What is Covalent (CQT)?

What is Covalent (CQT)?

Covalent is an innovative platform that utilizes big-data technologies to provide investors with valuable insights and developers with the ability to allocate resources more effectively. Unlike traditional data sourcing methods that rely on a limited number of chains, Covalent aggregates information from numerous sources, including nodes, chains, and data feeds. Through its API, Covalent delivers personalized data to end-users based on their wallet, presenting current and historical investment performance data across all digital assets in a timely and consistent manner. As Covalent progresses towards decentralization, its users will have the opportunity to own and operate the Covalent Network, with CQT playing a critical role in this transition.

Who are the Founders of Covalent (CQT)?

The team behind Covalent is made up of skilled data scientists and blockchain and database engineers who are dedicated to enhancing and expanding the capabilities of blockchain technologies. Ganesh Swami, the CEO and Co-founder, has a background in physics and previously worked on developing algorithms for cancer treatments in the pharmaceutical industry. His first company is publicly traded on the NYSE. Meanwhile, Levi Aul, the CTO and Co-founder, was instrumental in building one of Canada's earliest Bitcoin exchanges and played a role in the development of CouchDB at IBM.

How does Covalent (CQT) Work?

Covalent's goal is to provide users with a range of important features, including full blockchain data visibility that can be indexed, decoded, and made available for developers. The network also supports multiple blockchains, allowing them to work seamlessly across different platforms.

Additionally, there's a marketplace for use-cases where developers can create and list their API endpoints. The network is also user-friendly, with no codes required to be written by developers. Finally, Covalent enriches decoded data into a format that developers can immediately use, and it includes a decentralized indexing-query middleware. CQT is the native token used for various cases on the Covalent network, and it follows the ERC-20 token standards of the Ethereum blockchain. The CQT token is used for governance, staking assets, and infrastructure currency. CQT token holders can cast votes on proposals to change the system parameters as a proof-of-stake governance token, and it's also used as a reward for fulfilling query requests on the Covalent platform.

What is the CQT Token?

The Covalent Network's native token is CQT, serving three primary purposes. Firstly, it acts as a governance token, enabling token holders to vote on proposals for system parameter changes. Secondly, validators can earn fees for answering queries by staking CQT. Lastly, CQT is a network access token that fulfills data queries for API users. Developers can access useful resources such as the Covalent Knowledge Base, containing extensive guides on how to use the Covalent API, and the Covalent API Documentation.

Conclusion

In summary, Covalent is a noteworthy cryptocurrency with distinct attributes and vast possibilities. Its emphasis on confidentiality, decentralization, and exploitation of blockchain technology sets it apart from other virtual currencies. With its adaptability and increasing backing from the community, Covalent has the potential to create a long-lasting effect across various sectors and lay the foundation for the future of finance and technology.