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How the Covalent Team Is Powering Blockchain Mass Adoption

The blockchain landscape is currently limited with data accessibility being a major impediment for its widespread adoption…

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The blockchain landscape is currently limited with data accessibility being a major impediment for its widespread adoption. Existing solutions allow interested enterprises partial access to data for only a few decentralised networks. This makes it difficult for such enterprises to draw meaningful and actionable insights from the existing blockchains. This has subsequently made it hard for organisations to integrate the technology in their operations thus inhibiting its mass adoption and the development of fresh blockchain-based solutions.

Blockchain is a relatively new technology that is yet to be explored completely. With its development still in its infancy, developers and organisation are exposed to multiple challenges in the adoption and implementation of blockchain tech. The protocols are quite clunky, highly technical and quite complex thus making their adoption unnecessarily complicated.

Particularly, organisations seeking to adopt the technology find it difficult to obtain blockchain data in a structured manner. They are, therefore, forced to develop programs for exploring and indexing blockchain data to extract useful insights for their operations and decision making.

Oftentimes, organisations developing such programs will customise the code to only retrieve the data specific to their needs. Therefore, there is lack of standardisation of blockchain data, forcing interested organisations to also develop their own software to cater for their data needs.

This is an unnecessarily cumbersome and wasteful exercise that robs institutions of precious time and human resources. It is also detrimental to the progress of blockchain revolution as it slows down adoption of this technology across multiple sectors.

As such, there is a need for solutions that address these blockchain data infrastructure problems to help accelerate its mainstream adoption and grow its use globally.

Covalent, a Vancouver-based blockchain data platform is developing the right tools to tackle this problem by synthesising decentralised protocols to deliver useful insights.

Covalent is changing the game by deploying a refreshing approach in the exploration and indexing of blockchain protocols. The platform is a second iteration of blockchain data analytics protocols, that not only follows in the path of its predecessors like The Graph but also goes over and beyond by offering multiple new solutions. Covalent’s invention eases access to blockchain data by enabling users to query multiple decentralised networks through its uniquely designed APIs.

Covalent’s simplicity of use is in no mean feat but rather is testament to the platform’s sophistication and how sound its underlying technology is. Its versatility in terms of multiple capabilities and scalability across multiple blockchain has no match, making Covalent a ground-breaking solution in the space. The newly launched platform is a vindication of two years of continuous building focused on enabling fast access to better data at much lower costs.

Covalent is a game changer in the space that breaks multiple barriers allowing anyone to retrieve rich blockchain data regardless of their technical knowhow. The platform stands out from its predecessors like The Graph in that it has indexed blockchains from genesis and is updated in real-time thus offering much richer data for better insights. Its simple APIs are a striking contrast to the technicalities of the Graph where users require programming skills to retrieve data by making multiple calls using codes.

Besides The Graph, Covalent is better than other blockchain data query and indexing solutions in every aspect. Covalent is a perfect representation of both disruptive and incremental innovation akin to that of blockchain technology itself. Put into context, blockchain technology has evolved from distributed ledgers like Bitcoin facilitating simple transfers, to smart contract protocols like Ethereum to the current interoperable networks like Cosmos. Each of these iterations builds on its predecessors and introduces some transformative invention that propel decentralised technology into new territories.

Similarly, the Covalent solution builds on its predecessors like webjs3 and The Graph whilst also introducing completely new inventions that are going to change the blockchain space completely moving forward.

Covalent has built proprietary software that is capable of exploring blockchain data from genesis and indexing it in a standardised manner. The technology company has also built a unified API to make this data easily accessible for interested users.

Through this initiative, the Covalent platform is offering a breakthrough solution for bringing full transparency and visibility of blockchain assets to the modern world. This is in line with their vision of empowering the pioneers of tomorrow by providing the richest and most robust data infrastructure for the entire blockchain ecosystem.

Covalent proprietary software has a robust design that enables it to effectively index seven blockchain networks to provide developers with useful data. The company works closely with developers to understand their data needs and preferences. This helps Covalent to continually improve their platform by updating the features and functions accordingly.

