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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

Binance Coin (BNB) Price Second Hyperwave Programmed, $500 Inevitable!

Binance coin (BNB) price headed strongly above $400 to mark new ATH despite a drop close to $350. Coinpedia

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The Binance Coin surge was one of the eye-catching rallies within the crypto space which emerged from rugs to riches in no time. The platform burns a stipulated amount of coins frequently that assist the price movement towards the north.

However, another burn event is scheduled in the coming couple of days, that may enhance the target from $500 to probably $600 too. With the intensified rally, the price may also hit the levels close to $1000 as per analyst and founder of Gokhstein Media, David Gokhstein.

$BNB will probably end up being a $1000 token.

Don’t @ me –

— David Gokhshtein (@davidgokhshtein) April 9, 2021

Interestingly, the ongoing second wave of the price surge is speculated as more sustainable and steady than the first wave in february 2021. As the price climbed high registering huge green candles in a short time frame. In contrast to the current movement, where-in a steady growth including both the greens and red be a part of the parabolic move.

Also Read: BNB Price Brewing For a Massive Bullish Rally! $450 for BNB Soon?

Binance Coin (BNB) Price Analysis

BNB price has successfully retested its old All time high as support on the lower time frames, even forming a bull flag. Moreover the surging transactions on Binance Smart Chain due to affordable transaction fees also fueled the BNB price rally.

The BNB price gained more than 10% spike since the past trading day and managed to trade close to $450 target levels. The price that has entered the discovery phase is expected find new highs very soon.

bnb price

At the time of writing, the BNB price is $442.31 with a massive surge of 12.04% in the past 24 hours. The indicators also point out towards a bullish trend as the RSI indicators trending in the overbought region close to 80. The price bounced back from the 20-day MA, while the MACD signaled a buy.

bnb indicator

Technical Specifications

  • The resistance levels of Binance Coin is in the discovery mode
  • The support levels are around $400
  • The indicators for BNB price point out towards a buy signal

Also Read: BNB Price Analysis: Uptrend Continues to Fresh ATHs

Don’t @ me –

Source: https://coinpedia.org/altcoin/bnb-price-second-rally-initiated/

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Coinpedia

IOTA Price Analysis: Sustains Upside Run for the 3rd Day in a Row

However, bulls need to close above the $1.70 level to boost the signal as IOTA’s positive impetus looks steady as buyers dictate the trend.

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IOTA/USD rose to the highest in more than two weeks on Tuesday, resuming recovery leg from $1.45 (Apr. 4 low) after bulls took a breather at the end of the prior week.

*Fresh strength on IOTA’s traction may revive bullish appeal and lift the price
*IOTAs positive impetus looks steady as buyers dictate trend
*IOTA announces the final phase of Chrysalis network upgrade

IOTA/USD is creeping higher to retest a durable tentative horizontal barrier pulled from the prior yearly high of $1.88. However, today’s footing within the upside channel appears somewhat not up to the task at hand, as lingering above is the daily red candle formation. However, bulls need to close above the $1.70 level to boost the signal as IOTA’s positive impetus looks steady as buyers dictate the trend. The asset is currently 30th on the Coinmarketcap table, with a market cap of $4.70 billion, and $208 million in trade at the time of writing. The current spot price is at the time of this post is $1.75.

Announces the Final Phase of Chrysalis Network Upgrade

In an April 5 official blog post, IOTA announces the final phase of the Chrysalis network upgrade. It stated – Over the last year we have been working to transition the IOTA protocol towards production readiness. We are now in the final phase of the biggest upgrade in IOTA’s history. Today we are happy to announce the official start date of the Chrysalis network migration – Wednesday, April 21st, 2021. The network upgrades will officially happen on Wednesday, April 28th, 2021. The first phase of Chrysalis was deployed on the IOTA network in August 2020.

IOTA Daily Chart: Ranging IOTA/USD Daily Chart

IOTA extends strong rebound into the third consecutive day spurred by the buying wave in the Altcoin market. IOTA resumed the uptrend leg from $1.45 (Mar 31 low) after a consolidation phase on reaching the prior yearly high at $1.84. A fresh yearly high is set at $1.88 and the pair is currently consolidating gains. There is also an ascending trend line with support near $1.45 on the daily chart.

If there is a downside correction, the ascending trend line could provide support near $1.45. Any more losses might call for a test of the $1.38 support or the daily MA 50. On the upside, a resistance is formed at the yearly high at $1.88, above which the pair could accelerate higher towards $2. The next major stop for the bulls could be around $3 in the coming days. Everything being equal, IOTA could continue to surge in an ascending trendline pattern during the following trading sessions.

IOTA/USD 4-Hour Chart: Ranging IOTA/USD 4-Hour Chart

The IOTA/USD pair rebounded from a support level formed by the 4-hour MA 50 at $1.50 on April 4. As a result, IOTA was able to rise to fresh highs of $1.86. Bears sold at higher levels and pulled the price to lows of $1.64 on April 6. The positive sign is that the bulls have held on to the uptrend for the past three days. Immediate resistance is at the prior yearly high at $1.84 ahead of the $1.88 high.

