Covalent grants $2.5 million to boost Polygon ID ecosystem

Covalent, a leader in making provision for data analytics targeting Web3, has formed an exclusive partnership with Polygon ID. The deal aims to strengthen the Polygon ID ecosystem, which involves players such as issuers, authenticators, wallet suppliers, and system integrators. Added to that are SaaS ID services and cross-chain ID solutions.

Through capitalizing on the aspects of self-governed identification and privacy, Polygon ID encourages users and developers to set up trust factors and safety issues in terms of interactions amongst users and decentralized applications. By implementing Decentralized Identifiers (DIDs), Verifiable Credentials, and Zero-Knowledge (zk), Proof Technologies has established Polygon as an undisputed frontrunner in the realm of Web3 identity toolsets.

Covalent is providing grants to the tune of $25,000 in credits for every project to encourage the advancement and backing of the Polygon ID ecosystem. By utilizing these credits across all of Covalent’s data-related products, data from Polygon POS, zkEVM, and CDK chains will be accessible.

Capitalizing on Covalent APIs with Polygon ID applications brings about verifiable credentials verification and zero-knowledge proofs for smart contracts, along with better user exposure, adherence and privacy.

According to the founder of Covalent, Ganesh Swami, the alliance with Polygon ID will propel both companies towards the Web3 ecosystem. With the space linking between data analytics and identity solutions, they are headed towards a safer and more user-oriented decentralized zone.

So far as the Technical Sales Director of Polygon ID, Silvia Aran, is concerned, through the association with Covalent, they will be able to provide adequate backing for the ever-increasing Polygon ID ecosystem. Added to that, it will encourage developers to build Self-Sovereign Identity (SSI) solutions within Web3 by utilizing the strong toolset from Polygon ID, along with the vast on-chain data APIs made available by Covalent.

ReputeX, which has the intention of becoming a viable space for Web3 benchmarks, came in for $15,000 in the form of a grant in Covalent’s credits for furthering their analytics and studies related to user characteristics in the Web3 arena. It will also help them spread across various networks, improving server output and working on real-world data management as well as score generation. Covalent’s APIs are significant for ReputeX’s aim of offering data endpoints that provide the option for deep research and computation of dependable Web3 standards.

Covalent makes provision for the top Unified API, which creates visibility in terms of large volumes of Web3 data points. Developers and analysts utilize Covalent to create multi-chain applications such as crypto wallets, NFT galleries, and investor dashboard tools with the help of data collected from 200+ blockchains. Covalent is connected with over 40,000 developers and boosts data for over 5,000 applications like Ox, Zerion, Rainbow Wallet, Rotki, Bitski, and many more.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button