How to ensure data transparency for all blockchains at the same time?
Blockchain is a widely used technology nowadays that has already gained widespread acceptance in the field of alternative finance and promises to go far beyond cryptocurrencies, firmly rooted in our daily lives. Many blockchains will eventually become an important part of our world, but so far, they are mostly isolated from each other and live by their own rules.
Soon, developers will face a strong need for synchronization of blockchains. This is necessary if we want to turn technology into an effective tool in everyday life, regardless of the field of use. Today, solutions are gradually emerging that solve certain problems of mutual compatibility.
The issue of data transparency is one of the key points. How to get information, for example, from assets in all blockchain networks at the same time? Technology needs a tool that will provide transparency and visibility to any action on blockchains on demand.
Covalent is meant to be the solution. What it is? Covalent is a unified API that allows you to retrieve detailed, granular blockchain transaction data from multiple blockchains without the need for code.
The project is under development now, but the creators declare success in achieving this goal. They have taken as a basis several principles that make this project unique and valuable especially.
Completeness of the data provided
Blockchains are fully indexed to provide comprehensive transaction data. The information includes every contract, transaction, and wallet address. That is, the system processes colossal data sets as opposed to technologies that can work only with less information, or perform indexing on data sets after setting up queries and filters.
Compatibility
Developers offer solutions based on the principle of a children’s designer. Data “cubes” go combined to arrange arrays of information in the form you need. DApp developers can create scalable and data-rich applications without any query code.
“Multi-chain”
The system works on several blockchain chains at the same time, perceiving them as a single space for data collection. Today, several blockchains are connected to it, and in the future, the number will become unlimited.
No code needed
Users can leverage the power of Covalent without coding, including complex SQL queries, developing and maintaining subgraphs, and hiring a team of experienced specialists, in principle, just to extract the required blockchain data. The user connects only one API and works everywhere.
The combination of these principles is impressive. If the system works fully, it will significantly simplify the life of blockchain users and, in particular, DApp developers.
