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An Introduction

The world has seen extreme turmoil in recent times, fighting an endless battle with an invisible enemy known as COVID-19. The virus has been ruthless and unforgiving, infecting more than 190 million people worldwide and claiming more than 4 million lives to date.

While we go about our daily routines, it is easy to forget that a group had been making quiet sacrifices behind the scenes, selflessly placing themselves in harm’s way to ensure that everyone else remains safe. They are none other than the frontline workers - healthcare and first responders, essential workers, sanitation workers, and others in similar roles.

CoviCoin has been created in honour of these unsung heroes, as a unifying digital currency for healthcare that will answer some of the most deep rooted issues that have been plaguing the sector in recent times.

Vision and Roadmap

Through partnerships with governments, existing healthcare systems and major healthcare companies, the aim is for CoviCoin to be recognised globally as an alternative healthcare currency by 2024.

In the build up to this goal, the CoviCoin project will be progressing through various milestones/initiatives ranging from the listing of the currency on major exchanges to the establishment of CoviHub, a global portal that unbiasedly subsidises healthcare costs for individuals around the world.

Purpose of the Currency

Is CoviCoin purely a vanity project without any proper uses? Is it simply built for pumping, and maybe dumping? Why does the healthcare sector require such an alternative currency? Rightfully, these are questions that are possibly floating in the minds of prospective investors.

Being the principal currency of Project X, a unified global framework for healthcare systems, CoviCoin will play a central role in solving the many deep rooted issues that have been plaguing the sector in recent times. Here are 5 key examples of such issues:

  • Unfair allocation of drugs and medical supplies
  • Delay of care provision due to regulations and red tapes
  • Financial difficulties plaguing developing countries’ healthcare systems
  • Inefficient acquisition of raw materials for creation of medical supplies
  • Lack of insurance coverage for many, even in first world countries

What is Project X?

Project X is a revolutionary healthcare framework that is scheduled for global launch in mid 2022. It has been built with the goal of unifying healthcare delivery across countries - spanning the raw stages of fuelling the medical supply chain to eventual care delivery.

With its decoupled architecture and extensive API integration capabilities, Project X can easily achieve seamless integration with the backends of existing healthcare systems. To further illustrate, such an integration can enable all the features of Project X, but have no noticeable impact to end users if an organisation deems necessary.

Additionally, the sound framework of Project X allows it to be spun off by any organisation to produce healthcare applications/tools for varying purposes.

Behind Project X is a host of internationally recognised individuals and organisations. Given the confidential nature of the project at this point, we will not be able to furnish full details but will be doing so as we move along.

Reasons for Adoption

Apart from being the answer to the string of deep rooted healthcare issues in the coming years, CoviCoin adoption will bring the following immediate advantages to all parties as onboarding progresses:

  • Efficiency Through a Common Framework - With the many governments and public/private organisations running their operations and facilitating care on the Project X framework, unprecedented efficiency is achieved.
  • Speedy and Reliable Transactions - By leveraging blockchain technology, organisations and individuals alike achieve unmatched speed and reliability for any transactions.
  • Transactional Freedom - Regulations and red tapes can have a substantive impact on healthcare supply chains, be it domestically or internationally. Through the adoption of Project X framework and CoviCoin as a unified currency, the restriction-less transactions relating to supplies and care will be ensured, fulfilling the urgent nature of healthcare situations.
  • CoviAI for charity allocation (Q3 2022) - A proprietary CoviAI algorithm will fairly allocate charity funds and supplies based on the state of healthcare for nations, factoring in key measures such as their Gross Domestic Product (GDP) and Human Development Index (HDI).
  • CoviHub Portal for All Healthcare Needs (Q3 2022) - An all-encompassing frontend portal is planned for launch in late 2022, and will natively integrate with the Project X framework. CoviHub will allow governments and their citizens to administer and access healthcare subsidies and make purchases/orders for everything ranging from medicine to health insurance.

Vast Adoption Potential

Being a healthcare currency, the adoption potential for CoviCoin is extremely wide. Adopters can range from private individuals to multinational corporations, hospitals and government institutions. Here are some details on the approximate sizes of the various categories, and how CoviCoin can be applied to each of them:

  • Individuals (7.9 billion) - For personal needs such as accessing healthcare subsidies or insurance through CoviHub, or even direct payment of medical expenses.
  • Governments (195) - For integration with existing healthcare systems and other transactions such as state-funded purchases of vaccines.
  • Hospitals (180k) - For pretty much any transaction, from procuring medical supplies to accepting payments by patients and insurance companies.
  • Medical MNCs (300) - As a form of payment for their goods (eg. medicine or equipment) and services (eg. professional consultation).

