What is Covalent?

Covalent provides data management services where developers can use Covalent’s API to fetch blockchain data such as blocks data, transactions, log events, state transitions, trace events, etc.

Covalent provides a unified API bringing visibility to billions of blockchain data points.

What problem does Covalent solve?

As the interoperability and complexity of blockchain transactions increase, current approaches such as Etherscan fall short of providing a unified and fully transparent view of anything that’s more than a simple one-to-one transaction. Protocols and products that offer functionality such as custodial lending, staking, variable APRs, and more require Covalent’s API to gain insight into their complex transaction activity, and as blockchain transactions invariably become more complex, Covalent is the only off-the-shelf tool that is available for this.

Highlights of Covalent (CQT)

Complete Granular Visibility:

Covalent has indexed and decoded entire blockchains making it available to the developer via a unified API. Visibility to billions of blockchain data points for every single wallet.

Enriched Decoded data:

Data is further decoded into a format that is immediately usable by the developer. There’s no need to go looking for ABIs or write custom decoding code.

No code solution:

Covalent does not require the developer to write indexing code or understand the nuances of blockchain data structures. Approachable to a non-technical user.

Decentralized Indexing-Querying middleware:

The Covalent network features a fully decentralized storage and compute layer with low fees and high throughput.

Primer Transformation engine:

An in-house transformation language that is inspired by the MongoDB query language. With Primer, developers can select just the fields that they want and further aggregate the data to suit their needs. All of this is done at query time in real-time instantaneously.

Multiple Blockchains Supported:

The same API works across 18 different blockchains

How Does Covalent Work?

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The Covalent can be used to index the entire history of blockchains, including every smart contract, wallet address, transaction and more.

This indexed data, regardless of its blockchain source, is normalized into the same format, which Covalent calls ‘block-specimens.’

Covalent enables users to query data from various blockchains through one unified API.

In order to deliver greater access to blockchain data, various roles are needed for data retrieval, storage, and query processes:

Validators: ensure data integrity and accuracy as well as honest participant behavior. In order to become a validator, a user must stake CQT tokens and, if they act maliciously, their staked tokens can be slashed.

Block-Specimen Producers: compete to gather timely and accurate data from the various blockchains Covalent aggregates by running a node on those chains. Once blockchain data has been collected, Block-Specimen Producers publish the data to a storage node (which they can also run) and receive a CQT reward.

Indexers :race to produce and publish results to the Covalent network. Their job is to fetch the data, check the data for accuracy and publish these results to the storage network.

Storage-Request Responders: fetch the data requested by Covalent’s end users, wrap the signed request, and submit this information to the Covalent chain. Storage-request responders work directly with other nodes, allowing them to compare prices and capabilities offered by other network participants.

Query Request Responders: fulfill a similar role to storage-request responders on the Covalent blockchain, but rather than utilizing existing internal data maintained on the chain, query nodes mostly handle external requests submitted from Covalent’s API.

Directory Service Nodes: help Covalent customers find the ideal nodes that match the specific resource and capabilities that they require, at their given price point for a specific data request.

Key Token CQT

Covalent Query Token (CQT) is the native token of Covalent Network. The utility of CQT is as follows:

CQT is a governance token, whereby token holders vote on proposals to change the system parameters.
CQT is a staking asset. Validators will earn fees for answering queries. Token holders can delegate their voting rights to validators.
CQT is a network access token which fulfills data queries for users of the API.

Key Metrics

Token Name: Covalent Token.
Ticker: CQT.
Blockchain: Ethereum
Token Standard: ERC-20.
Contract: 0xd417144312dbf50465b1c641d016962017ef6240

Token type: Utility, Governance.
Total Supply: 1,000,000,000 CQT
Circulating Supply: 254,842,989.35 CQT

Conclude

Covalent is built by an experienced development team, and the project is cooperated and supported by many big names in the Crypto market such as Binance, Coinbase…

Covalent promises to develop strongly in this field of querying and aggregating data like The Graph (GRT) project has ever achieved.

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