What Is Covalent (CQT)?
covalent leverages big-data technologies to create entail from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. alternatively of painstakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end-users with individualized data by wallet, including current and historic investment operation across all types of digital assets. Most importantly, Covalent returns this datum in a rapid and reproducible manner, incorporating all relevant data within one API interface. Having achieved product-market fit, we are now planning to execute the next phase of Covalent, which is a progressive decentralization that will enable the Covalent Network to be owned and operated by its users. Of course, a critical musical composition to this is CQT. CQT is the native token of the Covalent Network. It has three primary purposes :
- CQT is a administration token, whereby token holders vote on proposals to change the system parameters .
- CQT is a stake asset. Validators will earn fees for answering queries .
- CQT is a network access token that fulfills data queries for users of the API .
Developer resources include :
- Covalent Knowledge Base for across-the-board guides on how to use the Covalent API .
- Covalent API Documentation .
Covalent Use Cases
covalent Use Cases
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The bulge of the use-cases are as-of-yet obscure, and we are constantly surprised at the battalion of ways developers and our partners use the data .
- Taxes: Every single DeFi action is a taxable event and having access to this data helps firms be compliant. If a trader uses Coinbase, they can quickly download a CSV of their trade data – besides Covalent, there is no such thing for a decentralized exchange like Uniswap or 1inch.\
- DeFi: DeFi protocols, such 0x and Zerion to name a few, use the Covalent API to pull real-time, granular blockchain data. What makes the Covalent API such a critical infrastructure piece for these projects is that not only can they pull wallet specific data, but they expand their service to display data across multiple chains. This significantly enhances their product offering and fundamentally improves the user experience.
In the case of Zerion, the demand data the DeFi investment dashboard is pulling ranges across multiple chains including Polygon, BSC and Ethereum and includes transactional data, ampere well a user ‘s nominal balances, and transaction history .
- NFTs : As the popularity of NFTs has boomed over the past count of months, it has become increasingly crucial for NFT projects to be able to provide a mean of analysis. Given that the Covalent API provides such, Covalent has become the leading NFT data provider. NFT projects such as ChainGuardains and Ethermon are now using the Covalent API to not merely baron novel features specific to each plan, but to again improve the exploiter experience .
- DAOs : reliable and real-time data are critical in making inform decisions, facilitating government and allowing individuals to invest, consume, and participate in the DAO phenomenon. It should come as no surprise then that DAOs are using the Covalent API. Individuals can use the API to view and examine marriage proposal interactions so that one can understand how active members are in creating proposals and voting on them deoxyadenosine monophosphate well as if members are voting for, or against proposals in general .
Who Are the Founders of Covalent?
covalent is built by an know team of data scientists and blockchain and database engineers passionate about improving and scaling blockchain technologies. Ganesh Swami, CEO and Co-founder, is a physicist by train and started his career designing algorithm for cancer drugs in the pharmaceutical outer space. His inaugural company is listed on the NYSE. Levi Aul, CTO and Co-founder, built one of the first Bitcoin exchanges in Canada and was part of the team that built CouchDB at IBM. More information about the team can be found at hypertext transfer protocol : //www.covalenthq.com/about/
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Where Can I Buy Covalent’s Query Token (CQT)?
CQT is available for trading on a growing number of exchanges, with cryptocurrency and USDC pairs presently available. New to cryptocurrency ? Read CoinMarketCap ‘s easy steer to buying Bitcoin or any early keepsake. ( ICO ) phenomenon .