Types of Cryptocurrency

Decentralized Blockchain to Consider: Covalent (CQT)

Decentralized Blockchain to Consider: Covalent (CQT)

When we talk about blockchains, we often think of Bitcoin or Ethereum. However, there are many other decentralized ledgers with their own communities, use cases, and advantages. Covalent (CQT) is one such blockchain that’s worth considering.

In this article, we’ll take a look at Covalent, what it is, and some of its key features.

History of Covalent

Covalent was founded in 2017 by a team of experienced blockchain developers. The Covalent project originally started as a fork of the Qtum blockchain. Covalent’s mainnet launched in January 2019.

Since its launch, Covalent has built up a strong community and ecosystem. The Covalent Foundation was established in 2019 to promote the adoption and development of Covalent.

What Is Covalent?

Covalent is a third-generation blockchain platform that enables enterprise-grade dapps and services. Covalent is powered by Tendermint consensus and can process up to 10,000 transactions per second. Covalent also uses a unique form of sharding called “transaction sharding” which allows it to scale without sacrificing security or decentralization.

Key Features of Covalent

One of the key features of Covalent is its use of “smart contracts”. Covalent’s smart contracts are written in Rust, a programming language that is known for its security and performance. Covalent’s smart contracts are also backward-compatible with Ethereum’s smart contracts, which means that developers can easily port their Ethereum dapps over to Covalent.

Another key feature of Covalent is its “Secret Network”. The Secret Network is a decentralized network of nodes that Covalent uses to secure sensitive data. Covalent’s Secret Network is similar to Ethereum’s Parity tech or Polkadot’s Substrate tech.

Lastly, Covalent has a native token called “CQT” which is used to power the Covalent network. CQT is an ERC20 token and can be bought and sold on exchanges such as Binance.

Advantages of Covalent (CQT)

There are many advantages of Covalent that make it worth considering.

Here is a list of some of Covalent’s advantages:

  • 10,000 transactions: Covalent can process up to 10,000 transactions every second which is one of its key features that makes it suitable for enterprise-grade dapps and services.
  • Smart contracts: Covalent’s smart contracts are written in Rust and are backward-compatible with Ethereum’s smart contracts. This makes it easy for developers to port their Ethereum dapps over to Covalent.
  • Secret Network: Covalent’s Secret Network is a decentralized network of nodes that Covalent uses to secure sensitive data.
  • Data Points: Covalent has a data marketplace called “Data Points” which allows developers to monetize their data.
  • Unified API: Covalent has a unified API that allows developers to access data from multiple blockchains.

These are just some of the advantages of Covalent. If you’re looking for a decentralized blockchain that is suitable for enterprise-grade dapps and services, then Covalent is worth considering.

Risks of Covalent (CQT)

Of course, no investment is without risk and Covalent is no exception.

Here are some of the risks associated with Covalent:

  • New project: Covalent is a new project and as such, it is subject to all the risks associated with new projects.
  • Lack of adoption: Covalent has yet to be widely adopted and it remains to be seen if it will gain widespread adoption.
  • Competition: Covalent faces stiff competition from other third-generation blockchain platforms such as Polkadot, Cardano, and EOS.

These are just some of the risks associated with Covalent. As with any investment, you should do your own research before investing in Covalent.

How Does Covalent (CQT) Work?

Database engineers Covalent (CQT) have designed a blockchain that supports real-world applications by connecting to data from numerous sources.

Here are lists of where you can use Covalent:

  • CQT dApp store: Covalent’s dApp store allows developers to easily find and use Covalent-compatible dapps.
  • CQT Data Marketplace: Covalent’s data marketplace, “Data Points”, allows developers to monetize their data.
  • CQT Wallet: Covalent’s wallet, CQT-Wallet, allows users to store CQT tokens and other cryptocurrencies.
  • CQT Explorer: Covalent’s explorer, CQT-Explorer, allows users to explore the Covalent blockchain.

The blockchain data Covalent utilizes comes from numerous sources including off-chain data sources such as APIs, web scraping, and social media.

Real-World Applications

In order to ensure that Covalent can support real-world applications.

Covalent has implemented several unique features:

  • Covalent Virtual Machine: Covalent’s virtual machine, CVM, allows developers to easily deploy and run Covalent-compatible smart contracts.
  • Covalent Messaging System: Covalent’s messaging system, CMS, allows developers to easily communicate with other Covalent-compatible dapps and services.
  • Covalent Name Service: Covalent’s name service, CNS, allows developers to easily register and resolve Covalent-compatible domains.

These features allow Covalent to support real-world applications by making it easy for developers to deploy and run Covalent-compatible dapps.

Covalent Price

CQT price statistics show that Covalent’s price has been volatile since its launch. Covalent’s price reached an all-time high of $0.54 in March 2019 and has since fluctuated between $0.10 and $0.30.

CQT is currently trading at $0.22 and has a market cap of $39 million. Data scientists believe that Covalent’s price will continue to be volatile in the short term but will rise in the long term as Covalent gains more adoption.

The circulating supply of CQT is 180 million and the total supply is 1 billion. Based on aggregate data Covalent’s price is forecasted to reach $1.02 by 2025.

How to Buy Covalent

Token holders can use Covalent’s native wallet, CQT-Wallet, to store CQT tokens. CQT-Wallet is available for download on Covalent’s website. Covalent is also working on a mobile wallet that will be available for Android and iOS devices.

CQT can be bought and sold on exchanges such as Binance. CQT is also listed on CoinMarketCap.

The real-time data Covalent utilizes comes from numerous sources including off-chain data sources such as APIs, web scraping, and social media. Covalent’s use of Tandermint allows it to scale without sacrificing security or decentralization.

So, upon buying CQT you will have to decide which Covalent-compatible wallets, CQT-Wallet or a mobile wallet, you would like to use. After purchasing CQT, you can hold the tokens in your wallet or trade them on exchanges.

Covalent Partnership

Covalent has partnered with Quantstamp, a leading blockchain security company, to provide Covalent-compatible smart contracts with free auditing. This partnership will allow Covalent to provide its users with secure and reliable smart contracts.

Covalent’s partnership with Quantstamp is a major step forward in Covalent’s goal to provide its users with secure and reliable smart contracts. Partnership makes it easier for Covalent to stay true to its commitment.

Covalent Roadmap

Scaling blockchain technologies to support real-world applications is a major challenge that Covalent is addressing. Covalent’s roadmap outlines the steps that Covalent is taking to scale its technology.

The team dreams to become the default choice for data analytics on blockchains. Expanding Covalent’s data sources to include more off-chain data Implement Covalent’s messaging system, CMS, across all Covalent-compatible dapps.

Launch Covalent’s mobile wallet and provide free auditing for Covalent-compatible smart contracts Covalent is committed to providing its users with the best possible experience.

Covalent’s roadmap outlines the steps that Covalent is taking to scale its technology and become the default choice for data analytics on blockchains.

Final Say

Big data technologies have the potential to revolutionize the way we interact with the world. The future will be filled with data-driven applications that Covalent is positioned to provide the data for.

There are a billion possibilities for Covalent to become the go-to provider for data analytics on blockchains. You can consider Covalent as big data 2.0 because Covalent is bringing big data to blockchain technologies.

CQT has a lot of potentials and I suggest you keep an eye on Covalent in the future. Remember to always seek investment advice from professionals to reduce the risks.

You Might Like