Through this consultative approach, Covalent has been able to build APIs providing access to the richest blockchain data on the internet today. This serves as a perfect example of the best real world use cases for Covalent.

Covalent API provides rich data from the genesis of Ethereum to the latest block on the network. Developers can use Covalent to access over 25 billion rich transaction data indexed since the genesis of Ethereum. They can access more than 30,000 price feeds for fiat and crypto pairs and access approximately 215,000 smart contracts.

The platform has accurate information that developers, projects and organisations can rely on to create Ethereum-based solutions and benefit from the power of decentralisation. Through the Covalent API they can easily access standardised on-chain data such as price data, Ethereum name services, block data, historical rates, token balances and much more.

Covalent is built as a DeFi-ready platform as it provides all the tools needed to aid the sector’s breakout growth over the past couple of years. Currently, the DeFi space is quite chaotic with no specific models in place to measure or ascertain the value of these digital assets. As a result, multiple players are operating with great uncertainty since they lack appropriate tools and methods that show a clear picture.

Covalent APIs will be instrumental in solving this problem and helping the DeFi sector get rid of all its blindspots. Both projects and investors in the DeFi sector will be able to get a consolidated view of the digital assets by integrating their solutions with the platform’s architecture. Covalent has created a standardised approach to structuring blockchain data that can be obtained through its unified API. This adds an extra layer of professionalism and levels the playing field for all stakeholders in the DeFi sector since they can derive similar insights on the Covalent platform. Such transparency and visibility is crucial for the development of the sector as it informs decision making from either end of the spectrum.

Covalent has an enterprise focus whereby its APIs support diverse use cases and are applicable across a wide array of crypto products and services. Blockchain services providers can easily integrate the Covalent API in wallets, exchanges, custodian, and taxation among many other uses. This can be done through a simplified process as their APIs do not need code to implement. This is quite useful for individuals as well as projects that do not have software engineers or personnel with the blockchain knowhow.

Covalent’s no code, zero-config solutions allows ordinary people to leverage blockchain data thus significantly lowering the barriers for entry into the space. Such solutions will play a key role in expanding the DeFi sector and taking it mainstream through widespread adoption.

Covalent is a novel solution that helps the creation of blockchain-based solutions by availing rich data in a standardized and structured manner through their APIs. The platform plays an important role by helping developers to bypass the tedious task of extracting blockchain data from very clunky networks. Particularly, Covalent’s focus on the Ethereum blockchain is instrumental in expanding the decentralization movement as the network is becoming increasingly popular in the development of novel solutions. By making data more easily accessible, the platform is removing a major obstacle that has been inhibiting the sector’s progress for a long time.

Source: https://coinpedia.org/news/covalent-team-is-powering-blockchain/

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Coinpedia

Polygon (MATIC) Price Retraces Well, Is It A Dead Cat Bounce Or A Recovery?

The Polygon price struggling to sustain the uptrend, the possibility of a fake breakout haunts the Matic Price Rally

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Matic Netwrok gained immense popularity and recognition with the rebranding to Polygon, earlier this year. Additionally, the Matic price rally also gained mainstream attention and adoption of-let. However, surrounding the immense market uncertainty, Polygon price slumps to its lowest levels.

The price has tanked more than a couple of time in a months time. Therefore healing is much delayed than expected. No doubt the price initiated with recovery within a short time frame, yet the multiple plunges have impacted the momentum of the uptrend. And hence, the probability of forming higher highs has fallen down to lower highs.

matic deadcat

As mentioned in the chart, the MATIC price experiences an extreme squeeze as the resistance levels are lower after each slump. The recovery rate has also gone down which clearly indicates the loss of bullish momentum. With the price attempting to uplift again, it would be mandatory to raise a huge leg up. Else, if the price follows the previous pattern, the dead cat bounce may lead the price to revisit the levels below $1.

AlsoRead: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Is It Safe To Enter The Matic Price Trade?

