Jun 26, 2021
COVALENT: A TOOL FOR IMPLEMENTING AN EFFICIENT DIGITAL ASSET MANAGEMENT; A CORE ASPECT OF DEFI
Over the years, many companies, through their workers, have spent billions of dollars searching for updated business assets with no central storage platform. This has led to significant loss in productivity and incompetency among workers. Digital asset management has created a central platform to store and access important visual assets, thereby increasing efficiency and productivity. It serves as a central storage system for digital assets such as documents and spreadsheets, audio and video files, among others.
As the Decentralized finance community keeps growing, there is a need to create a proper digital assets storage platform for users to stay up to date with projects, tokens and contracts in the public blockchain space. This has led to the creation of smart contracts that ensures highly secured agreements which can be assessed by anyone on the internet without the need to include an intermediary. Covalent, through a unified blockchain API, is solving the big structural problems in the blockchain community by creating fast and easy access to large data-sets. Covalent Bot allows investors to buy crypto through cryptocurrency indexes.
Covalent As A Digital Asset
As a blockchain data structural firm, Covalent provides a transparent solution to asset management across blockchain networks using a single API. Easy access to data in blockchains through Covalent has created convenience to crypto traders on the platform. Before now, accessing blockchain data was difficult, until the introduction of some Defi protocols and blockchain such as Covalent. Developers need not to understand complex coding tools to write a subgraph, as Covalent has developed a unified API to create solutions to the problem. Businesses will now be able to derive necessary insights from gaining easy access to data and implementing necessary predictive analysis.
Covalent’s Data Query Network
Token holders will query data across various blockchain networks. Binance, Polygon, Ethereum, among others will allow users to perform necessary transactions and gain insights from accessing blockchain data. Through formulating necessary strategies, it has enabled over 25 billion transactions from more than six blockchain networks. Businesses can now track trends, changes in the sector, and other derivatives through the platform. Covalent now has over 100 holders who perform regular transactions on its platform through Ethereum, Binance and other blockchain networks.
In the Fintech community, the introduction of blockchain technology and other innovative digital asset management platforms have created a huge development in the management of financial and digital assets. Global industries such as trading companies, investment platforms and even healthcare services have implemented the use of Covalent to solve data accessibility issues.
Proper Accessibility to Data
Accessing and analyzing data through Covalent in collaboration with other exchange platforms will solve some of the problems associated with data analysis such as Inefficiency, skepticism with cryptocurrency management, low productivity, time wastage, among others. Covalent also intends to expand its reach by collaborating with more public blockchain exchange platforms and creating a software developer kit.
Conclusion
Due to the volatility of crypto, it is necessary for bitcoin exchange platforms to encourage innovations and new concepts to increase its usability and popularity. The availability of trading services on different networks rather than a central network makes cryptocurrency even more volatile. The introduction of DeFi, and NFTs have created an opportunity for new blockchain innovations such as Covalent to optimize cryptocurrency operations globally.
Covalent will provide an avenue for businesses, holders, agencies and other stakeholders to extract data from a single data-hub. With the recent implementation of cryptocurrency as a means of payment on PayPal, Covalent hopes that other Fintech companies will adopt its platform as a means of accessing blockchain data.
For more information about Covalent, follow their official websites below:
Website: https://www.covalenthq.com/
Telegram: https://t.me/CovalentHQ
Discord: https://discord.gg/fgZPpq69Dd
Twitter: https://twitter.com/covalent_hq
