{"id":11074,"date":"2023-06-05T12:14:37","date_gmt":"2023-06-05T12:14:37","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=11074"},"modified":"2023-12-07T15:58:49","modified_gmt":"2023-12-07T15:58:49","slug":"what-is-covalent-cqt","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-covalent-cqt","title":{"rendered":"What is Covalent (CQT)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-covalent-cqt\/#project_history\" >Project History<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-covalent-cqt\/#what_are_its_objectives\" >What are its objectives?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-covalent-cqt\/#how_does_covalent_work\" >How does Covalent work?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>You may have ever heard about\u00a0<strong>Covalent (CQT)<\/strong>, a project aimed at offering its users a service known as\u00a0<strong>REST API<\/strong>\u00a0based on making it easier\u00a0<strong>to develop applications on the blockchain.<\/strong>\u00a0Everything offered by this project bases its operation on a decentralized network that uses the power of the blockchain\u00a0<strong>to ensure proper operation<\/strong>, without failures or mishaps. If you don\u2019t know what this project is, stay reading this article. We tell you all about how it works below.<\/p>\n<p>As we already know, the world of cryptocurrencies is constantly changing and developing. Blockchain technology enables the growth of new networks and decentralized projects. One of these developments is represented by\u00a0<strong>Covalent<\/strong>. Covalent is an API (application programming interface) that has the ability to unify various blockchain projects allowing developers to use the network\u00a0<strong>to extract information<\/strong>\u00a0from all compatible blockchains.<\/p>\n<p>Thanks to this operation, it facilitates the development of applications with which\u00a0<strong>on-chain<\/strong>\u00a0data can be observed among other usage statistics in networks such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-polygon-the-eth-scalability-solution\">Polygon<\/a>\u00a0or the Ethereum network. With these advances, the technology is growing at exponential levels allowing the improvement of its uses, creating\u00a0<strong>new use cases and empowering the crypto ecosystem.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"project_history\"><\/span><strong>Project History<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The story of this project begins\u00a0<strong>in 2018 when Ganesh Swami and Levi Aul<\/strong>, the creators of Covalent made the decision to create a company that could develop this project. Covalent had a first version published in a hackathon in\u00a0<strong>2017<\/strong>. The goal of this first version was to create a programming interface that would allow access to data from different websites through the use of technology. That is, to develop a\u00a0<strong>REST API<\/strong>\u00a0in order to connect the interface to the most important blockchains in the crypto world.<\/p>\n<p>With the use of the first version, developers could use this tool to access data from all blockchains through\u00a0<strong>a single API<\/strong>, which at the time was a great achievement. Through this mechanism, it would be possible to obtain information from networks such as Bitcoin without the need to program interfaces for each network, since the platform itself would provide the\u00a0<strong>necessary data.<\/strong><\/p>\n<p>The developers of this project continued working for more than three years without a break under the same concept until finally, in the year\u00a0<strong>2021<\/strong>, specifically on<strong>\u00a0April 29<\/strong>, the Covalent Network was launched. The\u00a0<strong>Covalent Network<\/strong>\u00a0is a blockchain powered by\u00a0<strong>Moonbeam<\/strong>\u00a0technology.<\/p>\n<p>&nbsp;<\/p>\n<p>Currently, Covalent\u2019s development team continues to work towards a\u00a0<strong>direct implementation<\/strong>\u00a0on\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-polkadot-dot\">Polkadot\u2019s<\/a>\u00a0network with the objective of utilizing the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-parachain-and-how-does-it-work\/\">parachain<\/a>\u00a0deployment capabilities offered by the Polkadot network.<\/p>\n<p>Covalent\u2019s development team<strong>\u00a0seeks to address the infrastructure issues<\/strong>\u00a0responsible for slowing the adoption of blockchain technology worldwide.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1692987651\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1-300x205.jpg 300w\" alt=\"Covalent-(CQT)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_are_its_objectives\"><\/span><strong>What are its objectives?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Like any project, Covalent has clear and defined objectives. One of the most important is to offer access to management and data services in which\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\">dApps<\/a>\u00a0developers can use the project\u2019s\u00a0<strong>REST API<\/strong>\u00a0to obtain data from the blockchains indexed in the Covalent Network.