Covalent Launches Decentralized Data Query Network To Power Web 3.0 Infrastructure
Covalent Launches Decentralized Data Query Network To Power Web 3.0 Infrastructure
May 3, 2021
Covalent Launches Decentralized Data Query Network To Power Web 3.0 Infrastructure
Covalent Launches Decentralized Data Query Network To Power Web 3.0 Infrastructure
May 3, 2021

Covalent, the leading blockchain data provider, has launched its decentralized data query network to power web 3.0 infrastructure. This launch moves the platform beyond a centralized blockchain data API, enabling token holders and developers to engage with the network in new ways. 

Unlike other data networks, users of the Covalent API, whether token-holders or not, will have the ability to query data across Ethereum, Polygon, Binance Smart Chain, Fantom, Elrond, and Avalanche, gaining insights into their ecosystem.

Ganesh Swami, CEO & co-founder of Covalent said:

Covalent is now a part of the critical infrastructure piece that many projects in the space rely on. We take this responsibility seriously and the only undefeatable architecture is a decentralized one. Our previous centralized solution has been reimagined as a decentralized network with improvements for our existing customers and their workflows.”

The Covalent API holds terabytes of data, and regardless of industry best practices, is a candidate for a single point of failure. The decentralized network launch addresses this challenge and will help scale with the onboarding of applications using the API. 

ALSO READ :  Binance Faced A Series Of DDoS Attack On Its Chinese Domains

Covalent is also launching the Covalent Query Token (CQT) on Ethereum, network access, and governance token, via a public sale starting April 29th. The sale is not available to residents of the USA, Canada and China.

Holding CQT allows the ability to vote on a governance forum that covers improvement proposals, development ideas, and suggestions for Alpha Alarm, a daily DeFi data series powered by Covalent. 

The governance forum will also include suggestions for the Alchemist Ambassador program, which Covalent is allocating 1% of token supply into, equating to millions of dollars. Applications to participate in the programme are open to everyone and participants are given $1,000 to $5,000 in CQT a month to help develop Covalent’s ecosystem and engage with the community. As of today, the project has attracted over 2000 people. 

Covalent’s network launch also includes an explorer for Covalent blocks which covers total transactions, average block time, total blocks, miner addresses and more. 

ALSO READ :  TBCASoft, IBM, and SoftBank Announce a Mobile Payment Blockchain

In the past six months, Covalent has closed two funding rounds totaling $5.1 million to power its network launch. 

Since last October, the number of customers employing Covalent’s data has grown to over 100 customers and the number of blockchains indexed has increased from one to eight – the most exhaustive in the industry – with the team expecting to index a total of 12 blockchains by the end of the year.


About Covalent:

Covalent is a data analytics company giving developers access to the most exhaustive range of blockchain data in the market. Covalent has powered the data behind major crypto, DeFi and NFT projects such as 0x, Zerion, Balancer, Reef, and NFTX. Currently, the Covalent API has indexed eight blockchains, providing granular and historical blockchain data from Polygon (formerly Matic), Binance Smart Chain, Polkadot, Fanton, Elrond, Cosmos, Avalanche, and Ethereum.

Media contact:

Susan Joseph

[email protected] | 9900029191


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.