Blockchain technology works by adding data to each block that is created. The data that is established on one blockchain then is linked to the previous block making it easy for a single user to get tons of information from a single blockchain depending on how many users have been connected to one particular chain.
These possess serious security risks for anyone utilizing blockchain technology. However, Covalent is has thought about these risks and has come up with a solution to sidestep this particular problem.
What Is Covalent?
The system Covalent has designed relies on TEE or Trusted Execution Environment. The TEE is used to make computation compatible with smart contracts despite the size of the data that is being used. Utilizing off chain technology will provide added security without giving any party direct access to the information itself.
So, instead of keeping every bit of data on a single blockchain that continues to grow with each transaction, Covalent will leverage hardware enclaves that will move data off chain allowing for a more secure process without compromising security or privacy.
The Covalent Team
The Covalent team consists of 14 members. However, the four main players of Covalent are Vincent Li, Raymond Gao, Shundan Xiao and Joyce Ji who are listed as the “Leadership Team” of Covalent.
Vincent credentials consist of working as an engineer for three years before moving on to the well-known leading head fund, Citadel. He left Citadel to become a freelance software developer for the startup company Gigster. After a year at Gigster, he went on to become the founder of Covalent.
Raymond Gao has spent two years as a Research Assistant at Princeton University. During that time he became an early adopter of ETH and BTC working both as an investor as well as a miner. It wasn't until 2016 when he joined FreeS Fund as an investor in Big Data and other IoT companies before becoming a founder of Covalent.
Shundan Xiao offers Covalent five year’s experience as a software engineer and is listed as a veteran coder. She has worked for various corporations including Amazon, Gusto, LinkedIn, and Gigster.
Joyce Ji brings to the table eight years of marketing and media experience. She is listed as the head of Branding and Marketing at FreeS VC as well as the founder of several We-Media.
The other players on the Covalent team consist of Shouji Zhou and Jia Tian who are listed as “Advisors” on the Covalent website.
How Covalent Smart Blockchain Data Policy Platform Works
Primarily the CVM or Covalent Virtual Machine will rely heavily on TEE also known as Trusted Execution Environment. The hardware-based enclave used to make large-scale computation more efficient will be using Intel SGX. Intel SGX will provide the offchain functions for the Trusted Execution Environment.
The TEEs purpose is simple, to provide the added security that Covalent needs. With TEE's in place, the contents of the data transferred cannot be accessed by any network participants; this includes the SGX Host Miners.
The Miners will continue to perform their typical duties which include transaction verification as well as block production. The miners will also host hardware enclaves for off chain computation. Since each calculation occurs offchain, this will reduce the network load on chain added extra security and privacy for each transaction.
Covalent also hosts a Data Marketplace to make data transfers easier. The marketplace will allow Data Producers to pick different methods for sharing their data. Streaming, Licensing, and Bartering systems will be in place for the Data producers to select how they want to share their information. There will be in place through the system traceable ownership to give credit to the Data Owners during every stage of the process.
Covalent COVA Token ICO Details
COVA will be issued as the native token when doing transactions with Covalent. The token will be used as a reward for miners who host the hardware enclaves as well as produce blocks or verify transactions. COVA will also be the token for payments and will serve as a stake against malicious intent or behavior. Initially, COVA will be released as ERC20 token until the launch of the mainnet.
Covalent may be in the beginning stages of their company, but they have a solid foundation which should make investors take note. With the focus directed at traceable ownership, providers will be in complete control of how their data is used in the long run, instead of a one-time opt-in.
While Covalent does offer a decentralized platform that is comprehensive, it isn't quite ready to tap into the unutilized data that is produced every day in the digital world. The company still has a few hiccups before it can take off. One of the main hiccups would be the lack of a code or product demo to show the potential of Covalent to the public.
However, the team at Covalent has more than enough experience with start-up companies and with their solid product design; the next stage of their development will give critical points as to the future of Covalent.