Covalent - The Decentralized Data Query Network Is Changing the Game of Big Data Acquisition

The race to provide data for the rapidly-growing blockchain and cryptocurrency industry has become tighter. Covalent, a leading blockchain data provider to launch a decentralized data query network to power web 3.0 infrastructure. The unified blockchain API leverages big-data technology to create meaning billions of data points, providing insights that help investors and developers in their respective quests.

So what is Covalent?

Covalent is a multi-chain API providing on-chain data, including blockchain, granular, and historical metadata. For the record, this is the only multi-chain API providing every single point of on-chain data, a need that has been unfulfilled by the many APIs existing in the market today.

As opposed to other existing networks, Covalent API users can query data across many blockchains, including Ethereum, Binance Smart Chain, Polygon, Elrond, Avalanche, and Fantom. The process enables users to gain access to the ecosystems of these blockchain networks.

Why is Covalent Project Important?

Despite the proliferation of digital assets on the blockchain, it’s been nearly impossible to get access to historical and granular blockchain ‘under-one-roof.’ You could only access such data if you had the most sophisticated computers, besides being highly skilled technically. Moreover, before Covalent, the only way to access blockchain data was to individually query these blockchain networks directly. But there are problems associated with this approach.

Direct querying of each blockchain network is time-consuming and computer-intensive (energy-intensive). It means that for you to get the blockchain data, you must spend a lot of computer power as well as possess sophisticated skills. This made accessing such data exclusive to a few individuals, as well as being time-consuming as developers would spend hours to write additional codes to query such blockchain data. Moreover, additional refining and manipulation of data would add to another layer of complexity to the entire process.

Covalent is changing all these and making accessing cross-chain data cheaper and hustle-free. The company targets to work with Decentralized Applications (DApps) developers, fintech companies offering crypto products to their customers, and companies that plan to accept crypto as a method of payment.

With Covalent, individuals and companies interested in blockchain data from across various blockchain networks will be able to access complete data affordably and faster to help them grow their businesses to the next level.

Learn more by visiting https://www.covalenthq.com/