Global Unified Data Streams: Elrond Blockchain Data To Be Easily Accessible To Developers Via Covalent APIs
The digitization of everything will continue to be a mega-trend in virtually every kind of business vertical. Digital native products are already churning out data at incredible speeds. When added together, the total amount of data in the world is estimated to be 175ZB. To put that into context, it would take 1.8 billion years to download it using an average internet connection.
Breaking the data out of the silos they mostly reside in would allow making connections and adding context to it. This will enable more value to be derived from it, ranging from a better understanding of global trends to capitalizing on a specific time-limited opportunity.
Unified access to the plethora of information will amplify developers’ efforts by granting them easy access to previously disparate datasets. This will shift effort away from obtaining the data towards applying the rules for handling it. Builders will thus be able to channel their creative energy towards creating more meaningful applications and setting up new data-driven economies that were previously not feasible.
This is why we are excited to announce that we are working with Covalent to integrate historical and live Elrond blockchain data into their unified API!
“Web 3.0 will heavily rely on blockchain technology’s ability to create a trustworthy data layer for the internet. By plugging the Covalent datasets into the Elrond blockchain, we will enable more meaningful information to be extracted from raw data and accelerate autonomous decision making at an internet-scale” said Beniamin Mincu, Elrond CEO.
Covalent is creating a blockchain dataset encompassing multiple networks and makes it available to developers in a straightforward manner. This enables developers to do away with the particularities of acquiring data from a specific source, so they can focus more on the business logic they are implementing.
The collaboration will enable Covalent to extract information from the Elrond mainnet. State, transaction information, and smart contract status will be queryable by anyone using standard methods.
“The Elrond team has done an impressive job with their own API infrastructure, which already offers a single-chain view of their sharded architecture. We look forward to taking on the challenge of indexing data residing as key-value storage in their Smart Accounts, which is an amazing feat by itself.” said Ganesh Swami, Covalent Co-Founder & CEO.
The collaboration is important for the Elrond ecosystem because it enables developers to drastically lower the data acquisition times, which will in turn result in faster times to market for products leveraging our mainnet.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of painstakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains, and data feeds. The Covalent API then sources end-users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.