Future listings and de-listings will be based on the general principles below.
Product quality evaluation
Open-source code -
a detailed review by parties not related to the initial development team.
the presence of a well-functioning alpha or beta product.
a demonstrated chain of improvements in the code after each disclosure of vulnerability, conducting bug bounty campaign and security audits by independent companies.
Founders and Leadership
have a solid background in business management and a clear vision of strategy.
the evaluation of the engineering team’s ability to set and achieve deadlines.
the evaluation of proper budget allocation, fund management, keeping up with the key deadlines.
a clear itinerary showing all key development stages.
Practical Applications -
the future use of the product is clearly explained.
Type of Blockchain -
the product can be seen as a separate blockchain with a new architecture or it is built on the basis of an existing blockchain and leads to synergies and network effects.
Legislative Framework -
the asset cannot be classified as a security under any legal framework.
User Agreement -
the project does not violate any laws in terms of its application and fundamental nature.
Global Market Capitalization -
the market capitalization of the company compared to market capitalization of peers on the market.
total amount of tokens/coins in circulation.
Customer Demand -
the product is tailored to fully meet customer demands and expectations, support is provided to customers who submit requests.
Developers and Contributors -
a growing number of developers and contributors alongside the increase in the scale of the project
Community Activity -
the team actively communicates with customers in various channels, including email and social media, provides regular updates on developments, provides timely answers to questions of the community.
Transactions, Fees & Addresses -
an increase in the number of transactions and volume of fees over time, rising demand for tokens and a growing number of token holders.
Type of Token -
the token is protected from scammers, hacker attacks, theft of funds thanks to strict security measures taken by the company.
Participation Equality -
the team contributes to a fair distribution of tokens and limits the individual purchase cap to ensure a limited number of investors does not possess the majority of supply.
Team Ownership -
the team holds a minority stake. A lock-up period and an appropriate vesting schedule are introduced to boost the team’s interest in improving the network.
the team is well familiar with the product, token sale, fund management and can answer all the related questions upon request in various communications channels.
Total Supply -
only a fixed percentage of the total supply should be sold. When a client purchases a share, they should know what percentage this purchase represents.
Ethics or Code of Conduct -
ethical standards the company sticks to should be included in the white paper or the project website.
Token Listing Procedures
- A committee gathers to discuss listing under the Guidelines established by Covesting.
- After a decision is taken to launch the listing process, project team members are immediately informed about this decision.
- Engineering, Ops and Customer Service will calculate the budget.
- The developer team deals with engineering issues regarding the listing, and if it finds a major bug in the integration, the listing decision can be abolished.
- Information on funding and withdrawal is provided to the public after the integration is performed.
- The public is informed on the time and date of the start of trade after that.
Covesting reserves the right to remove any token from the Exchange for any reason, providing a 30-day notification.
Covesting shall review the following factors while taking a decision to delist a token or remove it from the market:
- Standards introduced by the regulator or compliance-related issues
- Serious abuse during the use of the tokens or a poor reception by the community
- Defects or faults occur in the blockchain or related technology
- The token loses support of token teams or others
- A limited trading volume on the exchange, a detection of a suspicious trading activity
- Experience with token applicant, team and their handling of information requests
- Cases of violation of terms and conditions of Covesting’s token listing agreement
- Complaints submitted by users or traders of Covesting’s token
Covesting will inform the community and investors about all coin removals in the blog, on Twitter and on its official site. Users bear the sole responsibility for regularly checking updates on the delisting of coins.
Covesting will provide a 30-day notification before the removal of the coin. All coins shall be removed from customer accounts within the 30-day period. Once Covesting closes the wallet, withdrawals will not be possible under no circumstances. In case of the occurrence of problems due to non-working blockchain or wallet, due to which we will be unable to conduct transactions, Covesting will have to close the wallet. Covesting shall take all preventive steps to avoid the above-mentioned problems.
When the de-listing procedure is confirmed, the public and Covesting team will be immediately notified hereof. Covesting will release a timeframe, including such stages as a halt in trading, funding and withdrawals.