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

However, the recent dip may have opened the doors to initiate a ‘buy’ trade. As the price is expected to jump high soon. As per the analyst, Altcoin Sherpa, there was a nice dip towards the demand zone. Moreover, the analyst believes the price may reach the weakly highs around $1.7.

$MATIC: Nice dip to the demand zone again w. a good reaction. Would like to see it flip this current level before buying. Decent buy volume from yesterday; we’ll see if this can test higher. #MATIC pic.twitter.com/LDCPEowSh8

— Altcoin Sherpa (@AltcoinSherpa) June 23, 2021

Interestingly, the analyst also predicts a dip after the price attains the upper resistance levels. And hence, the $2 target still remains still misty. As the bulls remain still calm and maybe waiting for the right time to uplift the Matic price.

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-recovers-well/

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Coinpedia

Will Bitcoin Death Cross Pave Way for a Golden Cross

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving…

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Bitcoin plunged to a two-week low on Monday, falling as much as 11.4% to $31,735. The flagship crypto has been highly volatile, as it has dropped more than 20% in the last six days and is almost half the price of its April high of nearly $65,000.

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving average below the 200-day moving average.

This infamous pattern has triggered a conversation amongst traders and analysts. While some consider it as a bearish indicator, some believe the prices will recover and surge higher than ever before.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Popular analyst and trader Benjamin Cowen has weighed in on the death cross pattern. He believes that moving averages are lagging indicators that often tell us what we already know.

Cowen says Bitcoin will have lengthy bull cycles, and it is in for a long period of consolidation and range. The expert claims that he believes BTC Price will reach $100,000, but that it will take longer than most people think.

The analyst believes that now that the death cross is nearly complete, Bitcoin bulls can look forward to a probable “golden cross”.

“One nice thing about a death cross is that the next thing you can maybe look forward to is a future golden cross. Now, I don’t know how long it’ll take… We know that historically speaking, at least in recent years, it could take six months before we get above the 20-week [moving average] and then hold it as support.”

Not just Cowen, Popular analyst Plan B has also weighed in, He took to Twitter and pointed at the timelines of previous death crosses in Q4 2019 and Q1 2020 and what followed further.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Source: https://coinpedia.org/bitcoin/bitcoin-death-cross-pave-way-for-a-golden-cross/

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Coinpedia

A Major Breakout Awaits Cardano Price, Is $2 Achievable Now?

Cardano(ADA) price is showcasing a possibility of a major breakout that might result in a reattempt to propel towards $2

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cardano surge

The crypto space is currently uncertain as the price of most of the coins does not point out either bullish or bearish. While speculations and anticipations fail for most of the coins, Cardano price stands away from the crowd. As the ADA price currently is not too bullish nor it does show signs of a plunge to lower lows.

Despite a major drop during mid-may, the price remained above $1 whereas the other assets within a similar range plunge down to $0.7 to $0.8 levels. Considering the present scenario, ADA price is trending within a narrow range. And hence showcasing a possibility of a breakout as it failed to break down the strong support levels.

Also Read: Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

adapricetrianlge

As mentioned in the chart, the price after bouncing above the support levels did not dip below these levels in the past month. However, the fresh dip enforced the price to trade within the lower limits of the channel. On the other hand, a triangle pattern has also formed and the price already rebounded from the lower levels. And hence after a consolidation for another day or two, a breakout appears imminent.

Cardano price bull run seems to approaching very fast as it has followed the uptrend line without any flaws. And the price could reach $1.84 or equal to 0.0000519 BTC by the end of July as predicted by a popular analyst, mantorras.

The crypto space is highly anticipated to gain enough momentum and bounce back. Many analysts believe the upcoming Q3 and Q4 of 2021 will be very fruitful than the initial one’s. And hence, Cardano price may also regain the lost positions above $2 with an aim to never revisit lower levels. In such a case, the bulls need to uplift the ADA price well before the time.

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Source: https://coinpedia.org/price-analysis/major-breakout-awaits-cardano-ada-price/

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