth a horse?
And in the crypto space, how can I give someone a “composite” token, meaning that I use some of my BTC and some of my ETH and some of my Dai and some of my Tron in a single transaction?
Currently, you CAN’T. In the crypto space, there is NO elegant way to exchange coins and/or tokens across multiple blockchains in a single transaction. Instead, one has to transfer BTC and then transfer eth and then transfer dai and then transfer Tron (and do that to 4 different addresses, and let's not even talk about fees).
What the crypto space is lacking is a simple way to combine multiple coins and/tokens and exchange them as a single “store of value”.
Enter $COVAL (Circuits of Value). Emblem Vault is a product of the Coval sandbox, born of the Coval ideals that crypto should be universal; fully exchangeable across blockchains, coins, tokens, countries, everything.
Using Emblem Vault, anyone, anywhere, can combine currencies across different blockchains into a single “store of value” and then transact that “store of value” WITHOUT EVER MOVING THE INDIVIDUAL COINS/TOKENS until they are claimed and are ready to be spent at any moment.
The process looks like this:
Create a vault
Put shit into it. This can be any combination of BTC, ether, any ERC20 token, AND any ERC721 token.
- Send that whole combination of stuff as a single tx to anyone you want and however many times you want.
- When the time is right, the current owner “claims” a vault, receiving the private keys for all included coin/token types, thus being able to import them into ANY crypto wallet and spend them.
Try it for yourself. Go visit emblem.finance and create one.
Quick overview:Current price: $0.04
Market Cap: $49 Million
Supply across all deployed blockchains
Circulating supply: 1.48b
Total supply: 1.77b
Deployed on the following blockchains: (contract address)
ETH:
0x3d658390460295fb963f54dc0899cfb1c30776df BSC:
0xd15cee1deafbad6c0b3fd7489677cc102b141464 FTM:
0x8b8407c6184f1f0fd1082e83d6a3b8349caced12 xDai:
0x8b8407c6184f1f0fd1082e83d6a3b8349caced12 Polygon:
0x4597c8A59Ab28B36840B82B3A674994A279593D0 Emblem Vault is also deployed across ALL of the above blockchains, and it's compatible with Bitcoin and Counterparty!
Buy and Trade $COVAL – use above contract addresses on the correct network DEX!
– Uniswap (ETH DEX): link
– Pancakeswap (BSC DEX): link
– Sushiswap (FTM DEX): link
– Honeyswap (xDai DEX): link
– QuickSwap (DEX, Layer 2): link
– Stex: link
– Bilaxy: link
– Resfinex: link
– Hoo; link
submitted by /u/cankuskucu
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