Circuits of Value (COVAL) Review
Dec 02, 20223 min read
The NFT fever does not subside, and every day there are more and more new options for using non-fungible tokens. The innovative Circuits of Value project is on the agenda — a hidden gem that provides many use cases and has enormous potential.
What Is Circuits of Value?
Circuits of Value is an Ethereum-based project within which a unique cross-chain compatible Emblem platform is being developed. Using the Emblem Vault, users can trade, buy, and maintain their NFTs and crypto assets across various blockchains. The essence of the underlying technology of Emblem Vault is that users can package several assets from various blockchains (Bitcoin, Namecoin, Dogecoin, Ethereum-compatible blockchains, and many others) into a single Ethereum-based vault (NFT) and trade these assets as a single token.
The user who buys this vault gets a kind of NFT container containing one or more tokens or NFTs. Thanks to this multi-chain approach, holders can increase assets’ liquidity, and networks can reduce scalability problems since several assets are grouped into one transaction. Emblem Vault currently supports Bitcoin, Ethereum, ERC-20 tokens, BSC, xDAI, Polygon, and other chains.
How Does Circuits of Value Work?
Circuits of Value is developing a novel Emblem Vault, a wallet that allows you to batch multiple assets into one. To pay for the creation of your vault, you need COVAL tokens. The vault creation price is fixed, and the user must pay the selected network’s gas fee. After the creation of the vault, users can put it up for sale. There are several variations here. Users can add their crypto addresses and get paid for the vault directly to the wallet or sell it on the open Ethereum marketplace.
The user can create both public and private vaults. In the case of the public vault, users’ addresses and content are unprotected and visible to all participants. On the other hand, the private vault allows you to impose a password that is then used to encrypt or decrypt. Thus, thanks to the privacy feature, any assets can be turned into private NFT vaults. All created mnemonic and encrypted phrases are stored using Google Cloud. This is what users criticize the project for.
Nevertheless, the project team states that it intends to implement several upgrades in the future. Firstly, the Emblem Vault data integrates IPFS and the Unstoppable Domain. But the most important thing is the introduction of the Chainlink oracle. The fact is that today the vault’s content is calculated by direct API calls to blockchain explorers, which negatively affects the operation of the platform. The introduction of Chainlink calls and the transfer of functions on-chain will increase the service’s decentralization and security and eliminate the influence of centralized hosting platforms such as Google Cloud.
Emblem Vault Use Cases
Thus, summing up, thanks to the Emblem Vault, users can create:
- Digital art is backed by value. For example, users can add one or more NFTs to their vaults along with BTC, ETH, or another asset.
- A tradable portfolio. Users can easily create custom tradable portfolios by grouping several assets into a single token (vault). For example, 30% BTC, 30% ETH, 20% ADA, 10% BNB, and 10% MATIC.
- Liquidity pools. You can easily create portable liquidity pools by grouping multiple assets into a single token.
- Funds. Users can create both public and private funds managed by the community. Within these funds, any participant can deposit their assets securely and transparently.
- Gift cards and coupons. Emblem Vault provides the ability to create links through which users can send gift cards and coupon codes. The recipient of the card uses a link and password for access.
- Untraceable transfers. Users can create private vaults and add various NFTs and assets there. Thanks to this, users can anonymously send their assets.
- Secure storage and transactions with digital files. Companies and individuals can add cryptocurrencies and digital files presented as NFTs. This increases security, transparency, and reliability.
Circuits of Value is an undervalued project that has yet to reveal its full potential to the crypto community. This project allows you to create a store of value and send coins or NFTs across multiple blockchains in a single transaction. Thus, if, for example, you need to transfer to another user a certain amount in BTC, ETH, and DAI, then you get rid of the need to pay several network fees and enter different addresses each time to send coins.
The idea is inspiring. It changes the rules of the game. The only remains the use of Google Cloud (which the team promises to abandon) and the relative complexity for a crypto newbie. Nevertheless, for more experienced users, as well as business owners, Circuits of Value is a precious product.