COVALENT: THE GOOGLE OF ALL BLOCKCHAINS
Once upon a time before 2009, the word “blockchain” means little or nothing and sends no trigger to our brains. All financial institutions and systems were still centralized and digital money only existed in plastics (ATMs). In January, 2009, Bitcoin was introduced through the blockchain technology and then boom!! The revolution started followed by an explosion of adoption. Since then, the blockchain has shaped our lives in various ways. As at the moment of writing this text, the blockchain technology is currently adopted in various aspects of life such as finance, medicine, agriculture, investments, education and so much more. The industry has improved the transparency, efficiency and cost-effectiveness of the field and companies in which they’ve been implemented.
As the usage and adoption of the blockchain increases exponentially, and more and more users interact with it, more and more data is been stored on the various networks through which the users interact with the blockchain; this data are enormous and stored randomly and can’t be accessed normally just the way you access data on GOOGLE. Before I go on, it is apparent that on this stage that I state and emphasize what bockchain networks are.
A blockchain network is an advance technological infrastructure that provides ledger and smart contract services to applications. The users of applications might be end users using client applications or blockchain network administrators. Primarily, smart contracts are used to generate transactions which are subsequently distributed to every peer node in the network where they are immutably recorded on their copy of the ledger. The blockchain stores every transaction that is carried out in it right from genesis; as the number of different networks and Parachains (like Pokadot, Avalanche, Binance Smart Chain, Polygon, Tron, Telos, Fuji etc.) indexed on the blockchain increases with their different special and specific characteristics and capabilities, the data stored and available on these networks also increases.
End users interact with these networks through the Dapps built on them, performing transactions on a daily basis and storing information and data in their wake. Need may arise for end users, blockchain administrators, companies or the Government to demand for these data for use or query, research or decision making towards making improvements or to maximize growth. These could in turn be used for many use cases such as taxation calculators, NFT dashboards, wallet integration and any use case of your choice.
The data is limitless and voluminous and is available to all but the problem is how to access these data from their hiding place with the least amount of work possible (I.e. no code required). With the existing blockchains and network, they are separate from each other and are stored on their various networks. How do users extract information from these different networks? How do they get information on a wallet address that they use to interact with different platforms/networks?
These questions beg for answers, and only one company has dared to retrieve this information from their hiding place, that company is COVALENT!!!
About Covalent
Covalent is made of 25 persons distributed team with 100 years of cumulative experience. Based in Vancouver, the company has been indexing blockchain data since 2017. All log event, every block, all transaction since genesis. The Ethereum blockchainn was the first to be indexed since it was the network that gave birth to the deFI boom. Currently, as I write this, Covalent has indexed more than six (6) blockchains: Ethereum, Polygon/Matic Mumbai testnet, Binance Smart Chain, Avalanche C-Chain mainet, Fuji C-Chain testnet, Fantom Opera testnet, Polygon/Matic Mainet. It has 25 billion rich transactions indexed every second for 6 blockchains, 200k+ smart contracts available with internal data structures for querying, 30,000+ price feeds for fiat and crypto pairs and 30 seconds refresh rate.
What can the Covalent API do?
You might be wondering what type of data I’m talking about? They include;
a) Topic hashes, log of event of various deFI platforms or networks, transaction hashes of a wallet from inception,
b) Number of users which makes a deposit on AAVE V2 protocol or any other deFI platform,
c) Get Uniswap v2 or v1 address exchange balances, Uniswap v2 address exchange liquidity transaction,
d) Maker, Curve and Compound address balances
Sushiswap network assets, Augur market affiliate fees divisors,
NFts metadata, token ID and transactions,
e) Historical prices by addresses and ticker symbol.
f) And so much more.
For example, I want to know the number of transactions that I’ve performed on my cold wallet address since creation or I want to know the number of people who made a deposit on March 21st on the AAVE V2 protocol, or I want to know my NFT or token balance in a more detailed way and also access specific information for a particular wallet address. Or perhaps I want to get the last NFT holder in a particular network or contract address.
The possibilities are endless when using the COVALENT API, the amount of data and information stored within this wonderful API is enormous and it yet untapped and understood by many.
For the purpose of non ambiguity and concise reading, I would like to stop here with respect to the list of things that can be done with the covalent API.You can check the full detail on their website. Basically it’s almost as easy as typing a word in GOOGLE and getting the response immediately. Many more networks and smart contracts will be indexed into the Covalent API and as such literally every blockchain data and information needed will be found with the Covalent API. The best part is that it you don’t need to be an expert or a developer to get started with CONVALENT.
For developers, integrating COVALENT API into their dAPPs and platforms saves time and energy to source for these
enormous data on the blockchain; but on COVALENT, all you need is your native browser and an API key.
Life is that simple with COVALENT.
THE FUTURE
As more and more data and blockchains are indexed on COVALENT, the API becomes more enriched to answer any blockchain related question just by literally searching with the API key. COVALENT will be the center of information on the entire blockchain.