If the bulls can drive the price above $1.88, the IOTA/USD pair could begin the next leg of the rally with a target objective of $2.0 and then $2.50. On the contrary, if the price again turns down from the overhead resistance zone, support awaits at the recent consolidative lows of $1.64 ahead of the MA 50 ($1.60). If the IOTA price plummets below the MA 50, MIOTA range-bound action may continue for a few more days before seeking support at the MA 200 ($1.43).

Key Levels
Resistance Levels: $3.0, $2.0, $1.88
Support Levels: $1.70, $1.60, $1.50

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

Source: https://coinpedia.org/price-analysis/iota-price-analysis-sustains-upside-run-for-the-3rd-day-in-a-row/

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Coinpedia

Dogecoin, Siacoin, EOS Price Analysis – How Will they Perform in April?

The cryptocurrency markets are in full boom with new projects and news every other day. The prices of some of the Altcoins, DOGE, SC, and EOS.

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The cryptocurrency markets are in full boom with the announcement of new projects every other day. Today we will analyse the prices of some of the Altcoins, DOGE, SC, and EOS. The year 2021 has proved to be the biggest of the Alt Seasons so far with almost every currency hitting their ATH.

It is a known factor that the majority of the altcoin prices follow the lead of Bitcoin in the Crypto markets. Bitcoin is pivoting around the ATH levels, which is helping a lot of coins to be bullish.

Also, Just because the markets are bullish, we cannot blindly take it for granted. Hence we present to you the market analysis of the Altcoins as follows.

Technical Price Analysis of Dogecoin – DOGE

Dogecoin has resorted to consolidation after a surge on April 1, 2021. The reason for this surge was a Tweet made by the Billionaire entrepreneur Elon Musk. The DOGE hit $0.066 on 1st April, later plunged to $0.05918 due to selling pressure.

The current Market capitalization of Dogecoin is $7,637,398,078, making it the #18 crypto on CoinMarketCap. Transaction volumes increased to a whopping $4.62 Billion with a 171.19% change in just 24 hours. The total circulating supply of DOGE is 129,017,654,677 DOGE as of now.

DOGE 30 minutes Candle Chart

The Doge is forming a Flat-bottom descending triangle with support at $0.058, with next support at $0.054. The Resistances are $0.060, $0.062, $0.068. There is a possibility to break out and follow the uptrend if the buyers take charge of the market.

The RSI is at 48 indicating that price action could drive the trend.

MACD is turning slightly bullish, with sufficient overhead for an uptrend. The price is following the Bollinger band contraction.

As observed earlier, the token tends to lose its uptrend if there is no sufficient news to pump the prices. A coin created as a parody has become one of the top 20 cryptos.

Support: $0.058, $0.054

Resistance: 0.060, $0.062, $0.068

RSI: 48

MACD: Neutral to Bullish

Technical Price Analysis of Siacoin – SC

Siacoin(SC) has reached $0.03252 with a 20% jump. The Market capitalization of SC reached $1,536,675,251 with this rise. The volumes of exchange also increased by 100%, worth up to $476,088,920 in the last 24 hours.

Siacoin has been steadily gaining momentum and formed an ascending parallel pattern indicating an uptrend on the 30 minute Candle chart Pattern. The price can expect support at $0.03, $0.028, $0.0264.

Siacoin 30 minutes Candle Chart

The resistance level is $0.032. The RSI at 61, near the bought zone. However, there is sufficient overhead. MACD and Bollinger bands indicate the bulls taking control of the market. The Experts suggest that the parallel ascending pattern may continue or there could be corrections and consolidation before any uptrend for Siacoin.

Support : $0.03, $0.028, $0.0264

Resistance : $0.032

RSI : 61

MACD : Bullish

Technical Price Analysis of EOS

EOS has been ranked as the 24th currency in terms of Market capitalization according to CoinMarketCap. It boasts a $5,347,804,387 cap with 952,189,014 EOS in circulating supply. The current Market capitalization is estimated by considering the LTP of $5.62.

EOS 30 minutes Candle Chart

The 30 minutes candle chart shows a Cup and handles pattern taking shape. Although the cryptomarkets have been bullish this year, this is one of the currencies which could not reach ATH prices. But the rise has been phenomenal with a 16.86% it is performing well above its ICO price.

The possible supports are at $5.5, $5.2, $4.8, which can hold the prices if there is a trend reversal and prices drop. The Resistance is offered at $5.7, $5.8, $6.0. The RSI stands at 55, which is a neutral level. MACD is neutral to bullish. The Bollinger bands are converging indicating a major move after consolidation.

Supports : $5.5, $5.2, $4.8

Resistance : $5.7, $5.8, $6.0

RSI : 55

MACD : Neutral to Bullish

The Doge is forming a Flat-bottom descending triangle with support at $0.058, with next support at $0.054. The Resistances are $0.060, $0.062, $0.068. There is a possibility to break out and follow the uptrend if the buyers take charge of the market.

Source: https://coinpedia.org/price-analysis/price-analysis-altcoins-dogecoin-eos-siacoin/

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