Covalent

What is a covalent?

Covalent Token or CQT is utility token native to Covalent Network. The latter is a decentralized analytics platform for blockchain data.

CQT has several use cases. Some of them:

• Staking. Network operators play a key role in ensuring the security of the covalent network through bid. Regular users who own CQT can stake their tokens to the network operator and receive a share of their income;
• Control. CQT serves governance token. This means that it grants voting rights to Covalent token holders. In this way, community members can participate in the decision-making process of the Covalent Network and help determine the parameters of the system.

The maximum limit is 1,000,000,000 CQT tokens. This makes the token supply deflationary. Thus, the price of CQT may increase given the stable demand and scarcity of the CQT token.

Covalent tokens were distributed as follows:

• 20.4% – Private sale;
• 20% — Ecosystem;
• 18.9% – Reserve;
• 14.4% – Team;
• 10% – Seeds;
• 8% – Staking;
• 3.4% — Public sale;
• 2.9% – Second round of private sales;
• 2% – Advisors.

As you can see from the list above, CQT had a seed round and two separate private sales rounds. Covalent raised $500,000 in its seed round, while both private sales rounds raised over $5,000,000.

You can purchase CQT by visiting the exchanges it supports. See the section above for our recommended exchanges for Covalent.

CQT is a cryptocurrency, which means it goes through periods volatility. Simply put, the price of Covalent fluctuates. Therefore, it is extremely important to do proper research before embarking on any crypto project.

In the case of Covalent, more details can be found in the CQT price chart above.

What are the main characteristics of covalency?

As discussed in the “What is Covalent” section, Covalent is a data analytics platform that, according to Covalent itself, connects centralized databases to the world of blockchain.

Covalent can be used in many different ways, depending on the creativity of the team behind the project.

For example, 0x and Zerion use the Covalent API when accessing detailed blockchain data and even displaying the specified data in different blockchains.

Various sectors of the blockchain industry can benefit from the Covalent API, including the aforementioned DeFi, as well as decentralized autonomous organizations (DAOs)non-fungible token (NFT) projects and can even apply to taxes.

In the case of the DAO, Covalent provides reliable data that can then be used by the DAO to analyze community member activity and voting trends. This important data can then be used to significantly improve the user experience.

Who developed covalent?

The Covalent crypto project was founded at the beginning 2018. However, development of the project began in late 2017, as it was due to be presented at a hackathon that year. Having taken first place, the Covalent team decided to continue development and make it something bigger.

Its co-founders are technology entrepreneurs. Ganesh Swami And Levi Aul who take on the roles of CEO and CTO respectively.

Ganesh Swamy has a degree in Physics Engineering and has been working in the data analytics sector for over 10 years. Before launching Covalent, Swami founded Silota, a data analytics company.

Levi Aul, on the other hand, attended the University of British Columbia where he studied computer science, but dropped out to pursue a career in software development. Before founding Covalent, Aul was a core member of one of the first Bitcoin exchanges in Canada and a systems engineer at Walter.ai.

If you are interested in the Covalent crypto project, be sure to take a look at the Covalent price chart before making your final decision.