Big data technologies are helping businesses to grow more than ever before. Covalent is a good example of how to take advantage of it and take it to the next level. Covalent is a unified API that provides visibility to billions of blockchain data points. It started in 2017 with the aim of bringing transparency and visibility to blockchain networks. Today, it boasts of having unified, through the most solid data infrastructure, the main blockchain and NFT projects, such as Ethereum, Binance, Polygon, among others. What he proposes is to be able to consult and have access to all the blockchain data in one place.
On June 22nd, Covalent announced on his Twitter account that his governance token CQT (Covalent Query Token) had been released. On its blog, the company posted that “after months of fundamental technical, legal, ecosystem and persistent governance work, we are pleased to share that the Covalent Governance Token – CQT (Covalent Query Token) is here.”
In this way, a progressive decentralization of Covalent will allow the network to be owned and operated by its users, and the fundamental piece for this is CQT.
Main purposes of CQT, the native token of the Covalent Network
CQT is, first and foremost, a governance token, so its holders can vote on different kinds of proposals to change system parameters, such as new data sources, specific geolocations, and data modeling requirements. It is also used for staking. The validators will get fees for answering inquiries, and in addition, these validators are committed to CQT and are committed to complying with the minimum service level agreements. Validators that do not maintain their uptime will have their tokens reduced. Network users, active community participants, and/or CQT holders receive CQT incentives.
Covalent (CQT) conclusion
- It is a governance token, whereby token holders vote on proposals to change the parameters of the system.
- It is a gambling asset. Validators will earn fees for answering inquiries.
- It is a network access token that responds to data queries for API users.
Covalent (CQT) has gone on the market and generated a 100% of profitability for its investors who purchased it through CoinList at $ 0.35 as of Thursday, April 29.
Covalent’s current price at the time I write this article is $ 0.7111. CoinMarketCap’s current ranking is # 479, with a live market cap of $ 35,314,401.
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