KOVEREDPAY IS THE FIRST OF ITS KIND BUILT FOR REVERSIBLE TRANSACTIONS ON THE BLOCKCHAIN

Have you ever heard about REVERSIBLE payments on the BLOCKCHAIN ???.. Well i guessed right!..

YOU HAVEN'T !!!

This is exactly what KOVEREDPAY brings to the Ethereum space and the Blockchain in general !..How awesome? !!!

KoveredPay wants to be the credit card solution to the blockchain.
Transactions on the blockchain from a person to another is not generally safe,you might be scammed transacting with a total stranger online.

Credit Cards already protect you from such theft and so will KoveredPay.
If you have an issue with transaction using credit cards,you can report your issue to the credit card company,this however is no so on the blockchain which is a major issue.

You cannot reverse a transaction once it has been broadcast on the network. This remains a significant problem to the adoption of Bitcoin and other cryptocurrencies by mainstream users.
This is where KoveredPay comes in.

KoveredPay is a decentralized token based on the Ethereum blockchain.
Their aim is to enable safe, reversible transactions on the blockchain.

The transactions made using KoveredPay can be reversed and/or put on hold, making KoveredPay a musthave
cryptocurrency for both merchants and buyers to ensure the safety of their
funds.

The KVP token, developed on the ERC20 pattern, has been crafted for easy transfers
between users and businesses on the blockchain. Following the standard ERC20
pattern, the tokens can be easily used and integrated on the majority of Ethereum
wallets and exchanges.

How KoveredPay Works
KoveredPay will make it safer and more secure for people on the Internet to trade
with each other. Merchants will be able to use its capabilities to send refunds
instantaneous. The three main features of KoveredPay include:

1. Trustless Transactions
   Let’s assume that you’re in a situation where you’re paying a freelancer for a quickfix
   of an issue on your website. The freelancer does not have a verifiable reputation
   and you are unsure if you should trust the freelancer.

In this case, you can use the trustless payment system provided by the KoveredPay
token. The payment you make is sent and held, and both the buyer (i.e., you) and the
seller (freelancer) are unable to access the funds. The seller receives an event
notification that they have received the payment. You communicate with the
freelancer regarding the work, and they deliver the promised work in less than 72
hours. You’re happy with the work provided by the freelancer and you pass the
command to the system to release the funds to the seller.

If the freelancer fails to deliver the promised fix, you can immediately pass the
command to retrieve the funds back to your account.
If the buyer has released the payment, but is now asking for a refund, the seller can
send the refund by passing a command to the contract. An equal amount of funds
sent by the buyer will be refunded back to their account.

Trustless transactions are protected for a time period of 72 hours + the next block
time. After this time period, a reversal of funds is not possible.
You’re buying cryptocurrency from someone you met in a chat or group. You are very
unsure if the other person will run away with your money or not. With trustless
refundable transactions, you can ensure a safe trade.

1. Mediated Transactions
   You hire a freelancer who you met online to create your website and you have a
   dispute with the freelancer. With KoveredPay’s Mediated Transactions, both you
   and the freelancer can appoint a mediator in an event of dispute. The neutral
   mediator is selected randomly from the KoveredPay Mediator Pool to resolve your
   dispute.
   A mediator fee is also charged for handling a transaction which is taken directly
   from the disputed transaction amount. In case of a dispute, the mediator is paid on
   the successful resolution.

A mediated transaction works as follows:

• Once the payment is made, the funds go to a hold.
• The funds are both inaccessible from buyer and seller.
• A dispute arises and a mediator is added to the dispute by either party.
• The mediator conducts their investigation and decides on a resolution. The
  mediator can only forward or reject the transaction and have no direct
  access to the held funds. The funds are secured on blockchain.
  The mediated transactions are protected for a time period of 728 hours + the next
  block time. If the sender doesn’t show their satisfaction and neither of the parties
  appoint any mediator during this time period, the funds are returned back to the
  sender. If the mediator is appointed during this time period by either of the parties,
  then the decision of the mediator is final.

1. Instant Transactions
   If you’re sending the payment to a reputed exchange, friend, or any other highly
   trusted entity, then you most likely won’t ask for any protection of the funds.
   In this case, you can send an instant, unprotected transaction. Instant transactions
   are final and cannot be reversed. These transactions are usually processed within 15
   to 30 seconds if sufficient gas fees are paid.

CHECKOUT
Website : https://koveredpay.com
Whitepaper : https://koveredpay.com/KoveredPay-Whitepaper.pdf