2. What we are going to cover:
● Web3 data trends and challenges
● What is the Covalent API
● The Covalent Network
● Project demos
3. WHAT IS WEB3? 3
IMAGE
https://moralis.io/the-ultimate-guide-to-web3-what-is-web3/
● Open
● Trustless
● Permissionless
● Composable
Web3 is:
4. By 2025...
T H I N G S T O C O N S I D E R
Millions of pieces of critical information will be
on public blockchains.
Dozens of single use and multi use blockchains
Thousands of applications will power our lives.
1B+ users will be on chain.
5. Data challenges for developers
INTRO DATA CHALLENGES WHAT IS COVALENT
COVALENT API RESOURCES
Custom & complex query
code
Missing, delayed, and
inconsistent data
Expensive
(whether build or buy)
8. I N T R O D U C I N G T H E C O V A L E N T A P I
One solution to
access all on
chain data
Enable multi-chain in
minutes
A Single API
No code required
Queryable from the cloud
11. I N T R O D U C I N G T H E C O V A L E N T A P I
“Covalent’s focus on unified
access to complex and inherently
dynamic data is critical.”
Chris Ware
CEO, Cryptosheets
“It took our Crypto App team just 40
minutes to integrate Avalanche
assets using @covalent_HQ
Gabriel Cordona
Head of Developer Relations,
Avalanche Blockchain
Users
Analysts Crypto Developers
13. HACKATHON BOUNTIES
Hackathon
Bounties
Bounty Requirements Amount
1. General Use - Covalent API
Covalent is offering a $4,000 USD (equivalent in
USDC/USDT) prize pool for all projects that make
meaningful use of any Covalent API endpoints for their
L2 online hackathon BUIDLs.
To qualify, projects must, at the very least, use one
Covalent API endpoint and pull on-chain data from any
of our 28 supported chains.
4,000
USDT/USDC
pool prize
NFTs was a new frontier last year that revolutionized the global collectors’ market.
Trends in Crypto/NFT
Our prediction of the near future
The Data Problem
How we solve the Data Problem
The challenge of NFT Data
Covalent’s NFT Endpoints
NFTHack Bounties
Resources & Demos
If we think about the first phase of the commercial web, or web 1.0, think back to the period from the early 90s to roughly the mid 2000’s dominated by open protocols like http for content and smtp for email. The products and services offered in this phase were primarily digital translations of their analogue equivalent like newspapers, magazines, and photos and primarily static in nature. You can think of this phase the ‘read’ phase of the information superhighway.
Then from the mid 2000s to now, the second phase of the web, Web2, was driven by advancements in cloud computing, mobile tech and the rise of social media to facilitate this shift from static desktop content to cloud and mobile based interactive experiences driven by user generated content. So in this more participatory internet with more ‘read/write’ capabilities, the user and their data became the product stored and sold by a handful of large centralized organisations where participants in a network did not really own any part of that network (for example a driver in the uber network ).
Which brings us to Web3 and the promise of a dynamic and decentralized internet where users own their data and get a share of the value created in a network. Some of the key tenets of Web 3 include:
‘Open’ in that they are built from open source software built by an open and accessible community of developers and executed in full view of the world.
‘Trustless’ in that the network itself allows participants to interact publicly or privately without a trusted third party.
‘Permissionless’ in that anyone, both users and suppliers,can participate without authorisation from a governing body.
‘Composable’ - LEGO building blocks of open source code which can be combined to build new applications. With open source, it also means that any problems with the code only need to be solved once so development cycles in web3 can be blazing fast.
Chris Dixon said it extremely well by saying that “think of composability to software as what compound interest is to finance”
So broadly speaking, we think of web3 as the web owned by users and builders which is facilitated by this concept of a token and the underlying token economy to build and deliver the network value to the community of users and builders.
So we at Covalent use this thought exercise to picture what 2025 looks like (and given the torrid pace of innovation in this space, it could even be sooner)
We envision a thriving multi-chain ecosystem (with Ethereum at the lead of course :) powering thousands of dapps with most users unaware that blockchain is under the hood. And we’ll see those apps in every industry imaginable from finance, to gaming, ard, and government.
So in this future, we can see that just an enormous amount of data is and will be created. This data includes NFT data.
The challenge for developers - well let me ask you, what are some of the data challenges that you run into:
Accessibility:
Invest resources for custom queries
Wait for data to be indexed
Paying a lot for hosted service or data access
Scalability
Web3 data is messy so having a scalable solution to sort, filter, distill out the signal from the noise
Limitations with making JSON-RPC calls - we firmly believe solutions needs to go above and beyond the JSON-RPC layer to scale.
