Thursday, July 29, 2021
HomeTalking 'Covalent' and crypto with 13-year-old DeFi developer Gajesh Naik

Talking ‘Covalent’ and crypto with 13-year-old DeFi developer Gajesh Naik [INTERVIEW]

CryptoSlate not too long ago had the possibility to talk with Ganesh Swami, the CEO of Covalent, a venture-funded blockchain knowledge analytics firm, and 13-year-old Gajesh Naik,  a crypto and web3 developer who shot to fame after constructing a number of DeFi instruments and protocols.

Gajesh is the founding father of PolyGaj which presently holds $2 million in TVL. He’s becoming a member of Covalent as an Alchemist Ambassador the place he’ll be empowering these within the Covalent ecosystem and obtain mentoring in return. 

Within the interview, we focus on:

  • How Ganesh and Gajest acquired into crypto
  • What it is going to imply to stay in a multi-chain world
  • The mission of Covalent and what issues it’s fixing
  • Largest challenges of constructing a unified internet 3.0

Ganesh, what’s your skilled background and the way did they get into crypto?

I’m a physicist by coaching and a serial entrepreneur by ardour. A knowledge junkie at coronary heart, I’ve been lucky to have labored within the knowledge house throughout a number of industries starting from prescription drugs to cloud computing to now blockchain know-how. My entry into the blockchain business was by a realisation that there’s a obvious heap of disorganized, unstructured, and doubtlessly helpful knowledge throughout totally different blockchain protocols, chains, initiatives, and merchandise, every producing knowledge in varied codecs.

Subsequently, in 2017, in an effort to extend transparency within the crypto house, my co-founder Levi and I set off to construct Covalent,  an enterprise-grade resolution that permits us to raised arm the blockchain house with usable knowledge with a unified API that brings knowledge transparency and visibility to digital belongings.

Levi and I’ve identified one another for years however we got here collectively at a blockchain hackathon in Vancouver again in 2017. That is once we germinated the concept for Covalent and the remainder is historical past. 

Gajesh, are you able to inform us how you bought into crypto?

In September, one among my buddies had organized a webinar on the Fundamentals of Bitcoin and Blockchain. From there, I discovered a couple of ideas like Proof of Work (PoW), Bitcoin and extra. After that, I began digging into Bitcoin, Blockchain and Crypto. After getting a small understanding of Bitcoin, I bought Bitcoin price $5.38. From there, Few months I used to be studying about Altcoins like Ethereum and acquired to learn about Solidity.

After that, I discovered Solidity and Web3.js and Since, I’ve been doing programming for 4.5 years, Solidity and Web3.js had been straightforward for me to know. Then, I did freelancing for 3 months and constructed my two initiatives, StableGaj (StableGaj is a Stablecoin Swap) and PolyGaj (One-Cease DeFi & NFT Platform)

What’s the mission of Covalent and what drawback is it fixing?

Ganesh: Blockchain know-how has been a boon to the fintech house ushering within the subsequent wave of innovation and bringing in decentralization, higher safety and transparency to the ecosystem. However because it progressed with quite a few protocols, chains, and initiatives, it additionally grew to become a hub of advanced immutable knowledge that elevated with every transaction. Covalent goals to offer this random heap of worthwhile knowledge a construction to additional allow it to be utilized by varied organizations, establishments, and people to collect helpful insights. As a data-rich resolution, having listed over 10 of probably the most distinguished blockchain networks together with Ethereum, we’re able to offering advanced and granular digital asset knowledge in a way that’s easy and efficient.

How large is the Covalent workforce and the place are they positioned?

Ganesh: We’re a 30+ workforce, comprising business veterans in database and distributed programs. Most of us are primarily based in Vancouver, British Columbia.

What are Covalent’s main milestones thus far?

Ganesh: We began with Ethereum as it’s the preferred blockchain for the time being. Nevertheless, Covalent plans to index ALL blockchains and supply API entry to all blockchain knowledge. 

Three large milestones since final summer time:

  1. Grew the workforce from 3 to 30
  2. Grew the variety of initiatives constructing on Covalent from 5 to over 250+
  3. Variety of blockchains listed has grown from only one to over 12

What’s the Covalent market and what are a number of the potential use circumstances?

Ganesh: The Covalent market is a spot the place builders can create their very own API endpoints for his or her initiatives and checklist them on {the marketplace} for others to eat. These API endpoints may be for merchandise in all main web3 classes like DeFi, NFTs, Social Tokens, and DAOs.

What are the most important challenges of constructing a unified API for a number of blockchains?

Ganesh: At the moment, our largest problem at this level is that we’re coping with scaling. Now we have had 10x the variety of API requests since January, and have been scrambling to maintain up with demand throughout chains, which is why we have now been heads-down constructing for the previous few months. One of many main difficulties is explaining simply what the issue is.

That is very true for folk that aren’t into crypto, however even these which might be into crypto, except they’re knowledge geeks, initially don’t perceive that granular and historic blockchain knowledge could be very arduous to entry. We’re open to areas we have to enhance. High of thoughts, I’d say we have now challenges with scaling as we have now been rising very very quick this summer time with all of the DeFi craze. Second, I believe market pricing is an unsolved drawback. However since we have now market traction, we get to be the primary to resolve these issues from first ideas.

What utility does the Covalent token (CQT) present?

Covalent Question Token — CQT is a local governance token that can be used for community governance the place token holders vote on proposals to alter the system parameters. It’s also a staking asset. Validators will earn charges for answering queries. And the token fulfills knowledge queries for customers of the API.

What’s the function of the Covalent Alchemist Ambassador program?

Ganesh: The Alchemist Program provides individuals a singular alternative to showcase their expertise within the Web3 house. We take specific satisfaction within the ever-growing and gifted Covalent neighborhood. The Covalent Alchemist Ambassador Program is our means of creating it an extension of the core workforce.

Covalent Alchemists act as key leaders in growing the Covalent ecosystem. Moreover, simply as they’re invested in Covalent’s improvement, we’re invested in their very own development of all ranges to assist them succeed.

Gajesh, why did you resolve to hitch Covalent as an Alchemist Ambassador?

Gajesh: I really feel Covalent is an effective mission they usually have been actually pleasant & useful. Covalent supplies a unified API bringing visibility to billions of blockchain knowledge factors and for my mission, I’m utilizing their API for fetching the Value, token stability of a pockets and extra. Their API is quick in comparison with fetching the identical knowledge from RPCs.

Why is it extra doubtless we’ll stay in a multi-chain world versus a couple of blockchains dominating all utilization?

Gajesh: As an increasing number of builders enter into the house, the flexibility to resolve arduous issues will get much less advanced. Within the quick time period, Ethereum will win within the quick time period owing to its neighborhood and community results however the future undoubtedly seems multi-chain conserving in thoughts that the tooling round multichain and interoperability will get simpler.

Why will generation-Z be a frontrunner in blockchain adoption?

Gajesh: Crypto is a stage enjoying discipline the place anybody with an web connection can begin studying and diving deep into the house. Technology- Z’s are the primary absolutely digital-savvy individuals who begin interacting with the web proper from the get-go. For many gen-zs, failure or any problem that we face is simply one other alternative to study.

The place can readers go to study extra about Covalent?

Ganesh: The most effective place to find out about what’s occurring in the neighborhood is to join our Discord and work together with the workforce and  7000+ Covalent fans. We’re additionally very energetic on Twitter, Reddit, and Telegram.

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