As the CoviCoin project establishes itself, we aim to have the first major allocation of CoviCoins to a sovereign government (through a mass buyout) sometime in 2023. With this being the all important trend setter, we expect others to follow in rapid succession in the build up to CoviCoin reaching its goal of becoming a globally recognised alternative currency for healthcare by 2024.

Investor Centric Tokenomics

CoviCoin (CVC) is a deflationary Altcoin built on the Binance Smart Chain with symbol CVC and an initial supply of ten billion. The contract address of CoviCoin is 0xc6f0a9b75fa529dcc0f90459e30684e7ed9a9ea6.

A soft launch using 9% of total supply was carried out on 19 September. Other than the supply allocated for the dev wallet and airdrop events, the rest of supply outside of the soft launch are either locked or burned as shown below. Since the launch, CoviCoin had been on a foundational phase to bring about price stability and encourage long term investment in the project. Find out more about the foundational phase here.

Token Supply

Below is a breakdown of token supply:

Category Number Percentage
Total Supply 10,000,000,000 100%
Allocated to Soft Launch 1,000,000,000 10%
Future Dev Purposes 200,000,000 2%
Locked for Primary Launch 7,740,000,000 77.4%
Burned 1,060,000,000 10.6%

For avoidance of doubt, there exists no mint function of any sort within the CoviCoin contract. Circulating supply will only decrease from launch through manual burns and the buy back function.

Transaction Fee

Every transaction of CoviCoin will incur a 10% transaction fee for the good of the currency. This fee will go a long way in ensuring price stability, sustainable growth and passive rewards for investors that faithfully hold on to CoviCoins.

Here are the default 5 functions that occur with the fee during every transaction:

  • 4% reflection in BUSD
  • 2% auto liquidity pool
  • 2% buyback
  • 1% for growth
  • 1% for charity

During this early stage of CoviCoin's journey, there could be slight variations to the fee allocation designed to stabilize the currency.

From an investment perspective, CoviCoin is especially attractive due to the passive payouts of dividends in BUSD. At the same time, big price fluctuations are avoided through the buyback feature (in which CoviCoins are automatically bought and burned after each sell) and constant replishment of the liquidity pool. To top it all off, a dedicated allocation for growth-related expenses will ensure a constant stream of new investors for the currency.

Security

When creating the smart contract, recommendations from past CertiK and Techrate audits on other contracts were taken into account. CoviCoin has been audited by Techrate and has met or exceeded all necessary security requirements. You can view the report here.

Rewarding Frontline Workers

As the CoviCoin project had been created in honour of frontline workers, rewarding them for their selfless efforts is an important item on the agenda. This will be carried out as the project’s starting initiative known as An Initial Push.

This will involve gifting each frontline worker 50,000 CoviCoins from our charity pool, until the cumulative amount gifted hits 5% of circulating supply. We estimate that 6,000 to 8,000 frontline workers will be gifted before hitting this threshold.

On the investors’ end, we will be banding together to buy, hold, and share the word about CoviCoin in order to supercharge the price to US$0.01, enabling each gift be upwards of US$500.

Each frontline worker that signs up for this gift will undergo a stringent background check to verify employment claims and confirm eligibility prior to receiving CoviCoins.

Who Are Behind CoviCoin?

CoviCoin is founded by a diverse team with over 100 years of combined professional experience, and hailing from 6 different countries.

For details on their profiles, please visit The Team.

Conclusion

With definitive uses, an experienced leadership team and fast growing community, CoviCoin is seen by many as an exciting project with boundless possibilities. Especially with the ultra wide adoption potential and upcoming allocations to governments and major organisations (through buyouts), it will be interesting to see how it makes its way into people’s lives, impacting them for the better.

For investors, this is an ideal project that offers good stability, substantial returns in time, and ultimately the opportunity to invest for a good cause. With your assistance in this journey, we are confident with having CoviCoin achieve its goal as a unified, unbiased and globally recognised alternative healthcare currency in the years ahead.