Having your DApp scale with increased costs
With using hosted node infrastructure and requiring historical data provided by full archive nodes, already hitting 10TB of data
Likely pay more for data
Interoperability
having to implement different solutions to access data from different protocols
especially if they are non-EVM protocols.
Ourselves saw this by our recent integration with Solana and the challenges it brought up to serve Solana data through our existing API framework
Data challenges = friction + barriers for data -> hinder development of applications.
Our vision of a solution to these Web3 data challenges is:
Extra
*******
So these data challenges all inevitably create friction and barriers for data which hinders mainstream adoption. Data must be free. Going above and beyond the JSON-RPC layer.
So we summarize the Web3 data challenges for consumers into 3 key categories:
Accessibility - challenges including needing to invest resources in developing custom queries, or having to wait for data to be indexed, or having to pay a lot for access Scalability - With protocols including Ethereum implementing tech like sharding and rollups to increase throughput or transactions per second, it just means there is a ton more data available and there are challenges with devs having the tools to access this explosion in data. Making JSON-RPC calls has its limits. Infrastructure providers running full archive nodes are hitting nearly 10 TB of data and will just pass off those costs to devs using their tools.
Interoperability -having to implement different solutions to access data from different protocols especially if they are non-EVM protocols. We ourselves saw this by our recent integration with Solana.
So these data challenges all inevitably create friction and barriers for data which hinders mainstream adoption. Data must be free. Going above and beyond the JSON-RPC layer.
And so our vision of a solution to these Web3 data challenges is:
The challenge for developers - well let me ask you, what are some of the data challenges that you run into:
Accessibility:
Invest resources for custom queries
Wait for data to be indexed
Paying a lot for hosted service or data access
Scalability
Web3 data is messy so having a scalable solution to sort, filter, distill out the signal from the noise
Limitations with making JSON-RPC calls - we firmly believe solutions needs to go above and beyond the JSON-RPC layer to scale.
Having your DApp scale with increased costs
With using hosted node infrastructure and requiring historical data provided by full archive nodes, already hitting 10TB of data
Likely pay more for data
Interoperability
having to implement different solutions to access data from different protocols
especially if they are non-EVM protocols.
Ourselves saw this by our recent integration with Solana and the challenges it brought up to serve Solana data through our existing API framework
Data challenges = friction + barriers for data -> hinder development of applications.
Our vision of a solution to these Web3 data challenges is:
Extra
*******
So these data challenges all inevitably create friction and barriers for data which hinders mainstream adoption. Data must be free. Going above and beyond the JSON-RPC layer.
So we summarize the Web3 data challenges for consumers into 3 key categories:
Accessibility - challenges including needing to invest resources in developing custom queries, or having to wait for data to be indexed, or having to pay a lot for access Scalability - With protocols including Ethereum implementing tech like sharding and rollups to increase throughput or transactions per second, it just means there is a ton more data available and there are challenges with devs having the tools to access this explosion in data. Making JSON-RPC calls has its limits. Infrastructure providers running full archive nodes are hitting nearly 10 TB of data and will just pass off those costs to devs using their tools.
Interoperability -having to implement different solutions to access data from different protocols especially if they are non-EVM protocols. We ourselves saw this by our recent integration with Solana.
So these data challenges all inevitably create friction and barriers for data which hinders mainstream adoption. Data must be free. Going above and beyond the JSON-RPC layer.
And so our vision of a solution to these Web3 data challenges is:
The Covalent API is a unified API which brings visibility to billions of blockchain data points. Our motto is - One Unified API, One billion possibilities. So with just a single API, you can fetch granular and historical blockchain data across multiple networks with no code or delays. We index entire blockchains so that ALL the data is immediately available to consume.
[Harish]
the universal data model for multi-chain indexing and querying
Where is Covalent headed? {click}
Naturally progressive decentralization
By decentralizing and bringing in partners to be a part of indexing, query and storage service, create flywheel
More accessible data attracts more devs
Creates greater demand for data
But partners also want to grow their dev ecosystems so there are incentives for keeping network costs for data low
Competing network participants also help to drive networks costs for data low
This is how we see ourselves scaling as a core and critical piece of Web3 data infrastructure. {click}
Where we are today - well on our way towards decentralization:
Covalent Network is live (CQTscan)
Open sourced the block specimen spec which sets a unified, canonical data model (CDM) for all blockchain data, regardless of the source
Launch single sided staking on the Network next month
*******
Which leads us to the question of where is Covalent headed? And the answer we believe is naturally progressive decentralization. The reason why this is a natural step from our perspective is because from a business model, we need to ask ourself if our current solution as a centralized indexing query and storage service scalable? Well we could throw up a pay wall and price data access accordingly to our costs but this would clearly have an effect on consumption and we believe it would hinder growth and development in a still a relatively nascent space. Our approach thus far has been to charge blockchains for indexing and serving up organized data so that ecosystems of developers may benefit from a free product that they can use for their experiments in Web3.
