COVAL
COVAL is the utility token of the Emblem Vault ecosystem.
Last updated
COVAL is the utility token of the Emblem Vault ecosystem.
Last updated
COVAL, the cornerstone token of the Circuits of Value ecosystem, has navigated a transformative journey since its inception. Initially launched as the Ribbit Rewards token (RBR) in 2014, operating on a dedicated blockchain as its own cryptocurrency, it underwent a pivotal rebranding to COVAL in 2016. This transition marked the beginning of a new chapter, driven by Shannon Code's strategic oversight. Upon assuming control, Shannon identified critical vulnerabilities in the forked Bitcoin blockchain initially used by RBR, vulnerabilities that culminated in a 51% attack rolling back the blockchain by 10,000 blocks. This event catalyzed a strategic pivot, leading to the decision to migrate COVAL onto the Bitcoin network, facilitated by a redeployment on Counterparty—a Dapp running on Bitcoin—on August 7, 2016. This move reintroduced COVAL with a total supply of 1,200,000,000 tokens, mirroring RBR's original issuance, complemented by a 15% migration bonus for users transitioning from RBR to COVALC.
The migration phase witnessed a significant partnership with the U.S. cryptocurrency exchange Bittrex, which facilitated the delisting of RBR in favor of , contingent upon a seamless transition process. However, the landscape shifted on , when COVALC was delisted from Bittrex following the exchange's decision to remove all Counterparty tokens. This development prompted Shannon to pivot once again, this time migrating COVALC to the Ethereum blockchain to embrace the ERC-20 standard, a move that promised enhanced liquidity and integration within the broader Ethereum ecosystem.
The evolution of COVAL culminated in a milestone on , when it was listed on , a leading U.S. cryptocurrency exchange, thus becoming accessible to a wide array of Coinbase customers for trading. Additionally, COVAL's presence was expanded to decentralized finance (DeFi) platforms, with listings on Uniswap enabling decentralized trading on the Ethereum.
COVAL on ETH: 0x3D658390460295FB963f54dC0899cfb1c30776Df