Data indexing on the blockchain was once a hellish task, mostly because it had to be done chronologically. The time required for such a process was outrageous. This meant blockchain developers had to spend valuable time doing mundane tasks rather than build applications that put blockchain on the map.
There have been a few attempts by certain blockchain projects to make the process of indexing less tortuous. However, it’s not Eldorado yet. The process isn’t still befitting for a 21st-century blockchain. It’s expensive and not that convenient. For a crypto space that intends to leave traditional institutions in its wake, that’s disappointing.
The Covalent Solution
One of the big wigs in the business, The Graph might have shown resilience in indexing blockchain data, but its shortcomings are rather unpardonable. Its data indexing is quite superficial, and The Graph doesn’t cover multiple blockchains.
Covalent is a new project venturing into the blockchain indexing scene that gets its foot in the door using its single API key. Of course, for many, Covalent is punching above its weight.
With the reputation of The Graph and its underwhelming performance so far, it begs the question of how Covalent, a newbie to the blockchain indexing business, will exceed the expectations of developers and projects alike.
For those in this school of thought, here are some of the strengths of Covalent:
In-depth Blockchain Data Indexing
Compared to the competition, Covalent goes hard in its indexing coverage. Every iota of blockchain data is harnessed, with no exceptions. It’s a big deal for developers building applications that are heavily data sensitive. That’s more data in the hands of those in need of such, which should speed up the building process.
Code-Less Data Indexing
Covalent is making data indexing accessible to all and sundry. Its single API key removes the need to get a blockchain data specialist involved – that’s one money-gobbling expenditure off your project’s budget. Projects can now devote more funds to other areas where such is necessary.
Think Multichain
Most projects have plans to set up shop on multiple blockchains. Of course, that a larger crowd reached, but it also means a large data indexing spread. There’s not enough indexing outfits that support multiple chains like Covalent.
Covalent boasts of a capacity to cover data indexing for as many as 7 blockchains conveniently, using its single API key. And there’s room to add more blockchains to that number as indexing requests trickle in. That’s bound to be big for the newbie, especially as projects continue to explore the possibility of expanding to more blockchains.
The Role Of The CQT
Covalent, like most blockchain projects, has a native token, CQT. Holders of CQT get the opportunity to decide on indexing processes and general governance of the network. Covalent is a decentralized network, and CQT is the open window for those looking to get in.
If you’re searching for a financial angle, the Covalent native token, CQT is it. The token comes in handy for interested validators. You can stake CQT and earn fees, though the sharing formula is dependent on your responses to queries pushed forward by developers that use the network. Sure, there are terms involved, but it’s worth the effort.
Conclusion
As more projects take to blockchain due to the many sterling attributes of the digital ledger, the quest for blockchain data will continue to rise.
To cater to the increasing demand for blockchain data, Covalent is leading the charge from the front as it demystifies the entire blockchain data indexing process with a single API key.
For more information about Covalent, follow their official websites below:
Website: https://www.covalenthq.com/
Telegram: https://t.me/CovalentHQ
Discord: https://discord.gg/fgZPpq69Dd
Twitter: https://twitter.com/covalent_hq
Reddit: https://www.reddit.com/r/CovalentHQ/
