Covalent Rolls Out Educational Program to Bridge Skills Gap in Web3

Covalent, a Web3 data provider that is backed by Binance Labs and Coinbase Ventures, launched a program aimed at bridging the data analytics skills gap for workers in Web3. 

Since data is considered as the new oil, the program dubbed Data Alchemist Boot-Camp will provide education related to data analytics in the Web3 and blockchain spaces. Per the report:

“The new Data Alchemist Boot-Camp expands Covalent’s existing Alchemist program but is geared toward skills development for accessible, data-rooted jobs. The need for analytical skills is rapidly growing, as user-controllable data is exploding under Web3 and decentralization.”

Through the program, Covalent intends to help recruit and train 1,000 workers for the Web3 and tech sectors. Therefore, the Web3 data provider seeks to support data analytics, which will spur more growth in the blockchain space.

Ganesh Swami, Covalent’s CEO, pointed out:

“There is a real need for individuals who are experts in this new cross-section of data and blockchain. We want to help train these future leaders to quickly fill these new roles in the near-term. This boot-camp is how we try to spark change in an excited and rapidly growing community.”

The program will equip learners with crucial blockchain business analytics, with a chance to earn $2,000 after tackling curriculum-based challenges. The first class is scheduled for October 19, 2022.

Brandon Rochon, a Covalent data scientist, stated:

“We believe that everyone deserves equal access to education and well-funded opportunities to explore career paths in Web3. The Alchemist Program has allowed us to expand these opportunities, while providing an environment to explore and learn alongside their peers in a way that is engaging, accessible and effective.”

Likewise, Crypto exchange KuCoin announced a $100 million “Creators Fund” to enhance the Web3 ecosystem and support early-stage non-fungible token (NFT) projects in sports, arts, GameFi, and celebrities, among others.

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Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets

One crypto whale just embarked on an altcoin shopping spree to the tune of $14.1 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 642,999 Decentraland (MANA) for $1,845,409.

Decentraland is a 3D virtual reality world that runs on Ethereum. The 43rd-ranked crypto asset is priced at $2.81.

The 3rd-richest whale wallet also made two purchases of virtual world The Sandbox, the first for 426,000 SAND tokens at $2,044,800.

Light’s second foray into The Sandbox gobbled up 1,703,978 coins for a jaw-dropping $8,179,094.

At time of writing, The Sandbox is the 42nd-ranked cryptocurrency and trading for $4.41.

The whale wallet also loaded up on Covalent (CQT), buying 3,090,000 tokens for $2,039,319.

Covalent offers an application programming interface suite that allows developers to pull data from different blockchains. CQT is currently valued at $0.63.

Light is continuing a shopping spree that began last week when it scooped up over $1.1 million worth of another gaming token, the play-to-earn blockchain platform Gala (GALA).

WhaleStats reported that Light made a large purchase of layer-2 Ethereum scaling solution OMG Foundation (OMG), formerly OMG Network, shelling out over $2.45 million for 399,999 OMG tokens.

The whale wallet also spent a whopping $25,170,000 for a million LINK, the native token of decentralized oracle network Chainlink.

But Light’s biggest catch of all was 2,000 of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), worth a heart-stopping $86.4 million at the time.

Currently, the Light wallet has a total combined value exceeding $4.3 billion.

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Covalent has Chosen Moonbeam as One of Its Projects

Covalent is betting big on the multi-chain future, and they have now indexed 7 major blockchains, one of which is Moonbeam, the new Polkadot smart contract platform that allows developers to build blockchain apps that are interoperable across various chains.

Following an in-depth research period, Covalent assessed that working with Ethereum was becoming prohibitive, mainly due to high gas fees. Once this was established, they understood it was time to think bigger and they started exploring the possibilities of working access Solana, Near, and Polkadot to name but a few. These happen to be among the chain networks that Covalent were most familiar with.

Web3 Revolution

Covalent and Moonbeam share a lot idealistically. They are both all about the Web3 dream, which is the plan to create a decentralized index and query layer across the ecosystem, pushing forward the boundaries of what is possible on the blockchain, to create an ecosystem that is truly interoperable.

The plan is to progress decentralization and propel the arena forward by removing the middleman from the center of transactions. This takes out human error and relies heavily on smart contracts and blockchain technology, which is infallible in a way that human interaction is not.

Covalent and the Big Dream

Covalent, the Vancouver-based data analytics firm, which first focused on Ethereum, is allowing users to view a big picture of their assets from one screen, no matter where you store them.  Currently, Covalent offers its use case to over 70 different projects with 500 developers using it. The startup managed to raise $3.1 million in a round of funding in 2020 and they have been quite ambitious in their pursuits ever since.

According to Covalent:

“We believe in a multi-chain future and believe that as we enter a new era of the internet. There is room to grow, and we know that there is more than enough room at the table for all parties.”

They know that “Polkadot, and Moonbeam are the place for us, but we urge each team to do their own due diligence and get to know the teams which are best suited for them.”

One small step for the future of the decentralized arena and the creation of applications that interoperate natively across chains. This can open up the pathway for Dapps developers and users to develop seamlessly.

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Covalent raises $2M to build a decentralized blockchain data provider

A number of notable investors and projects have provided $2 million to Covalent, a project building a decentralized blockchain data provider.

Hashed Ventures led the round with participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures and others. Blockchain projects like Moonbeam, Avalanche, NEAR and Elrond also pitched in the funding round.

Covalent serves data to a number of projects in the DeFi and NFT spaces, including 0x, Zerion and Balancer, and it occupies a similar niche to The Graph (GRT). Ganesh Swami, CEO and co-founder of Covalent, told Cointelegraph that it focuses on a “no-code” approach that distinguishes it from The Graph:

“We do not require developers to write subgraphs or SQL, which means Covalent is more broadly applicable, more mainstream with a bigger addressable market. Covalent is built for the eventual and inevitable merge of DeFi and Fintech.”

The architectural vision for Covalent is that of a decentralized and sharded global database, allowing any kind of granular query into historical blockchain data. Blockchain data projects, in general, can be considered as more advanced and generic blockchain explorers, allowing a much wider selection of data. DuneAnalytics is another project in this field, and it is often used by developers to build custom statistical queries about individual DeFi projects.

The funding obtained by Covalent will be used to decentralize its network, onboarding professional data providers and validators, as well as expanding to more networks. It currently indexes six blockchains, with the team expecting to index a total of 12 blockchains by the end of the year.