Covalent Redefines Blockchain Data Access with Groundbreaking Web3 Innovations
Vancouver, BC, January 3rd, 2024, Chainwire
Covalent, the leading Web3 data indexer and provider, stands as the beacon for developers and analysts seeking unparalleled visibility into billions of data points across 210+ blockchains.
Trusted by thousands of developers and impacting over 1,000+ applications, its growth reflects Covalent’s robust foundation – the Covalent Database.
The Foundation: Covalent’s Database
At the heart of Covalent’s success beats the Covalent Database, a continuously updated replica of all on-chain data. This foundational strength empowers developers and analysts alike to harness the expansive and structured Web3 data landscape. By offering a canonical schema and normalized data against it, Covalent provides a unique advantage for downstream applications, ensuring they are best-in-class.
Unified API: Accuracy, Versatility, Simplicity
The Unified API stands as the linchpin of Covalent’s product suite, offering a comprehensive solution trusted by industry leaders like 0x, Zerion, and Rainbow Wallet. Categorized into Class A, B, and C, it covers a broad spectrum, from providing token balances and transactions, to specific token information. Class C, in particular, introduces a marketplace for custom APIs, catering to the diverse demands of protocols like Aave, Compound, and Yearn.
The importance of the Unified API lies not just in its comprehensive coverage but in its user-friendly design and security. With a tamper-resistant design and cryptographic proofs, it ensures the integrity and trustworthiness of the accessed data.
Increment: Transformative Business Intelligence
Increment, Covalent’s dedicated business intelligence tool, empowers analysts to delve into blockchain data, gaining insights and visualizations for strategic decision-making. As the Web3 landscape evolves, Increment ensures analysts have the tools needed to navigate the complexities of blockchain data.
The significance of Increment lies in its ability to bridge the gap between complex blockchain data and actionable insights with clear visualization. It empowers analysts to unlock the value hidden within the data, facilitating a deeper understanding of the market trends, user behaviors, and the overall dynamics of the blockchain space.
GoldRush: A New Frontier in Block Exploration
GoldRush is changing the game in the realm of block explorers. This open-source modular block explorer kit transcends the limitations of traditional platforms, offering a dynamic and customizable experience. It empowers users to tailor their data views and interactions, addressing specific needs that one-size-fits-all platforms struggle to accommodate.
The importance of GoldRush lies in its role as a toolkit, not just a competitor to existing block explorers. By making blockchain exploration accessible to everyone, it paves the way for custom block explorer creation. GoldRush democratizes the exploration of blockchain data, allowing users to define their journey and interact with the data on their terms.
The Covalent Network: Decentralized Data for Long-Term Availability
As a multi-sided platform, the Covalent Network captures and indexes blockchain data, distributing it across multiple points on the network for instant access through queries to the unified Covalent API. It addresses the issue of long-term availability by offering a decentralized, cryptographically secure data availability network.
At its core, the Covalent Network prioritizes data verifiability, achieved through cryptographic proofs. Every piece of work on the network generates proof, ensuring Network Operators behave honestly and provide accurate data. As one of the first data middleware protocols to employ a proof-based system for data verifiability, the Covalent Network plays a pioneering role in rebuilding the foundations of the web.
CQT: The Backbone of the Covalent Network
As the Ethereum Wayback Machine (EWM), the Covalent Network relies on $CQT, an ERC20 token on Ethereum, which serves as the Staking and Governance token for the Covalent Network. The token facilitates API queries, driving its functional usage and creating organic demand. Meanwhile, the staking mechanism ensures data integrity with network operators and participants, encouraging responsible behavior and ensuring verifiable data on the network.
More importantly, the Covalent Network introduces a unique and essential incentive structure to attract skilled data providers, ensuring its role as the EWM. Network Operators, exporting raw blockchain data, can serve on their platform or for in-house analysis, earning $CQT by fulfilling Covalent Network duties. This structure fosters data integrity, supports robust data-sharing practices, and ensures a reliable repository of historical blockchain data.
Covalent: Democratizing Web3 Through Innovation and Technology
Covalent’s journey is not just about data. It is about democratizing access, fostering innovation, and shaping the narrative of Web3. Each product within the Covalent suite plays a crucial role in this narrative, offering solutions that empower users, developers, and analysts to navigate and thrive in the evolving landscape of blockchain technology.
About Covalent
Covalent ($CQT) is the leading web3 data provider, indexing 210+ blockchains and servicing over 1,000 application-side partners, ranging from the largest crypto-native DeFi and NFT protocols to enterprises such as EY, Fidelity, Jump and Consensys.
The Covalent Network secures the largest and richest structured web3 dataset in the world: 59 TB and 88 billion transactions since the genesis of these 210+ blockchains.
For more information, users can visit Covalent’s: Official Website | Twitter | Discord | Telegram
