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WHITEPAPER
Automatic Rewards, Burn, and Community-driven


COVAC token ($COVAC) is a community-driven, fair launched DeFi token used to track the number of COVID vaccinated people around the world. We created this token as a countdown timer to when we can resume travel and get back to our pre-COVID travel lifestyle.

 

However, we do acknowledge travel, of course, won’t be the same as it once was as travel bans slowly ease up. Travelers will need to know which countries they can travel to, if they need to take a COVID-19 test, change face masks, and if a vaccine is mandatory prior to flying.

 

Our team foresees the need for vaccine passports as a pre-requisite for travelling, and we can use a blockchain oracle to validate the type and authenticity of the vaccine to ensure its valid for the travel route. When the vaccine passport is shown at the flight checkpoint, data is sent to the vaccine off-chain database to validate the authenticity of the vaccine. Once validated, it executes a smart contract.

 

$COVAC is a BEP20 token that allows token transfers to contain the data payload when the vaccine authenticity is verified. It is used to pay node operators to retrieve data for the smart contracts, and also for deposits placed by node operators as required by contract creators.

 

We aim to list our token on decentralized exchanges, like PancakeSwap, and then move to centralized exchanges once sufficient liquidity is reached. COVAC can then establish strategic partnerships with travel platforms, including hotels, flights, tours, and attractions operators, to promote safe travel and expand the use case of our tokens.

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Tokenomics


To ensure $COVAC appreciates in the long run, we will have liquidity pools and burns. We have a total $COVAC supply of 19,000,000,000 (19 billion) with a fair launch supply of 3,800,000,000 (3.8 billion or 20%).

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The token allocation will be as follows:

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Our protocol will amass tokens from buyers and sellers, adding them to the LP creating a solid price floor. We have a total of 30% burn of token supply so that long-term hodlers are rewarded. The initial burn is 10% at launch, and the subsequent 20% burned in 4 batches of 5% in milestones when 20%, 30%, 40% and subsequently 50% of the global population is vaccinated.

 

COVAC charges a 10% transaction fee and re-distributes that fee to reward existing $COVAC holders instantly and automatically at the time of each transaction:

  • 5% fee is redistributed to all existing holders as rewards

  • 5% fee is split 50/50 half of which is sold by the contract into BNB, while the other half of the $COVAC tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on PancakeSwap.

  • We have a built-in anti-whale protocol so the limit per transaction is set at 1.1% of supply, i.e. 209mil $COVAC tokens

  • When purchasing $COVAC on PancakeSwap, slippage needs to be set at 12% for the 10% transaction fee and 2% commission to PancakeSwap.

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Token Utility


$COVAC will then be the main utility token in 2 of our main products:

  • TokenBlast: Our user-friendly multi-transfer tool used to facilitate airdrops, distribute bounties from successful bounty campaigns, token giveaways, and even to distribute coins after an ICO or Security Token Offering.

  • COVACPass+: Our digital health pass which enables users to store their vaccination and test results for location check-ins and travel.

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Users will be required to hold a minimum number of $COVAC tokens in order to use the TokenBlast tool for free, and unlock certain features in COVACPass+. More details to follow when we launch both products in the market!

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So, if you like our Automatic Rewards, Burn concept, and support the Community-driven approach, join our A-B-C cause!

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