Review Covalent ($CQT) – A one-stop-shop for blockchain data
Big data technologies are enabling businesses to grow at a faster rate than ever before. Covalent is an excellent example of how to capitalize on it and take it to the next level.
What Is Covalent ($CQT)?
Covalent is a multi-chain unified API that enables billions of data points across several blockchains visible. Using a single, unified API, the platform serves as an indexing and querying solution for blockchains, providing developers with a variety of actionable information to help them better allocate resources for their decentralized apps (dApps).
Developers can use the platform to create API endpoints that can be sold on data marketplaces. The Covalent API enables developers to build new apps and enhance old ones without requiring setup or altering current infrastructures.
More than 100 organizations provide millions of data points to the Covalent database. While looking for data on several blockchains, users can access high-quality multi-chain data from the network instead.
How Does It Work?
To begin, it is necessary to understand that Covalent’s whole functioning is built on a “data sink,” a data collector system that is responsible for collecting all data from interconnected blockchains and then categorizing it into “block specimens.” This is how the platform can aggregate data from several blockchains and construct a massive index that we can access whenever we want.
To store all of this data, there is one obvious issue: storage capacity. To give you an idea, the Ethereum blockchain alone has more than 9 TB of data, and it is only one of the multiple blockchains that link their data to Covalent. To overcome this issue, the developers have created a working structure within the Covalent Network that enables the issue to be resolved. This structure consists of the following components:
- Validators: These are nodes that guarantee data is delivered to the Covalent Network correctly and is accurate and true. Additionally, they provide two critical roles. The first is to guarantee that the network’s data is correct, and the second is to maintain the network’s participants’ integrity.
- Block-specimens producers: These producers are in charge of carrying out the aforementioned data sink. To accomplish this, the producers execute a network node to which they conduct the data sink, and the data retrieved from the node is categorised based on the network’s demands. Another term for them is “data miners.”
- Indexers: The indexers’ role is based on creating and publishing the results in the network, which means they acquire the data, check its accuracy, and then publish the results in the Covalent storage network.
- Responders: When a request for data is received, this component of the system is in charge of responding. Responders can be divided into two categories. The Storage Request Responders and the Query Request Responders
Covalent is unique in comparison to other alternatives on the market. The platform’s fantastic algorithm is based on four key aspects, which enable Covalent to provide clients with the best transparency and visibility tool available in the blockchain space. The characteristics are as follows:
The infrastructure of Covalent is responsible for every transaction, contract, and wallet address that takes place within its ecosystem. This blockchain solution is therefore responsible for billions of rows of data and terabytes of data, in contrast to the majority of other initiatives on the market, which only give smaller or minuscule quantities of data.
No code solution
The multichain API is a firm believer in providing clients and participants with no-code solutions. As a result, there will be no need for pricey and sophisticated SQL searches, no need for subgraph construction and maintenance, and no need to engage in highly-skilled engineers to merely access blockchain data, which can be a big waste of engineering time when done manually. Customers will undoubtedly be pleased with a simple interface that is both fast and secure.
Composability is considered to be a critical element for DeFI implementations since it allows users to construct financial solutions by combining building pieces from a variety of projects. The vast multichain API provided by Covalent, as a result, finally enables developers to rapidly design scalable and data-rich apps that are supported by an extremely granular data infrastructure.
The Covalent API’s multi-chain capability is a critical value proposition. The Covalent API now supports many mainnet networks
- Token Name: Covalent
- Ticker: CQT
- Blockchain: Multichain
- Token Standard: ERC20
- Contract: 0xD417144312DbF50465b1C641d016962017Ef6240
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000
- Circulating Supply: 254,842,989
The project was holding a Token Sale on Coinlist, with three options:
Token Release Schedule
Token Use Case
- Governance: Token holders have the ability to vote on proposals to improve system parameters.
- Staking: Stake CQT to get a return on your investment.
- Fee: Used to pay a charge for accessing data
- Validation: To become a validator, you must stake CQT; validators will be rewarded for answering queries.
Covalent was founded by an experienced team of data scientists, blockchain and database engineers that are dedicated to the advancement and development of blockchain technology.
- Ganesh Swami, CEO and Co-founder, is a physicist by background and began his career in the pharmaceutical industry by inventing algorithms for cancer treatments. His first firm is listed on the New York Stock Exchange. His first firm is listed on the New York Stock Exchange.
- Levi Aul, CTO and Co-founder, founded one of Canada’s first Bitcoin exchanges and was a member of the IBM team that invented CouchDB.
Covalent has attracted interest and investment from well-known cryptocurrency funds such as Binance Labs, Coinbase Ventures, and Alameda Research.
The Covalent cryptocurrency project is the key to all Blockchain data portals that are easily available via the platform’s website. This is a project that provides statistics and data analysis accessible to blockchain software developers. Investors, like financial experts, can easily access and analysis of blockchain data via monetary parameters.
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If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.