Covalent

Covalent (CQT) is an open-source network that provides aggregated data from the leading blockchains, including Avalanche, Binance Chain, Ethereum, Polygon, etc. The Covalent network aims to become a one-stop shop for blockchain data, wherein developers can easily access a complete, accurate, and timely overview of the blockchain ecosystem. Using the Covalent platform, developers can build multichain applications like crypto wallets, NFT galleries, and user dashboard tools utilizing other blockchains' data.

According to the CQT whitepaper, the existing blockchain provides a new frontier for developing enterprises, software developers, and users. But, due to the decentralized architecture of the blockchains, applications of technology face issues ranging from finance and retail to personal identity and cryptocurrency. Thus, the Covalent network aims to provide a unified application programming interface (API) software. API is the collection of protocols and software building applications that enables companies to open their application data.

The network aims to provide users with key features such as:

In 2017, Ganesh Swami and Levi Aul were behind the launch of Covalent. Later, in April 2021, a team of experts in finance, blockchains, databases, and distributed systems released the Covalent whitepaper. The whitepaper suggested that the platform seeks to issue a maximum of 1 billion CQT tokens at genesis. As per the 2021 annual report of the Covalent, the platform executed two governance proposals and sponsored 20 hackathons.

15.https://www.ibm.com/cloud/learn/api