COVALENT ICO Review: A Decentralized Data Utilization Protocol with Military-Grade Security

Covalent is a protocol that aims to make it possible for private models to utilize private data in a secure ecosystem. Data "owners" make their data available in return for financial reward and companies that need the data pay for access. Covalent makes sure that the data is encrypted to ensure maximum security and some people describe the platform as "an Amazon for Data".

Covalent ICO Review Highlights

ICO Platform Ethereum
Rating N/A
Grade N/A
Industry Data Security and Privacy
Price N/A
Bonus N/A
Soft Cap Yet to be announced
Hard Cap Yet to be announced
Total Number of Tokens (Available for sale) Yet to be announced
Website URL
Whitepaper URL Covalent Whitepaper
Social media accounts URL Covalent Telegram
Covalent Medium
Covalent Twitter

Let's decrypt Covalent Use Case!

What problem is Covalent Addressing?

When the internet (the TCP/IP protocol) was introduced, it defined and simplified data transfer. People from all over the world could share files, information, and personal experiences within minutes and without stress. Then the IPFS protocol came and simplified data storage. These 2 protocols led to the generation of a ton of data and presently, the internet is home to billions of terabytes of important data. Due to privacy concerns and the absence of a value network, however, an overwhelming percentage of this data cannot be utilized.

According to the Covalent Whitepaper, in 2017 alone, 22 zettabytes (22 billion terabytes) of data were generated and only about 1% of the total was utilized. As a result, in a manner similar to how the internet revolutionized data transfer, the world needs a protocol that allows the maximization and utilization of data—a network that brings the world's data together and allows it to be leveraged in a manner that is beneficial to both the owner of the data and the sectors (e.g. healthcare, financial markets, education and so on) that need the data for significant advancement.

Covalent Value Proposition

Covalent aims to develop the protocol described above by providing a decentralized network where data is made available to all parties that need it and those that provide their personal data are incentivized. Here's a fitting illustration: a research company needs patients' records to prove that there is a relationship between eating habits and depression in young adults. The information needed to confirm/refute this study exists and the internet makes it possible for patients to share them with the company. However, because of the private nature of the information, the company will struggle to find people willing to send their information in. The data owners fear that once the information is out, they lose control over it and it may be abused.

Covalent's proposed protocol removes this risk by keeping the raw patient data secured with military-grade encryption, providing access only to the summary that companies need for their studies (and algorithms). With the risk of information abuse removed, people will likely become more willing to share their records. This, combined with the promise of financial reward should make private data sharing more prevalent.

Covalent Leadership Team

Covalent's core team members include Raymond Gao, an alumnus of Princeton University, a venture capital & startup veteran, and an early adopter/miner of Bitcoin and Ethereum; Vincent Li, a Harvard grad with years of experience in cryptocurrency research and trading, and a veteran coder and engineer; and Tarik Moon, a Harvard-trained distributed database engineer with work experience at eBay and Goldman Sachs.

Other well-trained and well-experienced personnel make up the team.

Covalent Target Market

By providing a protocol with a shared data layer, Covalent aims to give developers and corporate bodies a platform where they can gain access to tons of data without infringing on the owners' privacy. This development has the potential to replicate the success enjoyed by sectors where data is readily available (online advertising, ecommerce, and online search engines) in sectors where data is quite scarce (healthcare, manufacturing, education, and the financial markets).

At present, no other project has a decentralized data utilization platform that incentivizes data owners. As a result, the market potential of Covalent in the coming years looks quite promising.

Covalent Roadmap

The project's developmental roadmap and token sale details should be announced in due course.

Covalent SWOT Analysis


  • A strong use case that seeks to tackle a significant problem.
  • A good team and an advisory board that includes the Founder of FBG Capital.


  • The project is still quite young and there is no working prototype or a timeline on when an MVP will be ready.
  • No information on hard cap and token sale.


  • The project recently closed a multi-million-dollar investment round.
  • The global market has a pressing need for a protocol that makes data utilization more viable.


  • Negligible social media hype; there is no post on the Covalent Medium page.

In conclusion, the presence of an exciting idea is just one of the factors that make for a successful ICO. At the moment, however, that is all Covalent has—well, along with the financial backing of some VCs. This may be a promising project in the future, but at the moment, it is just an idea with a long road ahead.

NB: Ratings will be published when token sale details are made available.

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Disclaimer: The information contained herein is not intended to be a source of advice and the information and/or documents contained in this website do not constitute investment advice.

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