By decentralizing and bringing in our blockchain partners to be a part of the indexing, query and storage service, we create a flywheel effect where more accessible data attracts more developers which in turn creates greater demand for data. And competing infrastructure providers are incentivized to keep the network costs for data low. This is how we see ourselves scaling as a core and critical piece of Web3 data infrastructure.
And at Covalent, we are well on our way towards decentralization with our first critical component being open sourced which is the block specimen spec which sets a unified, canonical data model (CDM) for all blockchain data, regardless of the source. We have a detailed blog post on this if interested.
Network announcement:
https://www.covalenthq.com/blog/bsp-launch-announcement/
But now, onwards towards getting set up with our API key and checking out our endpoints.
EXTRA
(CDM is type of data model that presents data entities and relationships in the simplest possible form. It is generally used in system/database integration processes where data is exchanged between different systems, regardless of the technology used)
The question revolves around i if our solution is scalable.
This is how we as a core infrastructure scale to become a public good and the blockchains we index are part of the core infrastructure and running nodes. This inherently has the flywheel effect where more accessible data attracts more developers which in turn creates greater demand for data. All participants in the network benefit from this flywheel effect.
[Harish]
the universal data model for multi-chain indexing and querying
Where is Covalent headed? {click}
Naturally progressive decentralization
By decentralizing and bringing in partners to be a part of indexing, query and storage service, create flywheel
More accessible data attracts more devs
Creates greater demand for data
But partners also want to grow their dev ecosystems so there are incentives for keeping network costs for data low
Competing network participants also help to drive networks costs for data low
This is how we see ourselves scaling as a core and critical piece of Web3 data infrastructure. {click}
Where we are today - well on our way towards decentralization:
Covalent Network is live (CQTscan)
Open sourced the block specimen spec which sets a unified, canonical data model (CDM) for all blockchain data, regardless of the source
Launch single sided staking on the Network next month
*******
Which leads us to the question of where is Covalent headed? And the answer we believe is naturally progressive decentralization. The reason why this is a natural step from our perspective is because from a business model, we need to ask ourself if our current solution as a centralized indexing query and storage service scalable? Well we could throw up a pay wall and price data access accordingly to our costs but this would clearly have an effect on consumption and we believe it would hinder growth and development in a still a relatively nascent space. Our approach thus far has been to charge blockchains for indexing and serving up organized data so that ecosystems of developers may benefit from a free product that they can use for their experiments in Web3.
By decentralizing and bringing in our blockchain partners to be a part of the indexing, query and storage service, we create a flywheel effect where more accessible data attracts more developers which in turn creates greater demand for data. And competing infrastructure providers are incentivized to keep the network costs for data low. This is how we see ourselves scaling as a core and critical piece of Web3 data infrastructure.
And at Covalent, we are well on our way towards decentralization with our first critical component being open sourced which is the block specimen spec which sets a unified, canonical data model (CDM) for all blockchain data, regardless of the source. We have a detailed blog post on this if interested.
Network announcement:
https://www.covalenthq.com/blog/bsp-launch-announcement/
But now, onwards towards getting set up with our API key and checking out our endpoints.
EXTRA
(CDM is type of data model that presents data entities and relationships in the simplest possible form. It is generally used in system/database integration processes where data is exchanged between different systems, regardless of the technology used)
The question revolves around i if our solution is scalable.
This is how we as a core infrastructure scale to become a public good and the blockchains we index are part of the core infrastructure and running nodes. This inherently has the flywheel effect where more accessible data attracts more developers which in turn creates greater demand for data. All participants in the network benefit from this flywheel effect.
Mention their names (4)
Covalent is offering a $4,000 USDT pool prize for any project making use of the Covalent API for their Web3 Jam #BUIDLs. Our API is ideal for building projects related to:
Multi-chain asset tracking, ROI, cost basis and tax calculators
DEX and DAO analytics and transparency dashboards. For example, see what DAO members are holding/trading (something similar to https://senatestockwatcher.com/)
NFT storefronts and marketplaces
Blockchain explorers / scanners
Multi-platform and custom-themed crypto wallets (e.g. multi-chain asset balance tracker that can be used on a wearable device, built into a spreadsheet, or offered as a browser extension)
Examples:
https://www.covalenthq.com/docs/project-showcase
https://showcase.ethglobal.com/ethonline2021/degen-dogs
