Covalent satisfies the need for useful and publicly available blockchain analytics software. Businesses that consider blockchain technology are on the rise, but they give up when faced with high costs, knowledge gaps, and a lack of human resources.
Covalent removes barriers to blockchain adoption by providing enterprise-level software for anybody that needs it in a practical package that any full-stack developer can use to create cryptocurrency products.
The Vancouver-based company is led by Ganesh Swami, former data analytics developer at Silota, and Levi Aul, former CTO at the crypto exchange Bex.io and Systems Engineer at Walter.ai. The Covalent team consists of experienced financial analysts, data scientists, blockchain, and database engineers with extensive knowledge of blockchain technology and data analytics.
Obtaining and analyzing blockchain-related data can be a difficult task. Vast amounts of transactions amass over the years, and trying to make sense of the enormous data pool is costly and time-consuming. Covalent contains all 25 billion transactions since Ethereum’s genesis, eliminating the need for local storage and providing instantaneous access to relevant data via API.
Enterprises that want to incorporate blockchain technology in their business operations need access to on-chain analytics for decision making and monitoring their applications.
An ever-growing number of businesses express interest in leveraging this emerging and promising technology, but find it difficult to access the benefits since the infrastructure is still lacking.
Thanks to Covalent, a straightforward API call is all it takes to get comprehensive on-chain data.
The Covalent Blockchain Data Solution
Covalent is building solutions to easily access blockchain data that powers the decentralized finance (DeFi) economy. To this end, the firm is developing a data-rich platform through which enterprises can quickly gather insights from various decentralized networks through simple API calls.
By removing the technical barriers and making blockchain data easily accessible, Covalent is bringing transparency and visibility to blockchain assets.
Covalent’s vision is to empower tomorrow’s pioneers by providing the wealthiest and most robust data infrastructure for the entire blockchain ecosystem. This bold initiative requires a lot of dedication, planning, and resources.
Since Covalent’s launch in 2018, the company has managed to build proprietary technology rapidly. Today, Covalent’s product supports a diverse selection of use cases and provides users with rich indexing and querying capabilities.
Being particularly useful for understanding the nascent DeFi ecosystem, Covalent has indexed 200,000+ smart contracts across seven blockchain networks. Developers can use the product to access token balances, event logs, exchange rates, DeFi APRs, and more. Covalent’s cutting-edge blockchain enterprise ecosystem
Covalent is a relatively young company with a small talented team tackling a gargantuan task. Its leadership understands that the ambitious mission they have embarked on requires a vast amount of resources, advanced technology, and highly skillful personnel.
In this respect, Covalent has joined hands with some of the top-rated blockchain-based organizations to help achieve their goals. The star-studded ecosystem includes Consensys, CoinGecko, SKALE, Matic, Cryptosheets, InstaDapp, Frontier, Loopring, and Authereum.
Members of this ecosystem are on the cutting edge of blockchain technology, and they are all working to build a technological foundation that helps others create. The future will tell what results will come on behalf of these partnerships, and we are following the progress with great interest.
Covalent Co-founder and CEO, Ganesh Swami, highlighted these benefits recently following the firm’s inclusion into the SKALE Network ecosystem, which builds a layer 2 scaling solution for the Ethereum network. Ganesh commented on the collaboration, stating that both projects have a similar vision:
“SKALE’s elastic blockchain network, innovative approach to solving Ethereum’s scalability issues, and laser-focus on the end-user experience makes it one of the most exciting projects in the space. With its high throughput, super-fast commit times, and near-zero gas costs, it paves the way for wider blockchain adoption. We are excited to watch SKALE bring blockchain to the mainstream.”
These recent developments are a significant step forward and will be instrumental in accelerating enterprise blockchain adoption by making network data much more accessible. In a world where data is becoming increasingly important, Covalent plays a considerable role in providing businesses and critical decision-makers with the information they need, when they need it.
By providing fast and comprehensive analytics tools, Covalent is at the forefront in the fight for mainstream adoption, especially by enterprise-grade businesses.
Stay in touch with Covalent, follow the latest updates, and access regularly compiled research reports by subscribing to their blog, talking about DeFi, cloud computing, or decentralized file sharing.