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Covalent network
Ganesh Swami, co-founder and CEO of Covalent, said:"Trust, but verify, has been the motto of society since time immemorial. That is set to change today as Covalent launches the industrys first proof-based data middleware. By relying on mathematics and cryptography, rather than transaction parties, we are rebuilding the foundation of a better network"。
With the launch of this pledge, Covalents open and encrypted secure network will have the following characteristics:
- A standard data model across 32 blockchains is called"block specimen", driving composability and leapfrog innovation when anyone can remix, fork, and wrap data like any other asset.
- Addresses the often overlooked readability issue, which brings true transparency and visibility to blockchain data.
- A modular architecture that separates blockchain data storage, enabling numerous downstream use cases.
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Adding value to CQT
Network operators will issue cryptographic proofs of blockchain data on Moonbeam, a parachain of Polkadot, and will leverage the Nomad bridge as a cross-chain rail for CQT. CQT is an ERC-20 token native to Ethereum.
"Covalent provides developers with a state-of-the-art data infrastructure to query information and access the on-chain data they need to build their applications. A core component of this is providing a decentralized API that is resilient and censorship resistant. Using Nomad as a cross-chain rail for CQT, Covalent will enable users to secure the Covalent network from any chain they have CQT on, starting with Moonbeam. We are excited to work with the Covalent team to blaze a trail on multi-chain staking, providing strong network security in a multi-chain world."
Nomad CEO and Co-Founder Pranay Mohan
"We have worked with Covalent for over a year not only to improve the developer experience on Moonbeam, but to help them realize their vision for the Covalent network. As of now, we have the Covalent network uploading proofs to Moonbeam, an important new feature to ensure data verifiability across the network. Their teams ability to execute is unparalleled, and were excited to see what else they can continue to deliver.
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About Covalent
Founded in 2017, Covalents unified API serves billions of queries, is trusted by a community of more than 27,000 developers, and provides data for more than 1,000 applications, including 0x, Zerion, Rainbow Wallet, Rotki, Bitski, etc. .
