The Covalent network is a SaaS tool that makes blockchain data available to businesses and developers via APIs, the main goal is to blockchain data accessible to and it’s up to people what they do with it.
‘Without data, you’re just another person with an opinion’ W. Edwards Deming
Web2 to Web3
The Current Web(Web2) is built fundamentally on data, the lifeblood of this economy is data.
How much data can be processed into valuable insights is dependent on how much data one has and how much data one has is dependent on how much power and influence they can yield in the marketplace.
The current blockchain space does not have tools that make accessing blockchain data a bliss and Covalent is here to help.
For Web3 to succeed, there needs to be a way to access indexed data and make it available for consumption by developers and users alike.
The data is stored across some few nodes but currently not available in forms that are useful to businesses and individuals and covalent is here to help.
What is Covalent
Covalent provides real-time blockchain data to firms, investors, and businesses alike with the goal of achieving transparency and accessibility.
It provides data beyond trading pairs, it offers data around fees accrued from liquidity pools,dapp retention rate, staking data, etc.
It intends to make private data available via zksyncs in the future.
The data is delivered to end-users and businesses alike in a fast and updated manner, in the purest and localized form.
Covalent current indexes 6+ blockchains and with plans to add more in the future, it has terabytes of data under its custody, it has indexed the entire Ethereum blockchain data.
Covalent takes away the burdens of costs of having to deal with technical experts who can help with the data, storage, and bandwidth cost, etc, all you need is just an API.
Full suite API: Use as you like, when you like and how you like.There are no constraints available. So from a data coverage perspective, there is no difference. It’s the exact same API that a free user and a business.
They possess some of the biggest customer bases of over $100,000 a year. The difference comes in the value-added services such as support, though with the enterprise deals we have an account rep who they have a phone number so you can call us if there’s any problem.
The second thing is they have a service level agreement that our systems will never go down, because Covalent goes down, it will affect their operations
Covalent SDK: This is the Covalent approach to make access to this data simple and easy, it’s not enough that the blockchain is indexed and made available by APIs, we must ask “are the tools for accessing it easy as well”,. With 5 lines of SQL code, you can pull data from the covalent API.
Safekeep : It’s a portfolio tracker that keeps tabs on all your DeFi interactions, it displays trading history across multiple DeFi apps you have used,liquidity pools, and lots more.
Research report: The covalent team from time to time publishes blogs to keep us all abreast of market happenings with analysis of on-chain data to back it.
Covalent has a database is five and a half terabytes, the challenge is that to add more and more databases more and more blockchains the data becomes too much for one single centralized entity. So it intends to build a revenue share program where essentially this database is going to be sorted and shared by all of our customers and professional validators.
The token is only used on the backend, it’s a governance and staking token, it’s not a payment of token, customers will continue using US dollars which will be converted to the token to enable payment for network services.
Please do note that there is currently no information about token sale yet, in due time, the team will make such available.
The team consists of multiple serial entrepreneurs, this is Ganesh third startup, he is a physicist by training and done data science for the last 10 years.
Levi. He’s the CTO of the company. He’s a DBS expert. He worked at IBM on databases, he founded the first Bitcoin exchange in Canada, a long time ago.
Skale Network: It uses the data provided by covalent to understand the health of their network:
- like how many validators they are,
- is the validator concentration is too high,
- are the delegator is being successful,
What is average, so everything about the network and all the data comes from covalent for the users to understand.
Cryptosheets: With this partnership, users will save the burden of looking for where to extract data from, it integrates Covalent full API and users can now manipulate the data as they please.
Zeroswap: This will help furnish users with data around DeFi token offerings, market marking and liquidity mining, users will be able to export their data for thorough analysis and taxation purposes.
Others include Frontier, Reef Finance, Upbots etc.