Crypto News

Covalent Pledges $25M to Enable Data Verification for Web3

                                                            <strong>[PRESS RELEASE – Vancouver, Canada, 4th May 2022]</strong>

covalentthe uniform API for Web3 data, today announced the world’s first evidence-based data indexer with the launch of staking on Covalent’s decentralized network. Network staking via the Covalent Query Token (CQT) allows everyone from the community to contribute to the management and security of the decentralized protocol.

Ganesh Swami, Co-Founder and CEO of Covalent, says: “Trust but know has always been a societal adage. Today, that’s changing with Covalent’s introduction of the industry’s first evidence-based data middleware. By relying on math and cryptography instead of trusted counterparties, we are rebuilding the foundations for a better web.”

Specifically with the staking launch, Covalent offers open and cryptographically secure indices with the following features:

  • A standard data model across 32 blockchains known as “Block Specimen” encourages composability and fuels innovation when anyone can remix, fork, and package data like any other asset.
  • Solves the often-ignored read scalability issues, eh Blockchain– Gives real transparency and visibility to data.
  • A modular architecture that separates blockchain data storage and enables a variety of downstream use cases.
  • $25 million in funding for early grid operators who can help accelerate the adoption of the decentralized grid.

Value acquisition via CQT

The network operators will store cryptographic proofs of blockchain data on Moonbeam (a polka dotsparachain) and use the Nomad Bridge as cross-chain rails for CQT. CQT is an ERC-20 token that lives on natively Ethereum.

Pranay Mohan, CEO and co-founder of Nomad:

“Covalent provides a state-of-the-art data infrastructure for developers to query information and access on-chain data they need to build applications. A core component of this is providing a decentralized API that is resilient and censorship-resistant. By using Nomad as cross-chain rails for CQT, Covalent will allow users to secure the Covalent network from any chain they own CQT on, starting with Moonbeam. We are excited to work with the Covalent team to pave the way for multi-chain staking and provide robust network security in a multi-chain world.”

Derek Yoo, CEO and Founder of Moonbeam:

“We’ve been working with Covalent for over a year not only to improve the developer experience on Moonbeam, but also to help them realize their vision for the Covalent Network. Starting today, this is loading covalent Network Proofs up to Moonbeam, a critical and novel capability to ensure data verifiability across the network. Their team’s ability to execute is unparalleled and we’re excited to see what else they deliver.”

About covalent

Founded in 2017, Covalent’s Unified API serves billions of queries and is trusted by a community of over 27,000 developers, delivering data for over 1000 applications including 0xZerion, Rainbow WalletRotki, Bitski and many others.

Source: Crypto News Deutsch

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