<\/p>\n<p>Covalent seeks to index data for each block on supported blockchains. This\u00a0<strong>data<\/strong>\u00a0includes addresses,<strong>\u00a0TX Hash, Block\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-hash\/\">Hash<\/a>, State Transactions, Addresses, Registration Events, Token Operations, Contract Creation and Deployment, Tracking Events, Contract Interaction, among others.<\/strong><\/p>\n<p>All these supported data lead us to the fact that this project can offer its users a complete set of useful data that can be used to improve the performance and services of our applications. Therefore, Covalent allows us to have a greater availability of data that we can integrate. Covalent is able to\u00a0<strong>index<\/strong>\u00a0all the data and make it\u00a0<strong>available<\/strong>\u00a0in a single\u00a0<strong>API<\/strong>, without the need for previous configuration and deployment steps.<\/p>\n<p>&nbsp;<\/p>\n<p>A highlight of this project is its ability to allow developers to easily and quickly create financial solutions by leveraging \u201cbuilding blocks\u201d from various projects. This feature is made possible by the project\u2019s\u00a0<strong>multi-chain<\/strong>\u00a0functionality linked to its\u00a0<strong>development API.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>&nbsp;<\/p>\n<div id=\"image_1491091648\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2-300x205.jpg 300w\" alt=\"Covalent-(CQT)\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Covalent-CQT2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_covalent_work\"><\/span><strong>How does Covalent work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first thing to know is that Covalent\u2019s entire operation is based on \u201c<strong>data sink<\/strong>\u201c, a data collector system in charge of receiving all the information from the interconnected blockchains and then\u00a0<strong>classifying<\/strong>\u00a0this data in the \u201c<strong>block-specimens<\/strong>\u201c. This is how the platform can collect all the information from various blockchains and create a large index that we can access in search of data whenever we want.<\/p>\n<p>To store all this data, there is a clear problem and that is the storage capacity. To get an idea, the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\">Ethereum<\/a>\u00a0blockchain alone occupies more than 9 TB of\u00a0<strong>information<\/strong>, and it is only one of the many that interconnect their data with Covalent. To address this problem,\u00a0<strong>Covalent developers have created a working structure in Covalent Network<\/strong>\u00a0that facilitates the solution to the\u00a0<strong>problem.<\/strong>\u00a0This structure has several elements that we will see below:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<ul>\n<li aria-level=\"1\"><b>Validators.<\/b>\u00a0These are nodes designed to ensure that data arrives correctly to the Covalent Network and that it is accurate and truthful. They also perform two vital tasks. The first is to ensure that the data in the network is correct and the second is to keep the network participants operating honestly.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-level=\"1\"><b>Block-specimens producers.\u00a0<\/b>These producers are responsible for executing the aforementioned data sink. To do this, the producers execute a node of the network to which they perform the data sink and from the data extracted from the node they are classified depending on the needs of the network. Another way of calling them is as \u201cdata miners\u201d.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-level=\"1\"><b>Indexers.\u00a0<\/b>The function of the indexers is based on producing and publishing the results in the Covalent network, i.e. they obtain the data to later check its accuracy and finally publish the results in the Covalent storage network.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li aria-level=\"1\"><b>Responders.\u00a0<\/b>This part of the system is responsible for receiving data requests and providing a response to this request. There are two types of responders. One of them are the Storage Request Responders and others are the Query Request Responders.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>You may have ever heard about\u00a0Covalent (CQT), a project aimed at offering its users a service known as\u00a0REST API\u00a0based on making it easier\u00a0to develop applications on the blockchain.\u00a0Everything offered by this project bases its operation on a decentralized network that uses the power of the blockchain\u00a0to ensure proper operation, without failures or mishaps. If you [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=11074"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7212"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=11074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=11074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=11074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}