Covalent, A Fully Index Entire Blockchains

in #leofinance2 months ago (edited)

Blockchain as a decentralized transaction and data management since 2018, has attracted so many people all over the world with increasing interest from both academic and industrial aspects. The blockchain keeps growing with different solutions to the real-world experience despite its shortcomings, builders continue to seek better solutions day-in-day-out.
For newbies to the crypto world won't clearly understand scalability and high gas fee experiencing on Ethereum blockchain but it's all about congestion and space available on the network. It's all good to see a multi-chain solution alas.

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The Position of Covalent in Multi-chain Protocol.

With a clear understanding that there are too many blockchains with different functions and in reality, one blockchain can not solve every issue or perform every function which brings in multi-chain connection. Covalent position herself as a unified API that brings full transparency and visibility to assets across all blockchain networks. The Covalent API is of a single model which connects granular blockchain transaction data from other blockchains in a simple format of no code requirement. Amazing!

The Uniqueness of Covalent

The Covalent solution to the blockchain industry is supported by 10 solid projects within the ecosystem. Like Edgeware technical partnership which enabled better access to on-chain data for developers and platforms across Defi, tooling and governance, meanwhile, Edgeware opens a portal into the Polkadot ecosystem for Covalent’s indexing technology. This was quoted from Thom Ivy speech which can be found Here
Check out the below image for other partnerships.

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The product provided to the blockchain industry makes Covalent unique in its dealings. One of the elements is Composability which is so critical to decentralized finance applications. Covalent provides developers a quick and easy way to construct financial solutions just by leveraging on Lego-like building blocks that comes from multiple projects through the multi-chain network. considering data management (Scalability), Covalent successfully become the only project with a full index to the entire blockchain with every single contract, wallet address, and single transaction. What a huge load of data! Covalent data availability is in billions of rows and terabytes. No code solution is an amazing concept from Covalent.
When trying to reach out to the non-technical individual, the simplicity of a project with a clear understanding of the solution presented will allow acceptance of such a project and Covalent is in that category. There are no complicated SQL queries. Many times, users of a blockchain tool do think about the maintenance of their network and the company will have to employ blockchain engineer to manage their network. With Covalent API, no need to invest in highly skilled developers, with one API of Covalent everything is settled.

In conclusion, Covalent has a record of Over 100 projects building and succeeding with the Covalent API and you check with the tokenonics of the Covalent Query Token as the IDO is just as the corner.

Reference

https://www.covalenthq.com/
https://discord.gg/fgZPpq69Dd