The blockchain landscape is currently limited with data accessibility being a major impediment for its widespread adoption. Existing solutions allow interested enterprises partial access to data for only a few decentralised networks. This makes it difficult for such enterprises to draw meaningful and actionable insights from the existing blockchains. This has subsequently made it hard for organisations to integrate the technology in their operations thus inhibiting its mass adoption and the development of fresh blockchain-based solutions.
The blockchain data problem
Blockchain is a relatively new technology that is yet to be explored completely. With its development still in its infancy, developers and organisation are exposed to multiple challenges in the adoption and implementation of blockchain tech. The protocols are quite clunky, highly technical and quite complex thus making their adoption unnecessarily complicated.
Particularly, organisations seeking to adopt the technology find it difficult to obtain blockchain data in a structured manner. They are, therefore, forced to develop programs for exploring and indexing blockchain data to extract useful insights for their operations and decision making.
Oftentimes, organisations developing such programs will customise the code to only retrieve the data specific to their needs. Therefore, there is lack of standardisation of blockchain data, forcing interested organisations to also develop their own software to cater for their data needs.
This is an unnecessarily cumbersome and wasteful exercise that robs institutions of precious time and human resources. It is also detrimental to the progress of blockchain revolution as it slows down adoption of this technology across multiple sectors.
As such, there is a need for solutions that address these blockchain data infrastructure problems to help accelerate its mainstream adoption and grow its use globally.
Covalent is a gamer changer in the blockchain data analytics field
Covalent, a Vancouver-based blockchain data platform is developing the right tools to tackle this problem by synthesising decentralised protocols to deliver useful insights.
Covalent is changing the game by deploying a refreshing approach in the exploration and indexing of blockchain protocols. The platform is a second iteration of blockchain data analytics protocols, that not only follows in the path of its predecessors like The Graph but also goes over and beyond by offering multiple new solutions. Covalent’s invention eases access to blockchain data by enabling users to query multiple decentralised networks through its uniquely designed APIs.
Covalent’s simplicity of use is in no mean feat but rather is testament to the platform’s sophistication and how sound its underlying technology is. Its versatility in terms of multiple capabilities and scalability across multiple blockchain has no match, making Covalent a ground-breaking solution in the space. The newly launched platform is a vindication of two years of continuous building focused on enabling fast access to better data at much lower costs.
Covalent is a game changer in the space that breaks multiple barriers allowing anyone to retrieve rich blockchain data regardless of their technical knowhow. The platform stands out from its predecessors like The Graph in that it has indexed blockchains from genesis and is updated in real-time thus offering much richer data for better insights. Its simple APIs are a striking contrast to the technicalities of the Graph where users require programming skills to retrieve data by making multiple calls using codes.
Besides The Graph, Covalent is better than other blockchain data query and indexing solutions in every aspect. Covalent is a perfect representation of both disruptive and incremental innovation akin to that of blockchain technology itself. Put into context, blockchain technology has evolved from distributed ledgers like Bitcoin facilitating simple transfers, to smart contract protocols like Ethereum to the current interoperable networks like Cosmos. Each of these iterations builds on its predecessors and introduces some transformative invention that propel decentralised technology into new territories.
Similarly, the Covalent solution builds on its predecessors like webjs3 and The Graph whilst also introducing completely new inventions that are going to change the blockchain space completely moving forward.
The Covalent blockchain data analytics solution
Covalent has built proprietary software that is capable of exploring blockchain data from genesis and indexing it in a standardised manner. The technology company has also built a unified API to make this data easily accessible for interested users.
Through this initiative, the Covalent platform is offering a breakthrough solution for bringing full transparency and visibility of blockchain assets to the modern world. This is in line with their vision of empowering the pioneers of tomorrow by providing the richest and most robust data infrastructure for the entire blockchain ecosystem.
Covalent proprietary software has a robust design that enables it to effectively index seven blockchain networks to provide developers with useful data. The company works closely with developers to understand their data needs and preferences. This helps Covalent to continually improve their platform by updating the features and functions accordingly.
Through this consultative approach, Covalent has been able to build APIs providing access to the richest blockchain data on the internet today. This serves as a perfect example of the best real world use cases for Covalent.
Covalent is making Ethereum blockchain data more accessible
Covalent API provides rich data from the genesis of Ethereum to the latest block on the network. Developers can use Covalent to access over 25 billion rich transaction data indexed since the genesis of Ethereum. They can access more than 30,000 price feeds for fiat and crypto pairs and access approximately 215,000 smart contracts.
The platform has accurate information that developers, projects and organisations can rely on to create Ethereum-based solutions and benefit from the power of decentralisation. Through the Covalent API they can easily access standardised on-chain data such as price data, Ethereum name services, block data, historical rates, token balances and much more.
Covalent is built as a DeFi-ready platform as it provides all the tools needed to aid the sector’s breakout growth over the past couple of years. Currently, the DeFi space is quite chaotic with no specific models in place to measure or ascertain the value of these digital assets. As a result, multiple players are operating with great uncertainty since they lack appropriate tools and methods that show a clear picture.
Covalent APIs will be instrumental in solving this problem and helping the DeFi sector get rid of all its blindspots. Both projects and investors in the DeFi sector will be able to get a consolidated view of the digital assets by integrating their solutions with the platform’s architecture. Covalent has created a standardised approach to structuring blockchain data that can be obtained through its unified API. This adds an extra layer of professionalism and levels the playing field for all stakeholders in the DeFi sector since they can derive similar insights on the Covalent platform. Such transparency and visibility is crucial for the development of the sector as it informs decision making from either end of the spectrum.
Covalent has an enterprise focus whereby its APIs support diverse use cases and are applicable across a wide array of crypto products and services. Blockchain services providers can easily integrate the Covalent API in wallets, exchanges, custodian, and taxation among many other uses. This can be done through a simplified process as their APIs do not need code to implement. This is quite useful for individuals as well as projects that do not have software engineers or personnel with the blockchain knowhow.
Covalent’s no code, zero-config solutions allows ordinary people to leverage blockchain data thus significantly lowering the barriers for entry into the space. Such solutions will play a key role in expanding the DeFi sector and taking it mainstream through widespread adoption.
Conclusion
Covalent is a novel solution that helps the creation of blockchain-based solutions by availing rich data in a standardized and structured manner through their APIs. The platform plays an important role by helping developers to bypass the tedious task of extracting blockchain data from very clunky networks. Particularly, Covalent’s focus on the Ethereum blockchain is instrumental in expanding the decentralization movement as the network is becoming increasingly popular in the development of novel solutions. By making data more easily accessible, the platform is removing a major obstacle that has been inhibiting the sector’s progress for a long time.