Covalent has launched a decentralized query network that can query eight networks, in a bid to boost web 3.0 infrastructure.
Blockchain data provider Covalent has launched a decentralized query network for supporting web 3.0 infrastructure, according to an announcement shared with BeInCrypto. The launch follows two funding rounds that raised $5.1 million, which went towards executing the launch.
The new decentralized nature of the service is set to provide users and developers with better ways to work with the network. Previously, the platform utilized a centralized blockchain data API. Now, those interacting with the service can make queries on Ethereum (ETH), Polygon, Binance Smart Chain (BSC), Fantom (FTM), Elrond (EGLD), and Avalanche (AVAX).
Network access and governance token
Alongside this, Covalent is launching the Covalent Query Token (CQT) on Ethereum. CQT is a network access and governance token that will launch via a public sale on April 29. However, the sale will not be accessible to residents of the United States, Canada, and China.
Like other governance tokens, holders can vote on proposals in the governance forum, which will touch upon development ideas and suggestions for Alpha Alarm, a daily decentralized finance (DeFi) data series.
The team has also mentioned that it is expecting to index a total of 12 blockchains by the end of 2021, with the additional four arriving in the months to follow.
Web 3.0 formation progressing well
Covalent is one of many projects working on web 3.0 solutions and infrastructure. Web 3.0, a decentralized internet, is the foundation for many blockchain applications and projects.
Polkadot is one of the more popular names in this space, though web 3.0 more or less encompasses nearly all of the cryptocurrency market. It merely refers to a more decentralized interaction between users and other entities. This covers privacy, security, and a democratic exchange of value.
The challenge in developing web 3.0 has been the infrastructure. Scalability is one such problem, but as recent developments have proven, these foundational obstacles are slowly being eliminated.