Covalent launches decentralized data query network to power web 3.0 infrastructure
Covalent is a new data network and data exchange protocol that allows users to securely store and query their own data and to run queries over the data of other network users. Covalent aims to support the infrastructure of web 3.0 by providing users with a way to store and manipulate data in a decentralized fashion. The network is powered by a native cryptocurrency called e-DNA (Covalent’s ERC-20 token) which is used as a payment method to reward network nodes that participate in the storage and processing of data.
Blockchain technology is the catalyst for a new era of internet protocols–Web 3.0. Web 3.0 is an internet in which information is stored in a distributed and decentralized manner, rather than in large, centralized data servers. Such a Web 3.0 infrastructure will allow for the seamless sharing of data: which is necessary for the development of advanced artificial intelligence. Covalent is a blockchain-based protocol that will enable the use of data sharing between different parties in a permissionless manner.
Covalent, a major blockchain-based data provider, has launched its decentralized data query network to provide a Web 3.0 infrastructure. This launch takes the platform beyond the blockchain’s centralized data API and allows token holders and developers to interact with the network in new ways.
Unlike other data networks, Covalent API users, token holders or not, will be able to query data on Ethereum, Polygon, Binance Smart Chain, Fantom, Elrond and Avalanche to gain insight into their ecosystem.
Covalent is now part of the critical infrastructure on which many projects in this area depend. We take this responsibility seriously, and the only invincible architecture is a decentralized architecture. Our former centralized solution has been transformed into a decentralized network with improvements for our existing customers and their workflows, says Ganesh Swamy, CEO and co-founder of Covalent.
The Covalent API stores terabytes of data and, despite industry best practices, is prone to a single point of failure. A decentralized network solves this problem and allows applications that use APIs to scale.
Covalent is also launching the Covalent Query Token (CQT) on Ethereum, a token for network access and management that will be available from the 29th. April is sold to the public. The sale is not available to residents of the United States, Canada and China.
CQT Holding offers the opportunity to vote in a management forum where suggestions for improvement, development ideas and proposals for Alpha Alarm, DeFi’s daily data set based on Covalent, are discussed.
The governance forum will also include proposals for the Alchemist Ambassador program, to which Covalent will contribute 1% of its total token volume, or the equivalent of millions of dollars. Anyone interested in the program can apply. Participants receive between 1,000 and 5,000 CQT per month to support the Covalent ecosystem and community engagement. To date, the project has attracted more than 2,000 people.
The Covalent network launch also includes a guide to the Covalent blockchain that shows the total number of transactions, average block length, total number of blocks, mineral addresses, etc.
In the past six months, Covalent has closed two funding rounds totaling $5.1 million to help launch its network.
Since October last year, the number of clients using Covalent’s data has grown to more than 100, and the number of indexed blockchains has increased from one to eight, the most extensive in the industry, and the team plans to index a total of 12 blockchains by the end of the year. Covalent received $3.1 million in a funding round led by Woodstock, 1kx, Mechanism Capital and other venture capital firms.
. He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology.
Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.