- Plenty of strong competitors in the intersection of AI and blockchain.
- There is no roadmap available.
- It seems that the product is now on a proof of concept stage. No private beta.
- There is little information available about the token role.
- No token metrics have been published yet.
- 6 out of 8 team core team members do not claim Covalent as a workplace on LinkedIn.
- The team is scattered around several timezones and located in San-Francisco, Boston, Chicago, Princeton, and Shanghai.
- There are no team members with blockchain experience.
- The co-founder does not have business experience.
AI has plenty to bring to the table regarding security. An emerging field of AI is concerned with building algorithms which are capable of working with (processing, or operating with) data while it is still encrypted. Like any part of a data processing which involves exposing unencrypted data represents a security risk, reducing these incidents could help to make things much safer. Recording the decision-making process on blockchains could be a step towards achieving the level of transparency and insight into robot minds that will be needed to gain public trust.
Blockchain and AI are two technological trends which, while ground-breaking in their rights, have the potential to become even more revolutionary when put together. Both serve to enhance the capabilities of the other, while also offering opportunities for better oversight and accountability.
Innovative companies are rushing to create real-world business applications that combine artificial intelligence (AI) and blockchain technology. For example, JD.Com, the largest retailer in China, recently launched a new accelerator, AI Catapult, to build new businesses and applications using AI and blockchain technology. Separately, Porsche is introducing various blockchain and AI solutions into its smart cars.
There are several projects launched on the intersection of AI and Blockchain. For instance, SingularityNet raised $32M in December 2017, OceanProtocol raised $22M in March 2018. Lightstreams and ioex will only conduct their ICO's soon.
Covalent aims to create a privacy-preserving data utilisation protocol. The protocol will allow private models to compute on private data. The design is based on a Trusted Execution Environment (TEE). In the future, the team aims to integrate Homomorphic Encryption (FHE) and Zero Knowledge Proof (ZKP). Covalent will create its own Virtual Machine where computation will be carried out off-chain by a single node, and all other nodes will only need to verify its proof of computation. There is no link to GitHub and it seems that the product development has not been started yet, only WP is available. The roadmap has not been published yet.
COVA tokens will serve as the main and only method of payments on the platform. Now, there is little information available about the token role.
The token metrics are not yet available and are to be announced.
Several funds have already invested in Covalent. The list includes Bluehill, FBG Capital, ZhenFund, NodeCapital.
Covalent will issue ERC-20 tokens.
Recently, Covalent conducted 3 rounds of AirDrop. There will be a 4th round soon. More than 1.5M COVA tokens were distributed among 35K community members.
For comparison, SingularityNet raised $32M in December 2017, OceanProtocol raised $22M in March 2018. Lightstreams and ioex will only conduct their ICO's soon.
There are 8 members in the core team of Covalent. All of them have a technical background and previously worked at top-tier tech companies including Google, Facebook, eBay, Microsoft, Citadel. All of the team members hold either advanced or undergraduate degrees from Harvard, Princeton, MIT, and Peking University. However, only 2 out of 8 team members claim Covalent as a work on their LinkedIn. One of the team members - Tarik Moon - claimed to win a bronze medal at IMO 2010.
The co-founder of Covalent - Raymond Gao - holds BS in Applied Mechanics from Peking University and MS in Mechanical Engineering from Princeton University. He does not have previous business experience, he only worked as a research assistant at both universities.